More consumer data - but less insight? How to leverage consumer data and insights to do better marketing.
Download as PPTX, PDF1 like570 views
This document summarizes a seminar on leveraging data insights to grow brands in the digital era. It discusses how consumers now generate vast amounts of data but many marketers fail to use this data effectively. While digital technologies create opportunities, they also leave many marketers uncomfortable and unsure how to adapt. The key is aligning marketing efforts with consumer needs, behaviors, and touchpoints across online and offline channels. With the right data framework and analytics, marketers can better understand customers and engage them with relevant messages at the right time. This level of personalized, real-time marketing can improve customer retention and lifetime value, driving greater business results and return on investment.
Ad
More Related Content
What's hot (19)
Similar to More consumer data - but less insight? How to leverage consumer data and insights to do better marketing. (20)
Ad
More from Drthomasbrand Limited (20)
Ad
Recently uploaded (20)
More consumer data - but less insight? How to leverage consumer data and insights to do better marketing.
- 1. WELCOME TO OUR SEMINAR ON BIG DATA, LITTLE INSIGHT ?
- 2. “ALWAYS ON” CONSUMERS GENERATE POWERFUL DATA, BUT DO WE AS MARKETERS USE IT TO CREATE THE INSIGHTS, STRATEGIES - AND LEVERAGE THE MOST APPROPRIATE TOOLS – THAT WILL GROW OUR BRANDS? THOMAS OOSTHUIZEN GLOBAL CONSULTING DIRECTOR 15 OCTOBER 2014
- 3. THE DIGITAL ERA LEAVES US ALL WITH A LEVEL OF DISCOMFORT - What is digital? - How – and why - is it relevant to my business? - What works? - How much of the budget should be spent on digital? - Why do so many global multinationals wax and wane regarding social media usage? - Is digital a high-level business issue - or is it a tactical marketing issue? - Will very good data frameworks and analytics drive greater results in my marketing? - How does the new digital landscape impact my marketing department? - How do we measure real business results (ROMI), not just impressions like Facebook “likes”?
- 4. MARKETING IN A DIGITAL WORLD IS WHEN WE ALIGN OUR BRANDS WITH THE NEEDS, DIALOGUE AND BEHAVIOURS OF OUR CUSTOMERS, TO BECOME ONE SEAMLESS PROCESS WHERE WE CREATE VALUE IN OUR CUSTOMER RELATIONSHIPS & IN OUR BRANDS AND COMPANIES.
- 5. “OUR COMPANY IS IN THE ANALOG AGE, YET OUR CONSUMERS HAVE MOVED INTO THE DIGITAL AGE.” QUOTE, SENIOR BRAND MANAGER IN A LARGE GLOBAL MULTINATIONAL COMPANY
- 6. YET, THE NEW ERA IS THE GREATEST POTENTIAL OPPORTUNITY WE HAVE EVER HAD! DEEP INSIGHT EMPOWERS RESULTS-DRIVEN MARKETING. RESULTS-DRIVEN MARKETING EMPOWERS GREATER EFFICIENCIES IN BUSINESS. The job of marketing is to “keep”, “grow” and “get customers. Digital marketing is the best tool we have ever had, it takes us back to the origins of marketing.
- 7. THE DEMOCRATISED CONSUMER IS PROBABLY THE BIGGEST CHALLENGE THAT HAS EVER FACED BRANDS: ADD TO THIS THE COMPLEX NEW MARKET UNIVERSE.
- 8. “CONSUMERS HAVE REALISED THEY CAN BE AT THE CENTRE OF THEIR OWN WORLD.” CHIEF DIGITAL OFFICER CLUB 2014
- 9. MCKINSEY CONDUCTED A SURVEY OF 418 SENIOR EXECUTIVES ACROSS THE AMERICAS, EUROPE AND ASIA, MAY-JUNE 2013, 49% OF COMPANIES WHO CHAMPION THE USE OF CUSTOMER ANALYTICS ARE LIKELY TO HAVE PROFIT WELL ABOVE THEIR COMPETITORS.
- 10. COMPANIES THAT USE ANALYTICS WELL OUTPERFORM THOSE THAT DON’T: 60 50 40 30 20 10 0 PROFIT SALES SALES GROWTH ROI EXTENSIVE USE NO EXTENSIVE USE
- 11. ANALYTICS DRIVE PERFORMANCE & SALES 90 80 70 60 50 40 30 20 10 0 CUSTOMERS ACQUIRED CUSTOMERS RETAINED CUSTOMER SATISFACTION SALES TO EXISTING CUSTOMERS CUSTOMER PROFITABILITY
- 12. FURTHERMORE, INCREASING THE “LIFETIME VALUE” OF CONSUMERS INCREASES THE STOCK PRICE OF COMPANIES. THIS IS TOTALLY DEPENDENT UPON DATA INSIGHTS & TRACKING From MIT Sloan Management Review, Kumar & Shah, June 2011: “…using a consumer lifetime value metric (to micro target segments) to allocate the marketing budget and differentiate the marketing strategy helped both companies maximise their return on their marketing spending…” “the two companies saw their stock prices increase by 33% and 58% - … substantively above their three top competitors…” “the current business environment drives marketing to be more of a science than an art…”
- 13. “SO HOW?” WE ALL TODAY LEAVE DIGITAL “FOOTPRINTS” IN OUR DAILY LIVES… THIS CAN BE LEVERAGED BY MARKETERS BY FITTING THEIR BRANDS INTO THE NATURAL ACTIVITIES OF CONSUMERS
- 14. AS CONSUMERS, WE LIVE THROUGH THE MOMENTS OF OUR DAY - We do. We talk. We ask. We cry. We laugh - We interface with brands - We make observations - We get an education - We are entertained - We search for information of a myriad of kinds and a myriad of reasons - We read real newspapers and magazines - We listen to music, on whatever device we choose - We watch television and listen to the radio - We receive post - We buy things - We browse around in stores
- 15. CONNECTING CONSUMER BEHAVIOUR & BRAND TOUCH POINTS CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS Where consumers and the brand connects, online & offline, usual & unusual places
- 16. GOOD DATA = GOOD MARKETING: WE NEED TO UNDERSTAND & CONNECT CONSUMER DATA TO ENABLE THE BRAND BEING THERE ON-TIME, ON SPEC CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS From becoming aware of a need to buying a brand Knowing where the brand is interfacing with consumers & can interface with consumers
- 17. THE BRAND NEEDS A PRESENCE WHEREVER IT MATTERS IN THE LIFE OF THE CONSUMER: THE GREATER THE NUMBER OF CONNECTIONS, THE BETTER CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS What we know about IMC as well as data tracking behaviour online, there is strong incremental benefit in being at all touch points Using own device for assistance to check price: 59%; sales associate: 17%* incremental conversion to sales: using mobile only before purchase: +20%; using mobile before and after: + 40%.* *DELOITTE 2014
- 18. THIS ALSO MEANS THAT THE LEVEL OF CUSTOMER ENGAGEMENT INCREASES ALL THE TIME CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS Level of engagement is exponential, meaning that marketing becomes more effective We focus on the right messages which means that marketing becomes more efficient with less wastage
- 19. THIS MEANS THE BRAND STAYS CLOSE TO ITS CUSTOMERS AND CAN INNOVATE BETTER AND MORE OFTEN CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS Better insights into customer behaviour means the brand value proposition improves all the time Better ongoing insights into consumer: brand touch points, means marketing becomes more innovative
- 20. ULTIMATELY, OUR MARKETING PRODUCES BETTER ROI CONSUMER BUYING BEHAVIOR BRAND TOUCH POINTS Knowing what to measure. Learning what works and what does not. Knowing where to focus marketing spend
- 21. COMMUNICATING WITH THE CONSUMER WITH THE RIGHT MESSAGE, THE RIGHT PRODUCT OR SERVICE, THE RIGHT TONALITY, AT THE RIGHT TIME, IN THE RIGHT PLACE. THE CONSUMER’S LIFE THE BRAND TOUCH POINTS
- 22. HOW CONTENT CONNECTS WITH STRUCTURE 5. MULTIPLIER EFFECT: LEVERAGING MULTIPLE CONNECTIONS ACROSS CHANNELS 4. CONTENT & CREATIVITY: IDEA UNIQUENESS 3. SYSTEMS/ APPLICATIONS/ TOOLS 2. DATA ANALYTICS & INSIGHTS 1. DATA STRUCTURE & STRATEGIC FRAMEWORK Awareness Perceptions Positioning/ Tonality Trial Usage Loyalty Advocacy Infrastructural & analytical development that enables real-time consumer engagement & customisation CMO CIO
- 23. SO WHAT DO I DO ABOUT THIS TODAY? Digital technology is part of the business strategy. Digital marketing requires the alignment of all executives. It is not the job of the CIO or the CMO alone. It impacts the business as a whole. Digital technology connects marketing objectives, with customers and brand touch points. The foundation of any good marketing strategy is a sound data framework. • Any brand is after all about customers. The value of our brand to them and what they will pay for it. Now the consumer can demand to be at the centre of our company. • To do that, we need to align their needs with our brand, online and offline. • It is now about real-time marketing, or working towards it. When consumers have a need, we need to understand it and be there with the right offer. • This will take time, but we need a plan to get there. Digital transformation needs to connect marketing with the operational systems of the business, i.e. Customer Service, the Call Centre.
- 24. DO TODAY: Do not divorce B2B and B2C: it is about how the different brand touch points are managed, interfaces and integrates. They are all part of one seamless process the consumer is exposed to. He or she does not see it as separate things, touch points either build the brand or they don’t. All engagement must create a seamless brand experience for the consumer, one that will build value for the consumer and for the brand. Work within the data and planning framework. If not, activities will be anecdotal and your executive team will lose confidence in the process. As every touch point can now be managed and monitored, we can track performance and ROMI like never before. For companies, it will eliminate wastage and make marketing investment more results-driven. It will make your marketing more efficient and effective.
- 25. THANK YOU!
- 26. INTRODUCTIONS • NAME • COMPANY/ROLE • WHAT IS YOUR ORGANIZATION’S BIGGEST CHALLENGE WITH DATA?
- 27. THANK YOU FOR YOUR TIME TODAY, PLEASE JOIN US FOR DRINKS