Day 1 driving business impact multichannel excerpt
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The document discusses a seminar focused on driving business impact through effective campaign management with an emphasis on customer-centric and data-driven marketing strategies. It outlines key objectives, including aligning campaigns to customer needs, utilizing analytics for targeted marketing, and the importance of multi-channel strategies. The content also highlights how improved customer contact strategies can lead to significantly better marketing outcomes.
Day 1 driving business impact multichannel excerpt
- 1. Day 1 - Driving Business Impact through Effective Campaign Management Seminar Excerpt
- 2. 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 level Addressing issues more relevant to post paid Ask Questions as needed Objectives, Guidelines & Contents
- 3. 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
- 4. Introduction and Strategic Overview
- 5. 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 Profits Customer LTV* Network optimization
- 6. What is Customer Centricity?
- 7. 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
- 8. 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
- 9. 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)
- 10. From Product to Customer Centric -- Customer Value Landscape -- Product Focus High Low Solution Focus Customer Value Proactively Understand Customer Drivers Breadth of Offering Create Customized Solutions Product Focused Segment Focused Customer Focused Individualized Marketing Channel Integrated
- 11. Core Customers Core Offering Business Suppliers Target Markets Marketing Channels Customer Data Perspective Educators & affiliates Single product Few large segments Single channel Single supplier Stand alone silo’d data w/in product Product Centric Segment Centric Channel Integrated Individualized Customer Value Landscape Segment 1-6 Products focused on segments Several smaller segments Multiple channels not integrated Single supplier- multi products Complementary within segment Segments-interests & lifestyle Bundled solutions Many smaller segments Multiple channels partially integrated Multiple suppliers Integrated customer data Customer & channel Channel customized solutions Very small segments Multi-channel integrated content Multiple supplies & channels Integrated channel & customer data Personalized content on demand Individual solutions Segment of one Fully integrated virtual service Customized integrated solutions Dynamic data sharing STRATEGY Customer Centric Brand Supplier & Group Group Dominant Group integrated Group-trusted provider Current FutureNear term Supplier dominant Customer Centric is the Goal
- 12. Source: Booz Allen Hamilton A New Customer Value Proposition Industry Traditional Traditional = Value Product 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” Pharmaceutical s 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”
- 13. Why Multichannel Marketing and Customer Centricity Best-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 MarketingMetrics % of respondents showing greater than 15% improvement BIC Industry Norm Laggard
- 14. 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?
- 15. What is Multi-channel Marketing?
- 16. 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.
- 17. Marketing Maturity Roadmap – Multi-Channel Marketing Where are you in your marketing evolution? Mass Marketing Target Marketing Relationship Marketing Multi-Channel Marketing Relationship Optimization 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
- 18. 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.
- 19. 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
- 20. 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?
Editor's Notes
- #3: Our Objectives include:
- #6: Fairly straightforward really,
- #9: It’s a transformation towards putting the customer first with the understanding that if their needs are known and satisfied, you will be rewarded by constant and increasing business.
- #12: It seems to me that STC is somewhat Segment-Centric…which is good. Would you agree? So the shift to Customer-Centric isn’t that difficult although you will likely need a more robust database or data mart, as well as increased channel capability (more use of SMS or social media) as well as collecting a bit more data about interests and lifestyles where possible. From there companies do tend to move into Channel Integrated but few achieve Individualized one-2-one marketing.
- #13: Customer centricity calls for different type of thinking about the value you offer to your customers. While today you may consider yourself as sellers of mobile phone services you may want o consider that in a customer focused world, you are actually selling full connectivity through your mobile device or your smart phone.
- #14: There is a research company in the U.S. which has separated companies by their superior performance across ROI, Incremental lift, customer retention and other business factors and has named them “best in class”. This table shows you that best in class companies which practice Customer Centricity have :
- #17: If customer centricity is a philosophy and organizing principle, then Multi-channel marketing is a business strategy and tactic that embraces the customers preference for how he wants to be contacted.
- #19: MCS begins with understanding the customer’s needs. It also involves some of the analyses that I will show you which will help you with a mix of channels and preferences