inspire 2014 – room & board/experian marketing services: furnish a room full of new and loyal...

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#inspire14 Furnish a Room Full of New and Loyal Customers w/ Consumer Insights & Analytics Bill Schneider Solutions Support Consultant Experian Marketing Services Dave Williams Senior Marketing Analyst Room & Board

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Learn how Room & Board, a leading home furnishings retailer, increased customer loyalty and sales using advanced analytics and Experian Marketing Services’ data. By layering deeper insights such as life event triggers that may stimulate new furniture purchases across their CRM database, Room & Board was able to refine their customer segmentation profiles and drive more effective marketing retention and acquisition strategies. Join the session and discover how customer data and predictive analytic techniques can power your customer development and growth strategies. David Williams, Senior Marketing Analyst, Room & Board Bill Schneider, Solutions Support Consultant, Experian Marketing Services

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Page 1: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

#inspire14

Furnish a Room Full of New and Loyal Customers w/ Consumer Insights & AnalyticsBill SchneiderSolutions Support ConsultantExperian Marketing Services

Dave WilliamsSenior Marketing AnalystRoom & Board

Page 2: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Get to know …

• National retailer of modern American-made home furnishings and accessories

• Founded in 1980 with a passion to help customers furnish homes they love

• Philosophy: Great design should be beautiful, affordable and long-lasting

• Core Values: American made, sustainable design, natural materials, value and exceptional customer service

Page 3: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Get to know …

• 12 store locations

• 2 additional stores opening this year in Boston, MA and New York City

Page 4: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Best customer

Engage them in their preferred channels

Identify and profile your best customer

Find more of them

Get to know …

Page 5: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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The evolution of marketing analytics

Page 6: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Before …

“Back of the card” statistics• Hits• Batting Average• Homeruns• RBIs

The evolution of marketing analytics

After …

Uses Sabermetrics• OPS• WAR• VORP• Runs Created

Page 7: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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The evolution of marketing analytics

TB x (H + BB)Runs

Created (AB + BB)

=

Page 8: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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1. When to grow?

2. How to grow?

3. Who to grow?

4. Where to grow?

The application of marketing analytics

Page 9: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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When to Grow?

Plan marketing initiatives around your customers’ lives

Page 10: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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When to Grow?

Analytics objective:

Introduce consumers to the Room & Board brand during key times in the buying cycle when they are most likely to be in the market for a furniture purchase

Page 11: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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What you don’t know can hurt you

When to Grow?

• How do life events correlate with furniture purchases?

• How can we use data to identify an impending furniture purchase?

Page 12: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Before …

Marketing messages are randomly delivered

• Hopeful of timely arrival

When to Grow?

After …

Marketing messages are synchronized• Optimally timed• Pre-cognizant

Page 13: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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How to Grow?

Be committed to a truly analytical approach to customer acquisition

Page 14: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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How to Grow?

Analytics objective:

Increase market share through adata-driven targeting and customer acquisition strategy

Page 15: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Fish where the fish are

How to Grow?

Customer acquisition is an iterative process:

• Segment your preferred audiences

• Learn everything you can about each audience

• Incorporate a multi-channel and multi-touch marketing perspective

Page 16: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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What kind of fish are you?

… (1) Corral reef or (2) open sea?

… (1) Fast-paced or (2) laid back?

… (1) Attack first and ask questions later or (2) negotiate my way out of danger?

… (1) Day person or (2) night person?

… (1) Hang out with friends or (2) cruise on my own?

How to Grow?

Page 17: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

#inspire14#inspire14

What kind of fish are you?

… (1) Corral reef or (2) open sea?

… (1) Fast-paced or (2) laid back?

… (1) Attack first and ask questions later or (2) negotiate my way out of danger?

… (1) Day person or (2) night person?

… (1) Hang out with friends or (2) cruise on my own?

How to Grow?

SEA OTTER

Page 18: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Before …

Undifferentiated approach where everybody looks the same

How to Grow?

After …

We know who we are looking for, and the best way to attract them

Page 19: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Understand how the marketplace is changing and where future sales are likely to come from

Page 20: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Analytics objective:

Extend the Room & Board targetaudience by introducing the brand to a“next generation” consumer

Page 21: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Questions to ask …

Who to Grow?

• Who is my future consumer?• What do they look like?• Where are they located?• How can I reach them?

Page 22: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Ideal “next generation”customers …

• Young

• College Degree

• Living in urban markets

• Single/Newly Married

• Generations X & Y

Page 23: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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The importance of Millennials …

Who to Grow?

• Age 18 to 30 years• Account for 15% of U.S.

consumers• Grew up during and after

internet, social media, & mobile became the norm

• By 2020, they will account for nearly one-third of total spending

• Despite economic pains, spending has grown by 3% a year (past five years)

Page 24: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Translation to Mosaic® USA• F22: Fast Track Couples

• F23: Families Matter Most

• G24: Status Seeking Singles

• G25: Urban Edge

• K37: Wired for SuccessActive, young, upper middle-class suburban couples and families living upwardly-mobile lifestyles

Page 25: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Translation to Mosaic® USA• F22: Fast Track Couples

• F23: Families Matter Most

• G24: Status Seeking Singles

• G25: Urban Edge

• K37: Wired for SuccessYounger, upwardly-mobile singles living in mid-scale metro areas while balancing work and leisure lifestyles

Page 26: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Who to Grow?

Translation to Mosaic® USA• F22: Fast Track Couples

• F23: Families Matter Most

• G24: Status Seeking Singles

• G25: Urban Edge

• K37: Wired for SuccessYounger, up-and-coming singles living big city lifestyles located within top CBSA markets

Page 27: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Ideal “next generation”customers …

• Young

• College Degree

• Living in urban markets

• Single/Newly Married

• Generations X & Y

Who to Grow?

Strategy …

• Target young professionals,early in career to “come growwith us”

• Price sensitive messaging with emphasis on living space considerations and furnituredesign elements

Page 28: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Before …

Ride the current customer wave until it crashes – which we don’t know when will happen

Who to Grow?

After …

Ride a series of waves with foresight as to what may happen next – have resources on the lookout for the next big wave

Page 29: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Where to Grow?

Align your customer acquisition and development strategy with retail expansion goals

Page 30: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Where to Grow?

Analytics objective:

Identify metro markets that are most desirable for future expansion

Page 31: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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When the growing gets tough, the tough get growing

Where to Grow?

Many analytical factors play into retail expansion decision making …

• Incorporate your customer acquisition and retention strategy into the market planning process

• Utilize CRM data to gain insights into the characteristics of customers within proximity to new site locations

• Layering attributes onto customers using Alteryx

Page 32: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Before …

Real estate parameters primarily drive store location decisions

Where to Grow?

After …

Customer data and insights play a key role when evaluating new store locations

Page 33: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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• Go beyond “Back of the card” statistics

• Leverage analytics to identify trigger events

• Upgrade and polish your market segmentation strategy

• Look ahead to target the “next generation” customer

• Customer insights are key to market planning initiatives

Summary

Page 34: Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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THANK YOU!