Presentation on theme: "Big Data and Analytics: How can they help you be more relevant to your customers and drive significant profits? Dr. Jeni Bunner Director of Insight; Outsell,"— Presentation transcript:
Big Data and Analytics: How can they help you be more relevant to your customers and drive significant profits? Dr. Jeni Bunner Director of Insight; Outsell, LLC
Agenda Consumer Expectations The Importance of Being Relevant Irrelevance How to be Relevant Big Data Predictive Analytics What’s the solution? Relevance Done Well Questions and Answers
Modern Consumers Expect: An engaging brand experience On their own terms Via any and all of their devices
Industry Challenge AGENCY OF RECORD MARKETING SERVICE PROVIDERS MEDIA BUYER PRINT OPERATIONS LOCAL MARKETING AGENCY CORPORATE MARKETING PRINT OPERATIONS Sales Department Service Department Parts Department F&I Department OEM Dealers
Addressable Media and Channels Media or channels that allow communications to consumers at an individual level
More Channels are Becoming Addressable Mass Newspapers Magazines Radio Outdoor TV Face-To-Face Inbound Phone DRTV Telemarketing Direct Mail DirectOnline Banner Ads Social Networks Search Web Sites Blogs Mobile Kiosks
Age of the Customer jksdfhkds Source: Forrester Research, Inc.
“In the future, only companies that understand and anticipate their customer’s needs and can consistently deliver unique, tailored customer experiences will be able to attract and retain loyal customer revenue streams.” Source: Forrester Research, Inc. Be Relevant!!!
The 40 yr. old woman with the 18 yr. old boy gene Dear Ford, Seriously? I own a Mustang. You know I do. I follow Mustang on Twitter and liked it on Facebook. I've clicked through s you've sent me to go search your site for Mustang paraphernalia and badges, check out the current model, and "customize" my dream Mustang (three times!). I've clicked through Mustang ads (and Camaro ads, not that you'd know that). I've never once expressed any interest in an SUV. Why on earth would you me about the Escape? It may be all new, with cool features and whatever, but clearly I'm interested in sports cars, not sports utility vehicles. You may want to reconsider your segmentation strategy. Thanks for thinking of me, though. Source: DM News ?
HOW TO BE RELEVANT
How can Brands be more relevant to Consumers?
Big Data The most important dimension of “Big Data” is how you derive profits from it
Auto Dealership “Big Data”
The power of your Big Data Collectively dealers maintain more customer data than parent OEMs Dealer data is rich but underutilized
Discover Shop Buy Own Advocate Bond What Does Your Big Data Tell you?
Multi-channel targeted communications
Predictive Analytics The analysis of current and historical facts to make predictions about future events
Predictive Analytics Examples Which consumers will purchase in the next 30 days? Who are my most valuable consumers? Where is each consumer in their lifecycle (shop, buy, own)- segmentation What vehicle is a consumer most likely to purchase?
WHAT’S THE SOLUTION
4 Steps to Relevance Build Your Database Segment and Test Get Personal Target Even Smarter
Step 1: Get Your Data in Order Multi-channel Online and offline Behavioral CRM DMS Chat Click Social Mobile Weblog Video Blogs
Step 2: Segment and Test Relevant Messages Start small Segment consumers Determine what's working Make incremental improvements
Step 3: Personalized Marketing Real-time responses Driven by consumers’ actions (or lack of) On their terms Personalized to each and every consumer
Step 4: Get Smarter With Predictive Analytics Gold standard for driving relevance Requires a specialized skillset Could double your incremental sales lift (uplift from Marketing)
RELEVANCE DONE WELL
“My daughter got this in the mail!” he said. “She’s still in high school, and you’re sending her coupons for baby clothes and cribs? Are you trying to encourage her to get pregnant?” The manager didn’t have any idea what the man was talking about. He looked at the mailer. Sure enough, it was addressed to the man’s daughter and contained advertisements for maternity clothing, nursery furniture and pictures of smiling infants. The manager apologized and then called a few days later to apologize again. On the phone, though, the father was somewhat abashed. “I had a talk with my daughter,” he said. “It turns out there’s been some activities in my house I haven’t been completely aware of. She’s due in August. I owe you an apology.” The “pregnancy–predictor” Model
QUESTIONS AND ANSWERS
THANK YOU! Dr. Jeni Bunner Director of Insight; Outsell, LLC