PREDICTIVE DATA DRIVEN MARKETING [PDF]

PREDICTIVE DATA DRIVEN. MARKETING. Neeraj Kulkarni. Founder/President. CIEK Solutions. 08/30/2016. FORUM RELATIONSHIP MA

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Idea Transcript


FORUM RELATIONSHIP MARKETING CONFERENCE Bogota, Colombia

PREDICTIVE DATA DRIVEN MARKETING Neeraj Kulkarni Founder/President CIEK Solutions 08/30/2016

Introduction

HQ in Charlottesville, VA Satellite offices in Boston, Toronto, Connecticut and Raleigh Back end office support in India

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What do we solve for? We have helped clients answer these essential questions: • How to maximize ROI of marketing dollars while hitting sales goals? • How to quantify contribution of their social and digital media? • How to retain and acquire high growth customers? • How to reduce churn and improve user experience? • How can we improve campaign optimization in omni-channel ecosystem?

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What makes us different • Proprietary data and analytics machine learning process that combines customer intelligence with experiential knowledge. • Ability to connect the dots between business goals and marketing execution. • Affordable access to the predictive power of analytics. • Quick turn around times with minimum support from client teams. • Mix of data sciences and marketing professionals with over 20 years of experience. 4

Some of our client/agency engagements

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Today’s market place is a big ball of uncertainty • Data explosion • Social Media • Choice of consumer channels & devices • Shifting Consumer demographics • Financial constraints • Decreasing brand loyalty • ROI accountability • Regulatory/Privacy concerns

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What is the role of marketing in driving my business? CEOs question marketing’s effectiveness

2013 Global Effectiveness programs study: The Fournaise Groups

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Strategies for coping with uncertainty

D O NOTHING

ANYTHIN G

EVERYTHIN G

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“Half my marketing dollars are wasted – I just don’t know which half”

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Confidence in current data driven marketing practices is trending lower

*The Global Review of-Data-Driven-Marketing and-Advertising --November-2015 Global DMA Report

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To win, companies have to move towards predictive data driven marketing

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Companies need to move to predictive analytics to improve the value of their customer marketing programs Leverage data, statistics and machine learning to predict: 1) You high value customers of tomorrow? 2) Your most profitable marketing channels going forward 3) Your customers most likely to churn in the next 3 months 12

Business leaders are committed to predictive data driven marketing

*The State of Marketing 2013, IBM’s Global Survey of Marketers

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Predictive Analytics : Case Study 1 Customer Life time Value Analysis



Helps companies focus on their high value, high growth customers.



Companies can use it to target lost customers and give them incentives to purchase items



Keeps track of their customers to improve customer experience and loyalty

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Predictive Analytics : Case Study 2 Predictive Behavior Modeling •

Helps to prevent churn in your customer base, by identifying signs of dissatisfaction among your customers, and identify those customers that are at the most risk for defection



Helps you to predict the customers having the highest response to offers, promotions and upsell and cross sell



Helps you to understand the next product purchases of your customers in a given time frame

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Predictive Analytics : Case Study 3 Customer Segmentation



Divide the customer base into meaningful and measurable segments according to customers' needs, their past behaviors and their offline/online profiles



Helps prioritize marketing to high growth segments



Customize product, service, marketing and distribution programs to match the needs of each target segment



Measure performance of each segment and adjust the segmentation over time

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Predictive Analytics : Case Study 4 Marketing Mix Optimization Analysis •

Helps understand the key drivers of your business



Helps quantify contribution of your offline/online media



Run scenarios to predict future investment levels to drive growth

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Predictive Analytics : Case Study 5 Omni-channel testing and optimization

A recent Neustar study of C level executives indicates 70% of the leaders view omnichannel analytics and optimization a key focus area for delivering personalized and satisfying customer experience

*Optimize Omni-channel Engagement with Actionable Consumer Insights” – conducted by Neustar

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Predictive Analytics helps us to determine the right message to the right customer in the right channels to maximize “future value”

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Data Privacy regulations are an hurdle but will not hinder companies with ethical marketing practices

Trust and Transparency is the most important consideration for sharing data for the consumers

*Future Foundation survey conducted, on behalf of DMA and in partnership with Acxiom, an online survey of 1,000 respondents

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Self regulation and data governance is the key to winning customer trust DMA launched a new principles based Code of Practice. They have highlighted 5 core principles that should be at the heart of every successful data driven company: • Put your customer first • Respect privacy • Be honest and fair • Be diligent with data • Take responsibility https://thedma.org/wp-content/uploads/DMA_Guidelines_January_2014.pdf http://www.aboutads.info/ 21

Responsible data practices by marketers will improve the rise of data driven consumerism

*2014 Deloitte Consumer & Executive Survey on Data Privacy & Security

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Data privacy and security is a competitive advantage

*2014 Deloitte Consulting Survey

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Swapping better targeted offers and product offerings is the key to better customer data capture • Data collected through Email, surveys, point of sales data, and employment history has low sensitivity and best way to capture data •

Profiling data specifically related to ethnicity, health and credit/financial information has the highest sensitivity and the customer needs to see high value to provide that data

*HBR Study: Customer Data: Designing for Transparency and Trust 2015 by Timothy Morey, Theodore Forbath and

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Approaches that build trust C level Data Privacy Stewardship

Message from Tim Cook on the website. “At Apple, your trust means everything to us,” he writes. “That’s why we respect your privacy and protect it with strong encryption, plus strict policies that govern how all data is handled….We believe in telling you up front exactly what’s going to happen to your personal information and asking for your permission before you share it with us.” 25

Educate your consumers

• •

• •

Britain’s Channel 4 does an excellent job of educating its viewers about its data collection and privacy policy On a dedicated website, the TV station details the type of information gathered and how it’s used, and summarizes the policy in a short, entertaining video with comedian Alan Carr Eleven million viewers have registered on the site Eighty percent of them volunteer their address details, though they’re not required to, and fewer than 0.01% opt out of targeted advertising

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Companies need to provide value in return for their customer’s personal information

• •

• •

Mint sells consumer data to third party vendors which is clearly mentioned in its data privacy laws and on the website Mint makes this elegant exchange: If a customer uses a credit card abroad and incurs foreign transaction fees, Mint flags the fees and refers the customer to a card that doesn’t charge them Mint receives a commission for the referral from the new-card issuer, and the customer avoids future fees. Mint and its customers both collect value from the deal 27

Give Customers the Control



• •

Metadistretti e-monitor is a collaboration between frog, Flextronics, the University Politecnico di Milano, and other partners Participating cardiac patients wear an e-monitor, which collects ECG data and transmits it via smartphone to medical professionals and other caregivers The patients see all their own data and control how much data goes to whom, using a browser and an app 28

Improve Customer Experience

    

Pandora transparently gathers self-reported data Customers volunteer their age, gender, and zip code when they sign up Customers tag the songs they like or don’t like Customers get music they enjoy at no charge and ads that are more relevant to them. Customers clearly find the trade satisfactory; the free service has 80 million active subscribers

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How to become predictive data driven marketer

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Predictive data Drive Marketing needs to be a core part of the DNA of the organization • C level directive • Requires cross functional collaboration

• Combination of business, technological and functional experts • An evolving process rather than a shot gun approach

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Hire a Chief Data Officer/Chief Analytics Officer • Needs to be part of the executive management team • Prioritizes the transformation

• Develops a cross functional team • Secures funding and protects and stewards the initiative

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Pitfalls to watch for • All data is not equal. Guard against biases, errors and inaccuracies • Assume margins of error – be probabilistic not deterministic in your forecast • Take incremental steps towards data capture

• Work with cross functional team of experts for transparency, speed and stakeholder support 33

From Data to story building

Edward Tufte calls Charles Joseph Minard’s map of Napoleon’s 1812 march on Russia one of the “best statistical drawings every created”. 34

From Data to Decisions • Map Predictive Analytics to business strategies and objectives • Focus on the right key performance indicators • Focus on the right data rather than all data • Engage key stakeholders internally and externally • Develop/acquire appropriate technology and resources to take strategic marketing actions 35

Always Show & Share Success • Go for the low hanging fruit and show quick wins • Show value added and costs saved by moving to predictive data driven marketing actions – preferably within 3 to 6 months of developing a 1 to 1 strategy • Ensure significant visibility and socialize the successes across the entire organization

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Marketers embrace Predictive Data Sciences and drive your business with confidence!

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Let’s get smart with data

Contact Info: Neeraj Kulkarni Founder/President CIEK Solutions Office: 1-800-556-1377 Mobile:267-968-1633 Email: [email protected] Website: www.cieksolutions.com

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