Progressive Profiling Strategy: The Power of Incremental Data
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Between 2010 and 2012, the world yielded more data than had been created in all of history. And the pace of data creation is only accelerating. By 2020, it is expected that organizations will require oversight of over 50 times the amount of data we have today. While big data certainly yields some big opportunity, data quality and collection methodologies remain questionable. In fact, 25% of B2B databases are inaccurate – and it’s expected consumer databases are even worse. Progressive profiling is an important strategy for marketers to understand and use across the board – both in digital contexts, where it was conceptualized, but also in live event contexts, where its use is just emerging. What’s at stake is better data reliability, sales cycles cut in half and up to 70% more revenue that organizations that suffer from poor data integrity. This presentation explores the progressive profiling landscape, as well as helpful tips for how to use digital and live to progressively profile your brand’s consumers.
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Progressive Profiling Strategy: The Power of Incremental Data
- 1. PROGRESSIVE PROFILINGunderstanding audiences better through the power of incremental data collected through digital and live
- 2. VP, STRATEGY DIRECTOR JACK MORTON WORLDWIDE @BENGROSSMAN #ProgressiveStrategy Ben Grossman e: ben_grossman@jackmorton.com m: + 1.617.752.1171 t: @BenGrossman w: www.ben-grossman.com Read our blog: blog.jackmorton.com Follow us on twitter: @JackMorton Visit us online: www.jackmorton.com
- 3. THE LANDSCAPE TYPES OF PROFILING DEFINING OPPORTUNITY LIVE & DIGITAL TOUCHPOINTS Progressive Profiling Agenda
- 4. THE LANDSCAPE TYPES OF PROFILING DEFINING OPPORTUNITY LIVE & DIGITAL TOUCHPOINTS Progressive Profiling Agenda
- 5. 2 YEARS > HISTORY FROM 2010-2012, WE CREATED MORE DATA THAN WE HAD IN HISTORY PRIOR TO THAT. 2 McKinsey, 2013
- 6. 10X SERVERS 50X DATA 75X FILES BY 2020, IT DEPARTMENTS WILL OVERSEE McKinsey, 2013
- 7. “Data worldwide is growing 40 percent per year, a rate of growth that is daunting for any marketing and sales leader. Companies need to invest in an automated ‘algorithmic marketing,’ an approach that allows for the processing of vast amounts of data through a ‘self- learning’ process to create better and more relevant interactions with consumers.” McKinsey & Company McKinsey, 2013
- 8. 25% OF B2B DATABASES ARE INACCURATE JUST ONE LITTLE ISSUE: AND MOST CONSUMER DATABASES ARE EVEN WORSE. Sirius Decisions, 2012
- 10. COMPANIES THAT HAVE ABOVE AVERAGE DATA QUALITY CAN REALIZE 70% MORE REVENUE. BUT THERE IS SIGNIFICANT UPSIDE: Sirius Decisions, 2012
- 12. THE LANDSCAPE TYPES OF PROFILING DEFINING OPPORTUNITY LIVE & DIGITAL TOUCHPOINTS Progressive Profiling Agenda
- 13. PROGRESSIVE PROFILING Building consumer profiles gradually over the course of a series of touchpoints, instead of all at once.
- 14. Consumer is asked a specific question or to fill in a given form field in order to provide a piece of information about the individual. DIRECT INDIRECT A piece of information about an individual is derived from an action the person takes.
- 15. DIRECT EMAIL FIRST NAME LAST NAME TOUCH 1 EMAIL TITLE COMPANY TOUCH 2 EMAIL CURRENTLY LOOKING? DECISION TIMELINE? TOUCH 3
- 16. DIRECT EMAIL FIRST NAME LAST NAME TOUCH 1 TOUCH 3 EMAIL FIRST NAME LAST NAME TITLE COMPANY TOUCH 2 Pre-fill repeat fields. ben_grossman@jackmorton.com Ben Grossman ben_grossman@jackmorton.com Ben Grossman EMAIL FIRST NAME LAST NAME Current Need? Timeline for Purchase? ben_grossman@jackmorton.com Ben Grossman
- 17. INDIRECT EMAIL FIRST NAME LAST NAME TOUCH 1 TOUCH 2 digital body language standard form capture TOUCH 3 social media conversation analysis
- 18. A STRONG VALUE PROPOSITION THE KEY TO SUCCESS? ANY TIME AN ORGANIZATION ASKS FOR INFORMATION FROM A CONSUMER, THERE MUST BE A SENSE OF VALUE EXCHANGE.
- 19. THE LANDSCAPE TYPES OF PROFILING DEFINING OPPORTUNITY LIVE & DIGITAL TOUCHPOINTS Progressive Profiling Agenda
- 20. THE OPPORTUNITY Leverage Progressive Profiling as a way to gain insight about the individuals that comprise your organization’s audience, while also: 1. Increasing Efficiency: Progressive profiling can cut the sales cycle in half, because leads are truly sales ready. ReachForce, 2012
- 21. THE OPPORTUNITY Leverage Progressive Profiling as a way to gain insight about the individuals that comprise your organization’s audience, while also: 1. Increasing Efficiency: Progressive profiling can cut the sales cycle in half, because leads are truly sales ready. 2. Personalizing Experiences: Personalization can deliver 5-8 times the ROI on marketing spend and lift sales over 10%. McKinsey, 2013
- 22. THE OPPORTUNITY Leverage Progressive Profiling as a way to gain insight about the individuals that comprise your organization’s audience, while also: 1. Increasing Efficiency: Progressive profiling can cut the sales cycle in half, because leads are truly sales ready. 2. Personalizing Experiences: Personalization can deliver 5-8 times the ROI on marketing spend and lift sales over 10%. 3. Enhancing Data Quality: On average, 60% of company’s databases are rated “unreliable.” Sirius Decisions, 2012
- 23. THE OPPORTUNITY Leverage Progressive Profiling as a way to gain insight about the individuals that comprise your organization’s audience, while also: 1. Increasing Efficiency: Progressive profiling can cut the sales cycle in half, because leads are truly sales ready. 2. Personalizing Experiences: Personalization can deliver 5-8 times the ROI on marketing spend and lift sales over 10%. 3. Enhancing Data Quality: On average, 60% of company’s databases are rated “unreliable.” 4. Building A Better Brand: More customer intelligence is better business and creates a more appealing, empathetic brand.
- 24. THE LANDSCAPE TYPES OF PROFILING DEFINING OPPORTUNITY LIVE & DIGITAL TOUCHPOINTS Progressive Profiling Agenda
- 25. LIVE TOUCHPOINTS Though Progressive Profiling historically has been a digital discipline, live events can play an important and lucrative role: 1. Strong Value Proposition: Since attendees have already committed time, there is a strong incentive to achieve the best experience. 2. Excellent Data Quality: People are more honest in-person than online. Events also present a major indirect profiling opportunity. 3. Increased Depth of Information: Events answer questions marketers would not ask in a digital context using direct and indirect vehicles. 4. Subtle & Seamless: Directly volunteered personal data and indirect behavior are already at the center of events, so profiling activities can be conducted in a seamless way.
- 26. PROFILING AT EVENTS Though every event is different, there are a menagerie of ways to progressively profile attendees in-person: 1. Event Registration Form 2. Session Attendance Data 3. RFID/NFC Data 4. Workshops & Assessments 5. Mobile Application Engagement 6. On-Site Games/Engagements 7. Human Interactions & Questionnaires 8. Social Media Conversation 9. Satisfaction Surveys 10. Pre/Post Marketing Engagement
- 27. DIGITAL TOUCHPOINTS Digital touchpoints remain the mission critical backbone of Progressive Profiling. Value is derived form the following qualities: 1. Efficient Automation: Because algorithmic data analysis and decision trees can automate much of an organization’s response to digital profiles, digital profiling is highly efficient. 2. Scalability & Frequency: Digital yields an opportunity to cast the net wider and engage more frequently than live touchpoints. 3. Ease of Data Capture: Track-ability is implicit in digital (and often times very affordable), so data capture comes with relative ease. 4. 3rd Party Contributors: 3rd party data can help drive decisions and intelligence in the during digital profiling, accelerating insight.
- 28. DIGITAL PROFILING Possibilities of digital profiling are limitless, and widely dependent upon the digital footprint of a brand. Top forms include: 1. Email Engagement 2. White Paper & eBook Downloads 3. Webinars & Resource Utilization 4. Website Analytics 5. Mobile Web & App Analytics 6. Paid Media Behavior 7. Standard Lead Capture Forms & Surveys 8. Lead Nurturing Programs 9. Multivariate Testing 10. 3rd Party Data Appending/Validation
- 29. VP, STRATEGY DIRECTOR JACK MORTON WORLDWIDE @BENGROSSMAN #ProgressiveStrategy Ben Grossman e: ben_grossman@jackmorton.com m: + 1.617.752.1171 t: @BenGrossman w: www.ben-grossman.com Read our blog: blog.jackmorton.com Follow us on twitter: @JackMorton Visit us online: www.jackmorton.com
- 30. PROGRESSIVE PROFILINGunderstanding audiences better through the power of incremental data collected through digital and live