Omni-Channel Marketing – Bridging the Gap between Insight & Execution
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Omni-Channel Marketing – Bridging the Gap between Insight & Execution
- 3. #Omnichannel' About'Retail'TouchPoints' ! Launched in 2007 ! Over 26,000 subscribers ! To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP
- 4. #Omnichannel' Panelists' Debbie Hauss Editor-in-Chief, Retail TouchPoints MODERATOR Nikki Baird Managing Partner Retail Systems Research Rebecca Bucnis Global Program Director, Consumer 360 Teradata
- 5. OmniFChannel'Marke7ng' Intro:'Retail'State?'What'consumers'want'&' what'retail'marke7ng'needs' 1. Single'view'of'customer' 2. Segmenta7on' 3. Revenue'AAribu7on' 4. Channel'Execu7on' ' Recommenda7ons'&'Technology'Framework' ' '
- 6. In 2013 Customer expects… • “Let me connect and interact across any channel at any time and get a seamless anywhere anytime experience…” • “What’s in it for me? ‘Listen’ to me, then send me relevant offers, when I need them, where I need them and when I want them……” • “Give me compelling content that finds me, captures my attention and makes me want to comment and share…”
- 7. Retail is changing… 8 From:' • Right'product' • Right'price' • Right'place' • Right'7me' To:' • Right'interac(on* • Right'service* • For'that'customer’s' objec(ve* • At'that'point*in*(me* Success is no longer defined by how you want to sell, but by how customers want to buy
- 8. Consolidating Data 10 5% 33% 7% 13% 14% 19% 33% 33% 10% 17% 20% 20% 22% 23% 34% 61% Supply Chain / Fulfillment No explicit owner Merchandising eCommerce/Direct Channels Store Operations Customer Service / Call Center IT Marketing Customer Data Internal Owners 2013 2012 Source: RSR Research, August 2013
- 9. Revealing Marketing Trends 89% of consumers said that they avoided doing Business with companies They don’t believe protect Their privacy online Just 18% of marketers have a single view of the customer…...but it is considered a top priority for future investment. 18% Of marketers will implement a big data solution within the next 2 years 71% Just 18% of marketers have a single view of the customer… but it is considered a top priority for future investment. 18% 71% 71% of marketers will implement a big data solution within the next 2 years Source: Teradata Data Driven Marketing survey 2013
- 10. Knowing More but Doing Less 12 18% 22% 32% 15% 28% 36% My company is proficient at targeted marketing across channels. My company knows who our best shoppers are. Our customer loyalty program is a foundational element of our marketing strategy. Marketing Sophistication: "Strongly Agree" 2013 2012 Source: RSR Research, August 2013
- 11. Getting Realistic 13 35% 44% 41% 38% 40% 28% 48% 52% 8% 23% 25% 28% 31% 42% 44% 48% 53% Raise the barriers to entry for competitors Develop better products and services through more direct customer input (i.e., crowdsourcing) Switch our company from primarily traditional marketing tactics to primarily digital marketing Become more focused on our company's brand promise to consumers New marketing channels enable us to truly differentiate our brand Turn customers into brand advocates through social media Use digital channels to drive traffic to stores A greater focus on customer experience, less on product More effective targeting by capturing more detailed customer preferences Top 3 Marketing Opportunities 2013 2012 N/A Source: RSR Research, August 2013
- 12. Consumer Discovery: Stitch Actions to Purchase Purchase on In Store or via Mobile or Via Web …. Current Challenge Technology Requirements • Difficult to integrate all data Determine new segmentation criteria behavior over time and channels unknown • Level of effort to integrate diverse formats • Quickly load/store new data • Scan multiple types of data, easily • Prebuilt path, pattern & text analysis
- 15. Case Study: Multi-Channel Behavioral Modeling Business Objective • Increase conversion through direct marketing by integrated channel behaviors Analysis • Multiple varying types of information amounting to 1000s of information pieces of consumers across multiple channels for behavioral insight to consumers • Optimal treatments are determined so tailored messaging can be delivered to each customer Actions • Send promotions with cross-sell and up-sell offers based on each customer’s individual behavior Results • Multiple X Increase in Response Rate vs. Previous campaigns “Direct marketing’s top priority is to increase the conversion rate of customers browsing our website…” “It’s like printing money…” VP of Customer Insight
- 16. Product-Based Behaviors Personalized Pricing & Promotions Data Collection & Integration Real-Time Interactions Geospatial Details Customer Experience Marketing Attribution Social Media Interactions Dynamic Segments enabled by Customer 360 Source Data POS Data Consumer Data Syndicated Data Demographic Data Supply Chain CampaignsCampaigns Segments Acquisition Growth Retention Strategic Customer Insight Seamless Customer Experience Enterprise Data Warehouse Industry LDM Channels… RealTimeIntegration Web Call Center E-mail Retail Agent or Account Manager Mobile Channels… RealTimeIntegration Web Call Center E-mail Retail Agent or Account Manager Mobile RealTimeIntegration Web Call Center E-mail Retail Agent or Account Manager Mobile Strategic Analytics Mining Modeling Reporting Profiling Segmenting Value Driven Decisions Real-Time Events Enterprise Rules Multi-Channel Communication Query Campaign Design Campaign Automation Strategic Analytics Mining Modeling Reporting Profiling Segmenting Value Driven Decisions Real-Time Events Enterprise Rules Strategic Analytics Mining Modeling Reporting Profiling Segmenting Strategic Analytics Mining Modeling Reporting Profiling Segmenting Value Driven Decisions Real-Time Events Enterprise Rules Value Driven Decisions Real-Time Events Enterprise RulesReal-Time Events Enterprise Rules Multi-Channel Communication Query Campaign Design Campaign Automation Multi-Channel Communication Query Campaign Design Campaign Automation ResponsesResponsesResponses Cost Market Research MerchandiseMerchandise
- 17. Still A Lot of Consolidation Ahead 22 67% 67% 58% 56% 56% 49% 48% 40% 32% 29% 36% 29% 31% 31% 12% 10% Direct Mail Traditional media (print, TV, radio) Facebook or other social network Twitter Email Online advertising (display, video) Mobile advertising Search advertising Communication Channel Owners Corporate Marketing eCom or Digital Mktg Numbers will not add to 100% - Third parties & Merchandising excluded as answers Source: RSR Research, August 2013
- 18. Revenue Attribution: Value of each channel • Consumers are exposed to a variety of different marketing efforts. • Of all touches, which are consumed and which drive behavior • Time to conversion between the interaction and purchase • Value of the purchase itself Store Purchase Email Weekly Ads Web Mobile
- 19. Creative solutions By 2015, a company’s digital strategy will ultimately influence at least 80% of a consumer’s discretionary spending. What can Data Driven Marketing do? • Integrate digital and traditional information • Understand consumer actions across multiple channels • Engage with customers with relevant, consistent experiences, regardless of channel • Send customers personalized offers based on behaviors • Provide marketers with rapid insights that reveal who to contact, when, and with what offer • Reduce the costs of point solutions 80% Source: Teradata Data Driven Marketing survey 2013
- 20. To what extent do you experience the following problems when using Return on Marketing Investment (ROMI)? 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 85% of Marketers surveyed report challenges with calculating ROMI Source: Teradata Data Driven Marketing survey 2013
- 21. Still Lots of Gaps To Fill 26 23% 27% 30% 21% 37% 26% 28% 36% 25% 47% 42% 44% 49% 50% 51% 52% 54% 59% 60% 72% Customer segmentation software Content management system / Digital asset mgmt Promotion planning solution Digital Marketing platform Social media analytics Predictive analytics Revenue attribution and campaign ROI analysis Customer relationship management software Retargeting / personalized offers Customer purchase analytics MarketingTechnologyValue vs. Use VeryValuable Implemented Source: RSR Research, August 2013
- 22. Dipping A Toe In The Water 27 10% 7% 7% 10% 14% 3% 7% 11%10% 19% 2% 2% 15% 10% 20% 17% 8% 8% 0% 15% 33% 0% 17% 25% Traditional media (print, TV, radio) Direct Mail Email Online advertising (display, video) Search advertising Facebook or other social network Twitter Mobile advertising Communication Channels "No Plans" Winners Average Laggards Source: RSR Research, August 2013
- 23. Example: Driving Personalizing In-Store Customer’s stated objective: “More our ‘little black books’ to a more stable and shareable environment…” Business Objective • Department store retailer decided to enable store associates with powerful information – a journey that started in 2005 Analysis • Incorporate each associates knowledge of customers into a central system Actions • Incorporate associates knowledge of customers into a joint a viewable customer look up • Driving tailored products and services based on micro- segmentation Results • As a high-end specialty retailer, Omni-Channel helps ensure our store associates are fully engaged with each customer throughout the selling process, including the ability for mobile payments and seamless store transfers if items are out of stock…” SVP & CTO
- 24. 29 8/29/13 Teradata Confidential preference social mobile website response purchase affinity Conversion path Customer behavior attribution spend process Segmentation decision offer governance compliance delivery How to do this? Strategic Framework Enables Insight, Automation & Execution
- 25. Example: Loyalty Journey to Omni-Channel Business Objective • Increase customer satisfaction, share offer creation and direct personalized, optimized offer sets of marketing communication to customers Analysis • Detailed individual analysis, conducted by both retailer and vendors, together build out over million of offer combinations each week Actions • Customers enabled to pick and choose channels of preference including instore kiosk, web, loyalty card, print Results • Millions of rewards delivered to customers • Achieving multi million dollar increase in sales “The …[loyalty reward award-winning] program acts almost like a personal shopper, recommending products & providing special offers tailored to each cardholder.” -- Consumer recommendation” 30 Customer Recommendation Purchase Probability 213098576 76.2% 234978957 33.1% 211293847 31.7% 213295876 27.2% 232576382 16.9%
- 26. A Race to See Which Platform Wins 31 11% 17% 18% 19% 20% 21% 22% 23% 24% 29% 11% 16% 11% 10% 20% 13% 18% 15% 13% 9% Customer purchase analytics Content management system / Digital asset mgmt Promotion planning solution Social media analytics Retargeting / personalized offers Predictive analytics Customer segmentation software Revenue attribution and campaign ROI analysis Customer relationship management software Digital Marketing platform MarketingTechnology Plans Budgeted Project Planned, NotYet Budgeted Source: RSR Research, August 2013
- 27. OmniFChannel'Marke7ng' Intro:'Retail'State?'What'consumers'want'&' what'retail'marke7ng'needs' 1. Single'view'of'customer' 2. Segmenta7on' 3. Revenue'AAribu7on' 4. Channel'Execu7on' ' Recommenda7ons'&'Technology' ' '