Day 1 driving business impact multichannel excerpt
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Day 1 - Driving Business Impact through Effective Campaign Management
Seminar Excerpt
GUIDELINES
SESSION OBJECTIVES
CONTENTS
• Introduction and Strategic Overview• Customer Contact Strategies• Solving Key Marketing Challenges • What is a Marketing Database?• The Role of Analytics in Driving Business Success• Creating Winning Campaigns
1. Introduce Concepts in Customer Centric Marketing
2. Introduce Concepts in Data Driven Marketing
3. Introduce Effective Campaign Process
Many topics will be covered at a high levelAddressing issues more relevant to post paidAsk Questions as needed
Objectives, Guidelines & Contents
Learning Objectives
At the end of the session today, participants should be able to do the following:Understand how to align marketing campaigns to the customer.Understand how a portfolio approach can translate business goals into a campaign strategy.Define a contact strategy that respects prospects and prioritizes contacts for the most valuable offers.Utilize analytics to target customers and match offers to segments
Introduction and Strategic Overview
What are we ultimately here to discuss? What is our objective?
Build a customer centric strategy and
execute through multi-channel campaign
management
Leverage the unique dynamics of the pre-
post paid phone business for profitable
growth
ProfitsCustomer LTV*
Network optimization
What is Customer Centricity?
What is Customer-Centricity?
“Customer-centricity is an over-arching philosophy which involves aligning organizational resources for effectively responding to the ever-changing needs of customers, while building mutually profitable relationships.”
- Craig Bailey & Kurt Jensen, Business Consultants
What does Customer Centricity mean to my company?•To optimize the opportunity and value of each prospect and customer, companies must be able to: • Understand and predict current and potential customer needs and behavior
patterns across all channels• Develop and execute plans to interact with customers and prospects in a manner
that delivers:• What they need• When they need it• How they want it
• Fully leverage both inbound and outbound customer touch points to support and deliver the optimal customer experience
• Transform data and analysis into business intelligence• Apply the right staff resources, business process, technology
and data content against the body of work
The Results Tell the Story
Customer-Centric contact strategies produce better results…
• Behavior and Preference-driven communication (3X+ lift)
• Trigger-based optimization (8X+ lift)• Multi-channel optimization (5X+ lift)
From Product to Customer Centric-- Customer Value Landscape --
Product Focus
High
Low
SolutionFocus
Customer Value
Proactively Understand Customer Drivers
Breadth of Offering
Create Customized Solutions
Push
Pull
Anticipate
One
Way
Two W
ay
Custom
er Dialo
gue
Mark
eting A
pproach
Product Focused
Segment Focused
CustomerFocused
IndividualizedMarketing
ChannelIntegrated Convers
e
Customer Centric is the Goal
Source: Booz Allen Hamilton
A New Customer Value Proposition
Industry Traditional Traditional = ValueProduct Proposition
Truck Manufacturing
Trucks “We sell and service trucks”
Aerospace Components
Aerospace Fasteners
“We sell high-performance fasteners”
Utilities Electricity “We provide electricity reliability”
Chemicals Lubricants “We sell a wide range of lubricants”
Pharmaceuticals
Drugs “We sell pharmaceuticals”
Value-Added Customer-Centric+ Services = Value Proposition
Financing Service
“We can help you reduce life-cycle transportation costs”
Application/Design support
“We can reduce your operational costs”
Energy asset maintenance
“We can help you reduce total energy costs”
Usage and application design Lubricant analysis
“We can increase your machine performance and up-time”
Product support Outcomes-driven information database
“We can help you better manage your patient base”
Why Multichannel Marketing and Customer CentricityBest-in-Class Performance Advantage
Source: Aberdeen Group
0% 20% 40% 60% 80% 100%
43%
31%
24%
60%
50%
38%
63%
52%
30%
Return on Marketing Investment
Increase in gross sales/revenues
Customer retention rate
Mark
eti
ng
Metr
ics
% of respondents showing greater than 15% improvementBIC
Industry Norm
Laggard
Self Assessment—Customer Centricity
Do you have a business strategy that looks to build products, sales, and customer service around individual customers?
Do you have a process for combining all operational data around individual customers?
Do you have a marketing strategy that builds on customers, not just individual products?
Do you have strategic segments of customers that can be targeted in your marketing campaigns?
What is Multi-channel Marketing?
Multi-channel Marketing
A systematic approach to deploying many different marketing channels to reach your customer depending on their preferences.
Strategy—Accept that the customer will define a preference for where they get information, you need to be there.
Technology—Requires a campaign automation tool to route information to each channel.
Offers—Offers have to be translated into each of the channels where they are presented.
Contact Strategy—A map of how each prospect and customer will be communicated to over time. It must include business objectives and customer preferences.
Marketing Maturity Roadmap – Multi-Channel MarketingWhere are you in your marketing evolution?
MassMarketing
Target Marketing
RelationshipMarketing
Multi-ChannelMarketing
RelationshipOptimization
Customer Focus
Company Focus
Shared Value Focus
Right Offer For Some
Right Offer, Right Person
Right Offer, Right Person,
Right Time
Right Offer,
Right Person, Right Times,
Right Mix of Channels
Right Value Exchange
Building a Multi-channel Strategy
Channel Attribute to Consider Decision Making
Customer preference Market Research—understand preferred channel for point in sales cycle
Cost per impression Align higher cost impressions with most valuable customers and most valuable transactions
Inbound/outbound messaging Inbound is most effective but requires customer to initiate the contact. Outbound is under your control.
Social channels Should be included in the mix, even if just experimental for now
Define the conversation Be prepared to present the next piece of the conversation at all times.
Multi-channel Marketing Drives Improved Results
Mature practitioners of multichannel marketing are improving tactical results which, in turn, are driving strategic outcomes:
◦ 48% have increased impressions more than 15%.◦ 43% say they've gained more than 15% in customer satisfaction scores.◦ 40% are generating more than a 15% improvement in marketing-attributed
revenues.◦ 24% report a 15% reduction in average sales cycle length.◦ 34% report more than a 15% increase in return on marketing investment.
"The Multichannel Maturity Mandate”Forrester Research – August 2012
Self Assessment
Have you defined specific steps that customers go through as they consider your product, buy your product, and ultimately stay loyal to your product?
Have you tested different marketing activities with regards to moving customers from one step to the next?
Where do you stand on the marketing maturity roadmap? What immediate steps can be taken to move to the next level of maturity?
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