How to use Insightful Data to Increase the Customer Lifetime Value
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Reaching your customers at multiple touch points throughout their customer journey significantly increases customer engagement and therefore the customer lifetime value. In this presentation we highlight the business benefits of collating and analysing digital data to produce actionable intelligence.
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How to use Insightful Data to Increase the Customer Lifetime Value
- 1. VIENNA • LONDON • MUNICH • ZURICH • BERLIN • PARIS • HONG KONG • MOSCOW • ISTANBUL • BEIJING • SINGAPORE • DUBAI How to use Insightful Data to Increase Customer Lifetime Value Alex Timlin: Director of Sales and Client Solutions, Emarsys, Alex.Timlin@emarsys.com Maximising Customer Engagement Maximising Customer Lifetime Value
- 2. Talk with us @Emarsys @ARTimlin #totallyengaged Before we begin…
- 3. Emarsys Seminar Session How to use Insightful Data to Increase the Customer Lifetime Value Reaching your customers at multiple touch points throughout their customer journey significantly increases customer engagement and therefore the customer lifetime value. In this presentation Alex will highlight the business benefits of collating and analysing digital data to produce actionable intelligence. Alex Timlin, Director Sales and Client Solutions, Emarsys
- 5. Todays Agenda • What is a “Customer Journey”? • What data to collect and how do I analyse it? • Why should I do it?
- 6. 1 2 3 4 Traditional Customer Journey
- 7. Understanding the Journey with Web Analytics
- 8. Beginnings of Customer Journey analysis • Our original analysis of the Customer Journey was to look at this basic process, identify the opportunities to improve that experience and drive conversions • Our oldest digital channels Search, Email, Website Optimisation, Web Analytics all evolved around making this short process better
- 10. Multi-channel customer acquisition • Over time the number the number of channels we are using to drive purchases has exploded • Search, Email, Display, Affiliates, Facebook Ads, Pinterest, YouTube, Direct Mail, Catalogues, Direct Mail, Call Centre etc. • But we measure them all in the same way… conversions
- 11. • Customers Don’t Just buy from a single interaction or a single channel. • But even attribution tools are designed to look at the ‘Purchase Path’ to a single purchase. • They don’t look at Engagement and they don’t look at Repeat Purchases and Long Term Value
- 12. Some important statistics* – after more than 10 years in marketing optimisation • Most eCommerce websites convert at less than 4% • Less than 10% of your unique traffic will add something to a Shopping Cart • 80% of the Purchasing Customers on your database have only ever made 1 purchase
- 13. Why you should be worried about these statistics?
- 14. Some important statistics* – after more than 10 years in marketing optimisation • The cost of acquisition is going up. • The average conversion rate in the US and Europe is going down. • In a depressed economy the reason people are switching more to online is ‘price’.
- 15. We have two options • Compete on price alone • Compete on Customer Experience or
- 16. Understanding of the Customer Lifecycle and where your Customers are at each stage is an important first step: Loyalty Conversion Engagement Discovery
- 17. What content fits the customer? 4 key questions for successful customer experience Who is the customer? When to reach the customer? How to reach the customer? Who is the customer?
- 18. So what should we measure in terms of Customer Engagement? • Date of ‘First Engagement’ – Registration/Account Creation/Purchase • Channel used for first Registration – Lead Source • Website visit behaviour – date, session time, page views, category views • Email behaviour – open/click • Mobile behaviour – App log-in, SMS click through • Device – mobile/tablet/desktop • Transactional History – RFM • Purchase Channel – Online/Instore/In-App
- 19. What happens when we understand the 4 questions:
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- 26. WHY?: treat your customers differently Leads First-time Buyers Active Buyers Churning Customers Hot & High Potential Lead & Churning Gold Buyer Would you treat them the same? Stages Revenue • Male, 25 years old • Browsed website 3x in last 7 days • Interested in expensive suits & coats HIGH eRFM POTENTIAL • Female, 35 years old • Avg. Purchase value £150 • Last Purchase >180 days HIGH FM SCORE
- 27. Smart Insight - customer intelligence The customer lifecycle segmentation screen presents a snapshot of all your customers and their importance for your business. CHURNING GOLD CUSTOMER
- 28. Smart Insight - customer intelligence We can chose and save a segment from this screen – in this case all defecting gold customers.
- 29. Smart Insight - customer intelligence In theAutomation Center, blueprints can be created or modified in a drag- and-drop canvas. Here you can see a customer loyalty program.
- 30. Smart Insight - customer intelligence The winback campaign and your website are enhanced by personalised product recommendations
- 31. Connect With Us facebook.com/Emarsys twitter.com/Emarsys linkedin.com/company/Emarsys plus.google.com/+Emarsys emarsys.com Win a copy of ‘The New Digital Age’ by Eric Schmidt Visit us at Stand IW572
- 32. Leads First-time Buyers Active Buyers StagesDefecting Customers 1 Higher conversion rate & quicker conversion Revenue Welcome Mail Incentive in case of No Purchase Conversion: 3.0%Conversion: 19.1% 5 – WHEN: Case Study
- 33. 5 – WHEN: Case Study Leads First-time Buyers Active Buyers StagesDefecting Customers 2 Increase revenue per customer & strenghten retention Revenue Conversion: 19.1% First Time Buyer Feedback
- 34. 5 – WHEN: Case Study Leads First-time Buyers Active Buyers StagesDefecting Customers 3 Winback churning Revenue Reactivation (90d without Visit) Reactivation (180d of Inactivity) Conversion: 7.9%Conversion: 9.2%
- 35. VIENNA • LONDON • MUNICH • ZURICH • BERLIN • PARIS • HONG KONG • MOSCOW • ISTANBUL • BEIJING • SINGAPORE • DUBAI Thank You Any Questions?
Hinweis der Redaktion
- Add totally different
- Even at it’s most very basic there are a number of different steps in a Customer’s Journey when making a purchase. This is example is for a customer who is aware of the product they want and either knows the brand/website they are likely to purchase from, this is essentially free money for Google. However, even in this most BASIC example there is a lot of potential from drop off in revenues – home page, product page, cart page, purchase confirmation page.
- Understanding how customers buy and how ENGAGED they are with your brand will help us drive long term value from our customers.
- How can the software actually do all that? In the small offline shop customer engagement works naturally. In the big online world technology and data need to kick in – to answer the 4 key questions for successful customer engagement marketing: WHO are your customers? WHAT content does each one prefer? WHEN is the best time to contact them? HOW do you reach them?
- Customer ‘Likes’ your Facebook page and we use our Facebook Pull application to capture their email address A Real-time Welcome Message is sent to that customer with a banner customised to Facebook registrations with an incentive to make a purchase on your website using our Voucher Management system. Customer clicks through from the email to the website and our Web Extend script drops a cookie onto their laptop to track their browsing and purchasing behaviour and to create a Transcendent Profile of that customer – powering segmentation and recommendations.
- The Product Page they are viewing contains intelligent similar product in the ‘Related Items’ widget. recommendations to help drive conversions – they aren’t interesting in the product shown, but they click on a They browse through a few of the items in the ‘Also Bought’ widget but only add the main product from the Product Page and go straight to the basket page. On the Cart Page the customer see the ‘Cart Widget’ with a messaging reminding them of products they forgot to add so they add another complementary item to their basket and then add their Vouchercode from the Welcome Email.
- They don’t complete the purchase, they leave the website to look for another vouchercode on affiliate websites to make sure they’re getting the best deal – but Web Extend has captured their Cart and their browsing and purchasing data to generate recommendations to drive conversions using the ‘wisdom of the crowd’. The next morning they get an Abandoned Basket email with both the Product and the Accessory they left in the cart but 4 products they might also like generated by Predict in a mobile responsive email with a banner add containing their Vouchercode from the Welcome Email reminding them they also get a discount on their first purchase as a new customer. They click through and complete the purchase. 4 days after their purchase they receive the mobile optimised weekly newsletter from the client and they browse the email but don’t click any links as they don’t see the products they are looking for.
- 7 days after they purchase (based on SI Engagement metric to decide time to send) they receive a thank you email asking how they have found the product (click here to rate the product on our website as your feedback is important to us and other customers), but they also see 4 complementary items based upon the 2 products they purchased from us 7 days ago. They click through to the website and they rate the two products they purchased (link category in Suite is now set to ‘Clicked a Review Link’ to identify them as a potential social influencer). They browse the website but they don’t make another purchase.
- The next day they receive a ‘Browse Abandonment’ purchase with a banner image linked to the last category they viewed (Web Extend field = Last Session Category) with the subject line ‘Didn’t find what you were looking for?’ and recommended products from the ‘Personal Widget’ the customer clicks through from their mobile device on the train to work and makes the purchase directly from the clients mobile friendly website. The client looks at their Dashboard and is happy to see that this is one of 10,000 customers who’ve had the same experience and have converted from Leads to 1st time Buyers and then made a Repeat Purchase in their first month and is even happier to see that his ‘Active Customer’ base has increased month on month for the last 6 months.
- Let’s start with the WHO: The sales guy in the grocery knows his customers. He will not treat a churning big spender the same way he treats a new guy that just entered his shop. Here is the customer lifecycle graph again: The customer intelligence system identifies the individuals based on data: it scores them according to their lifecycle status and their spending level and puts them in segments. This enables you to select respective segments, best practise involves leads or churning gold buyers. Now you can start acting on it - by treating them differently. As a result, they are put into automated programs to move them in the right direction (or keep them) – towards higher customer lifetime value.