Using Data to Meet Customer Expectations David M. Raab, CDP - - PowerPoint PPT Presentation

▶
using data to meet customer expectations
SMART_READER_LITE
LIVE PREVIEW

Using Data to Meet Customer Expectations David M. Raab, CDP - - PowerPoint PPT Presentation

Mar 03, 2024 327 likes •696 views

Using Data to Meet Customer Expectations David M. Raab, CDP Institute September 25, 2019 Technology for Marketing What do customers want? What do customers want? Personalize my experience! What do customers want? Personalize my

slide-1
SLIDE 1

Using Data to Meet Customer Expectations

David M. Raab, CDP Institute September 25, 2019 Technology for Marketing

slide-2
SLIDE 2

What do customers want?

slide-3
SLIDE 3

What do customers want? Personalize my experience!

slide-4
SLIDE 4

What do customers want? Personalize my experience!

78% are more loyal to brand that understands what they’re looking for 63% expect personalization as standard 90% will trade data for cheaper and easier shopping

slide-5
SLIDE 5

What do customers want? Personalize my experience! Protect my privacy!

78% are more loyal to brand that understands what they’re looking for 63% expect personalization as standard 90% will trade data for cheaper and easier shopping

slide-6
SLIDE 6

What do customers want? Personalize my experience! Protect my privacy!

78% are more loyal to brand that understands what they’re looking for 63% expect personalization as standard 90% will trade data for cheaper and easier shopping 86% are concerned about data privacy 90% fjnd targeted mobile messages annoying 79% say brands

slide-7
SLIDE 7

Consumers are more willing to share personal data for no reason than to get personalized experiences.

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 93%

91%

85% 82% 79% 79% 79% 77% 68% 63% 58% 54% 33% 32% 31% 31% 30% 26% 20% 10% 90% 86% 83% 78% 76% 76% 77% 76% 66% 59% 56% 51% 31% 30% 33% 31% 26% 27% 22% 9%

% would share data for generic vs personalized experience

generic

Source: 2nd Annual ARF Privacy Study, 2019

slide-8
SLIDE 8

Recommend Value Control Consumers want personalized service, not personalized advertising

slide-9
SLIDE 9

Recommend Value Control Use customer data to give customers what they want.

slide-10
SLIDE 10

ultimately indistinguishable from

Great service is great marketing.

slide-11
SLIDE 11

Both need great data.

slide-12
SLIDE 12

Uses for Customer Data

Marketing

  • Targeted discounts
  • Product/ofger selection
  • Promotion timing
  • Channel preference
  • Privacy compliance
slide-13
SLIDE 13

Marketing Service

  • Targeted discounts
  • Product/ofger selection
  • Promotion timing
  • Channel preference
  • Privacy compliance
  • Tailored search result
  • Streamlined purchase
  • In-stock alerts
  • Proactive support
  • Easier returns

Uses for Customer Data

slide-14
SLIDE 14

Customers get: better experience Companies get: higher revenue, lower costs, greater loyalty

Uses for Customer Data

slide-15
SLIDE 15

Customer Data Getting Great

slide-16
SLIDE 16

Few Companies Have Great Data

9% 27% 46% 18%

Customer Technology Approach

Source: Adobe/Econsultancy , 2019 Digital Trends

slide-17
SLIDE 17

Customer Data Requirements

Sources

  • CRM
  • Email
  • Web site
  • Mobile
  • Orders
slide-18
SLIDE 18

Customer Data Requirements

Sources

  • CRM
  • Email
  • Web site
  • Mobile
  • Orders

Types

  • Attributes
  • Purchases
  • Behaviors
  • Promotions
  • Consents
slide-19
SLIDE 19

Customer Data Requirements

Sources

  • CRM
  • Email
  • Web site
  • Mobile
  • Orders

Types

  • Attributes
  • Purchases
  • Behaviors
  • Promotions
  • Consents

Quality

  • Complete
  • Accurate
  • Current
slide-20
SLIDE 20

Customer Data Requirements

Sources

  • CRM
  • Email
  • Web site
  • Mobile
  • Orders

Types

  • Attributes
  • Purchases
  • Behaviors
  • Promotions
  • Consents

Quality

  • Complete
  • Accurate
  • Current

Process

  • Ingest
  • Clean
  • Unify
  • Enhance
  • Share
slide-21
SLIDE 21

CRM WEB ORDERS EXTERNAL

Predi ct Person alize Orchest rate Budg et Conte nt

CRM WEB MOBILE DMP

PROCES SING DECISIONS DELIVERY SOURCES

Meas ure Load, Clean Transf

  • rm

Link Data Aggre gate Expo se Segme nt

Customer Data Requirements

slide-22
SLIDE 22

CRM WEB ORDERS EXTERNAL

Predi ct Person alize Orchest rate Budg et Conte nt

CRM WEB MOBILE DMP

PROCES SING DECISIONS DELIVERY SOURCES

Meas ure Customer Data Platform

Customer Data Requirements

slide-23
SLIDE 23

CRM WEB ORDERS EXTERNAL

Predi ct Person alize Orchest rate Budg et Conte nt

CRM WEB MOBILE DMP

PROCES SING DECISIONS DELIVERY SOURCES

Meas ure CDP Features

  • All sources
  • All detail
  • Store

indefjnitely

  • Unifjed

profjles

  • Open access
  • Real time
  • Identity

Customer Data Requirements

slide-24
SLIDE 24

CRM WEB ORDERS EXTERNAL

Predi ct Person alize Orchest rate Budg et Conte nt

CRM WEB MOBILE DMP

PROCES SING DECISIONS DELIVERY SOURCES

Meas ure RealCDP

  • All sources
  • All detail
  • Store

indefjnitely

  • Unifjed

profjles

  • Open access

Customer Data Requirements

slide-25
SLIDE 25

Customer Data Best Practices

slide-26
SLIDE 26

Best Practices

Defjne needs based on goals.

slide-27
SLIDE 27

Best Practices

Check source & delivery systems.

Budget is inadequate Poor cooperation across organization T echnology stafg lacks time or skill Marketing stafg lacks time or skill Can't extract data from source systems Can't apply unifjed customer data in delivery systems Can't assemble unifjed customer data 26% 34% 34% 36% 47% 54% 63%

Biggest Obstacles to Better Customer Data Utilization

Source: CDP Institute, 2019

slide-28
SLIDE 28

Best Practices

Consider a CDP (see www.cdpinstitute.org).

4.20 3.85 3.41 3.23

CDP Status vs Martech Satisfaction

Source: CDP Institute, 2019
slide-29
SLIDE 29

Best Practices

Address organizational issues.

Lack of executive sponsorship Low quality data Too many technology solutions IT department constraints Poor technology solutions Access to data Lack of organizational alignment Lack of knowledge/skills Lack of budget Lack of personnel 20% 23% 24% 25% 28% 30% 32% 38% 43% 46%

Greatest Obstacles to Making Personalization a Bigger Priority

Source: Researchscape International/Evergage, 2019 Trends in Personalization
slide-30
SLIDE 30

Best Practices

Deploy incrementally.

Faster response to changing data management needs Improved message delivery Less time spent on data management Improved data analysis and segmentation Access to otherwise-unavailable data Less reliance on IT resources Improved orchestration of customer treatments across channels Improved message selection and personalization Improved predictive modeling and recommendations Create unifjed customer view 25% 27% 29% 39% 40% 40% 49% 49% 59% 86%

Benefjts Expected From a CDP

Source: CDP Institute, 2019

slide-31
SLIDE 31

Best Practices

Measure against long-term metrics.

increase customer loyalty increase customer lifetime value increase average order value increase conversion reduce bounce rate 44% 22% 11% 11% 11% 29% 11% 31% 19% 9%

Primary Personalization Metric vs ROI

3x ROI

% Companies Using this Metric

Source: Monetate, 2019 Personalization Development Study

slide-32
SLIDE 32

the Trouble? Is It Worth

slide-33
SLIDE 33

Great Data Makes a Real Difgerence

9% 27% 46% 18% 30% 17% 13% 9%

Customer Technology Approach

All T

  • p performers

Source: Adobe/Econsultancey , 2019 Digital Trends

slide-34
SLIDE 34

Remember This

It’s worth the efgort. Best practices can help. So can CDP . Great data is hard to fjnd. reat experience requires great data. Customers want great experience, not great marketing.

slide-35
SLIDE 35

Thank You!

David M. Raab draab@cdpinstitute.org www.cdpinstitute.org