Multichannel Marketing: The New Black

Multichannel Marketing:

The New Black

Multichannel Marketing:The New Black

Offline

Mobile

EmailSocial

Web

Acquire

EngageGrow

Retain

• People search before they buy

• People want buying options• Your best customers are

multichannel• Multichannel marketing

delivers better results:– Improved retention– Increase revenue per

purchase– Increase in products sold per

customer

Why Multichannel Marketing?

First,A bit about what’s happening in the

multichannel world.

How Big is Multichannel Marketing?

The New Marketing Mix

Source: SAS 2011

Budget Distribution is Changing

Source: SAS 2011

Media Emphasis is Shifting

Source: SAS 2011

Skills Gap Still Remains in ‘New’ Media

Source: SAS 2011

Multichannel Competence Falls Short

Source: SAS 2011

Measurement is a Challenge

Source: SAS 2011

Reach(Awareness)

Engagement(Interest and

Desire)

Conversion(Action)

Buzz(Satisfaction)

Old Media

New Media

Social Media

40% 10% 1%

New AIDA Continuum

So, what was your last great multichannel

experience?

Was it Something You Bought?

Web Couponing Digital – iPhone App

Search Engine AdsBest Buy Express

Facebook - Ideagiftr

Event - NASCAR Twitter - Twelpforce

Or Someplace You Went?

Interactive WebsiteTwitter

YouTube Product Demonstrations

iPhone App

Interactive Billboard

Was it a Bank?

Web Video

Checkbox Message

Direct Mail

Statement Insert

ATM Screen

Was it Even Product Marketing?

It’s About YOU!What’s Consistent With The

Best Multichannel Experiences?

It’s About YOU!You,

The Customer

Most of what we know about the consumer is driven by data:

Source: SAS 2011

“It ain’t like it used to be…”

New Channels Redefine How We Look at Data

Are you listening?

Tools: Track, Trend, Test . . . Do it again

“Your biggest marketing channel is

your customers.”

Who they areWhat are their needs

Who do they influenceWhat makes them happy

Magazines, SMS, Social Media

Face-to-Face, Call Centers, online

Websites, Radio Television, Radio

Face-to-Face, NO MAIL!

Mail, Social Media

Connect the Tangible and Emotional

Know Your Target . . . And Who Influences Them

So What Can You Do With This Insight?

The Power of Listening and Observing

Louis Vuitton(Integrated Digital Media)

Louis Vuitton(Integrated Digital Media)

Chase Freedom (Social Media)

Chase understands the importance of retention, not just acquisition. They are teasing fans of things to come (884 likes on this post alone).

FI Multichannel Integration

• There’s more to it than most think

• Focus on the basics• Leverage the

opportunities• It’s what you DON’T

see that can hurt you

Campaign Development

• Develop a communications strategy that is steeped into the lives and experience of those you want to reach.

Who is the Target Audience?

But Don’t Get Fooled by ‘Gut Instinct’

Stick to “One Thing”

Aggregate and Build…

but be wary of “Paralysis by Analysis”

• There are no magic silver bullets

• Continue to test combinations over time

• Insight, Interaction, Improve

Test and Learn

Source: SAS, 2010

Total Email Messages Sent ABT CBT NBAZ NSB VBC ZFNB TOTAL % Change

SEP 10

OCT 10

NOV 10

DEC 10

JAN 11 105,889 20 459 649 0 658,715 765,732 100.0%

FEB 11 5,706 5,332 835 344,435 0 446,913 803,221 4.9%

MAR 11 13,945 4,609 39,565 326,404 0 418,030 802,553 -0.1%

APR 11 17,370 7,084 440 338,238 993 728,094 1,092,219 36.1%

MAY 11 43,849 3,325 970 240,877 5,397 332,335 626,753 -42.6%

JUN 11 22,503 6,944 1,409 422,723 5,500 550,123 1,009,202 61.0%

JUL 11 9,725 6,850 79,883 352,364 14,902 631,427 1,095,151 8.5%

AUG 11 13,386 3,304 42,062 517,223 3,153 526,345 1,105,473 0.9%

SEP 11 68,919 4,778 3,787 457,579 9,568 1,007,296 1,551,927 40.4%

13-M CHANGE 68,919 4,778 3,787 457,579 9,568 1,007,296 1,551,927 100.0%

SEP 10

OCT 10

NOV 10

DEC 10

JAN 11

FEB 11

MAR 11

APR 11

MAY 11

JUN 11

JUL 1

1

AUG 11

SEP 11

0

50000

100000

150000

200000

250000

300000

0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%

Opened Email Messages TOTAL Industry Benchmark Open %

Industry Source: Forrester

Track and Analyze• Measure ROI to Develop Strategic Directions

APR 10

MAY 10

JUN 10

JUL 1

0

AUG 10

SEP 10

OCT 10

NOV 10

DEC 10

JAN 11

FEB 11

MAR 11

APR 110

2,000

4,000

6,000

8,000

10,000

12,000

14,000

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Social Media Awareness

Social Page Views Facebook Fans Twitter Followers

APR 10

MAY 10

JUN 10

JUL 1

0

AUG 10

SEP 10

OCT 10

NOV 10

DEC 10

JAN 11

FEB 11

MAR 11

APR 110

50

100

150

200

250

300

350

0

10

20

30

40

50

60

70

80

Social Media Engagement

Interactions Admin Posts

• Measure Engagement to Develop Strategies to Better Interact with Consumers

Stay Focused. Don’t Chase the Shiny

Object

Where We’ve Been

Multi-Touch Program Overview• Integrate both e-mail and offline direct messaging to our

clients• Goal: Increase share of wallet by focusing on the client’s next

most likely product– Once successful (acquisition of a new product), the

program will repeat itself with a systematic up-sell/cross-sell strategy

• The Multi-Touch campaign drove impressive lifts over the non-mailed control group in terms of both account response rate (130%) and average balance (241%).

• About 84% of new accounts and 95% of balance dollars were in deposit-related product lines.

• Onboarding program has reduced attrition by approximately 5%.

• Increase in traffic to PURLs.

Key Program Results

Where We’re Going

• Maintain your brand throughout ALL executions• Live the journey from your customer’s perspective• Don’t forget ‘old’ media• Balance mix – Be great in 1 channel, good in many• Leverage the benefits of each channel• Do it better, or differently, preferably both• Test – Measure - Test

7 Best Multichannel Practices

[email protected]

[email protected]

[email protected]

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