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Four Transitions: Profiting From A Consumer Controlled Marketplace
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The Evolution of Consumer Control Internet/Wireless Platform
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Marketing 2008 Television Magazines Newspaper Radio Direct Mail Telemarketing In-store Web Site Email Mobile Proactive Marketing Search Retail Visit Call to Center Web Visit Email Mobile Face to Face Telephone Social Network Blog SMS MMS Word of Mouth Engagement Purchase Request Information Donate Vote Etc… Consumer Initiatives Transformation
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The Evolution of Consumer Control Internet/Wireless Platform Product Proliferation
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Cooking.com Butter Dishes 1 of 2 pages Macys.com Women’s Dresses 1 of 27 pages
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The Evolution of Consumer Control Internet/Wireless Platform Product Proliferation Channel Explosion
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First printed ad – 1477 Postal Act/Postal Delivery – 1792 Sears Catalog - 1888 Television invented – 1928 Last 25 years Cable TV Internet Variable data printing Mobile phones iPods
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The Evolution of Consumer Control Internet/Wireless Platform Product Proliferation Channel Explosion Consumer Fragmentation
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Consumer Fragmentation Test 1.For vacation travel, which of the following destinations would you prefer? a)Paris, b) Hong Kong, c) San Francisco 2.If considering a new car, which of the following styles would you prefer? a)SUV, b) sports car, c) sedan 3.When eating out, which cuisine would you prefer? a)American, b) Oriental, c) French
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The Evolution of Consumer Control Internet/Wireless Platform Product Proliferation Channel Explosion Consumer Fragmentation The Decision Crisis
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More product choice More channel choice More decisions to be made The Paradox of Choice
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More Choices Less Choice When given only one choice, 2/3 of people go ahead and make the purchase. That means 1/3 choose to keep looking. When given two choices, an equal number of people choose each CD player, but nearly half decide to buy nothing. Source: Paradox of Choice, Barry Schwartz 020406080100 One Choice Two Choices Sony Aiwa Nothing
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Growing Dissatisfaction Source: Paradox of Choice, Barry Schwartz Positive Emotions Negative Emotions Number of Choices Net Feelings
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Impact of Changes Lost control of information No sustainable product advantage Need to manage growing number of channels Messaging to more diverse audience Address growing consumer confusion
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The Four Transitions
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Objective Campaign Objectives
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Transition 1 From major channel proactive to multi-channel reactive
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Campaign Types Objective Type
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Proactive versus Reactive Campaigns Proactive campaigns are: one time events delivered to a broad audience at the discretion of the marketer. Reactive Campaigns are: delivered individually in response to a customer initiative automated with a single template that is used frequently (i.e. weekly, daily, etc…) dynamic with content based upon the individual customer initiative (i.e. products related to those purchased or browsed).
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Marketing 2008 Television Magazines Newspaper Radio Direct Mail Telemarketing In-store Web Site Email Mobile Proactive Marketing Search Retail Visit Call to Center Web Visit Email Mobile Face to Face Telephone Social Network Blog SMS MMS Word of Mouth Engagement Purchase Request Information Donate Vote Etc… Consumer Initiatives Transformation Thank you Web browser Abandon Replenishment Multi-buyer Search term Prospect Pre-filter Reactive Campaigns
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Post Order Email
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Web Visit Reaction
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Transition 1 Conclusions Marketers need to improve their reaction to consumer initiatives. For many, this will involve campaign automation due to the growing number of campaigns. Reactive communications should be implemented across multiple channels.
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Transition 2 From mass marketing to merchandising for the individual
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Campaign Targeting Objective Type Targeting
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Data Driven Reactive Campaigns Transaction data Browse data Life stage data Consumer supplied data
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Dynamic Content Rules Jane Smith, iPod Mark Rogers Laptop Computer Betsy Madden Office Chair John Shaw Sony Digital Camera Dynamic Rules Engines
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Web Personalization
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Reaction to Past Purchases Customized to past purchases Customized to home city
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Consumer Provided Data
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76% increase in revenue per “engaged” customer 90% of marketing budget
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Transition 2 Conclusions Once engaged, consumer should be addressed as individuals using the data they generate. Addressing consumers as individuals will require the use of dynamic content. Marketers will become more dependant on technology to be effective.
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Transition 3 From product proliferation to mass customization
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Campaign Experience Objective Type Targeting Experience
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Approaches to Mass Customization Customize the product Customize the selection Customize the delivery
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Factory 121 – Custom Watches Users can design their own watches by following easy to understand steps
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BOMC2 – Book Club The users create their Personal Reading List then get the top book from their Reading List each month.
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Shaw Floors
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Transition 3 Conclusions As marketers and consumers increase collaboration both parties are more likely to achieve satisfaction. Mass customization offers both marketing and manufacturing efficiencies. Executed correctly, the marketing and manufacturing process become seamless.
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Transition 4 From consumer confusion to simple solution
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Campaign Benefits Objective Type Targeting Experience Benefits
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Capital One Card Lab
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Crutchfield
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Transition 4 Conclusions Making the complex simple is the most challenging task facing marketers. Technology will be required to achieve simplicity without sacrificing functionality. Easy sells!!!!!
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Current Budget Allocation
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Future Trends
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FUNCTION
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Four Transitions: Profiting From A Consumer Controlled Marketplace Keith Wardell CEO Marketing1by1, Inc. keith@marketing1by1.com
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