Download Right Time

Real Time at the
Right Time
Driving Real-Time Connections
with Offline and Online Data
P u b l ished 2 01 6 | www. d at amentor s.com | inf o@dat amentor s.com
Table of Contents
01. The Evolution of Real Time
03. Data: The Foundation of Real Time Marketing
05. The Right Person
07. The Right Moment & Channel
12. Seamless Data Insights
14. The Right Investment
15. The Right Answer
Real Time at the Right Time | 1
The definition of
real-time marketing
is evolving.
The buzz around Big Data and the age of the “multi-channel, empowered consumer”
has made marketers believe that a real-time and instantaneous interaction with
consumers is the answer to all marketing situations. Yes, real-time is important, but
recently there has been a shift from a purely real-time mode of thought to that of Right
Time Marketing.
Right Time Marketing is a sophisticated way to boost prospect acquisition and
customer growth and retention by customizing the investment in marketing process
and technology costs to drive optimally timed contact for the best ROI. Right Time
Marketing is built on a foundation of rich customer data - understanding a customer’s
characteristics, channel preferences and in-market purchase signals – and getting it
right.
How DataMentors Defines Right Time Marketing
As a leader in Data-as-Service (DaaS), DataMentors is at the forefront of Right Time
Marketing. We are pioneering ways to match offline and online data sets to drive righttime connections with today’s consumers. Our solutions combine an integrated suite
of data products, marketing technologies, and analytics to deliver: The Right Person,
at the Right Moment, through the Right Channel- giving you the Right Answer.
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Real Time at the Right Time | 2
logy
Business
Intelligence
Predictive Models
& Custom Analytics
The Right Person
The Right Channel
DataMentors data products are highly
Our data solutions operate seamlessly
comprehensive, and lead the market in
across channels, allowing for meaningful
both in scale (addressable customers)
and connected customer experiences
and precision (better, more complete,
whether clients are purchasing digital
accurate, and clean data).
audiences or creating leads for outbound
calling.
The Right Moment
Our data services enable data mobility,
The Right Answer
insight, and action designed to provide
Our process helps our clients zero in on
contact capabilities timed to optimize
the right combination of data, channel,
return.
and timing necessary to achieve real and
sustainable ROI.
Real Time at the Right Time | 3
Data: The Foundation of
Right Time Marketing
For decades marketers have been
company’s channel systems or digital
purchasing email and direct mail lists
marketing platforms at just the right time.
based on a variety of “check-the-box”
Data is Reactive
criteria - all single family households in a
In this in-the-moment marketplace, it’s
3 mile radius with $150k+ annual income,
not enough for marketing data providers
or all email addresses of attendees to a
to offer a stagnant list of applicable
conference. But this is no longer the only
contacts based on information from
option.
months prior to pulling the list. Data
With the constant influx of bigger and
solutions have become as reactive as
faster data, marketing data solutions
consumers with data insights constantly
have evolved from copy and paste
updated based on real-time consumer
characteristics to dynamic and
behaviors. Thanks to cutting edge data
multifaceted profiles that require input
technologies, marketing data providers
from a variety of constantly fluctuating
now have high-efficiency automated
sources. As consumers increasingly
systems to cleanse and append data
move to online channels for shopping,
files at almost the exact moment a client
researching, and socializing, traditional
begins shopping, changes locations,
offline ways of understasnding
modifies contact information, or alters
consumers are simply not enough.
their consumer profile in any way.
Data-as-a-Service (DaaS) solutions
integrate both offline and online data sets
Better, Faster
Verification Measures
to deliver right-time data at the moment
Aside from consumer profiles being
of opportunity. DaaS is a revolutionary
updated as characteristics change,
way of mining today’s massive data
methods of verifying the information
ecosystem to find just the right data
have also significantly improved. Because
elements and deliver these assets to a
there is such a large variety of sources
Real Time at the Right Time | 4
that intake customer information, these
data industry is that consumers can
datasets can be cross referenced to
now be targeted with deeper insights
ensure consistent accuracy among data
beyond location and demographics
sets. This can also help with appending
or firmographics. Data mining of
lists. For instance, in the figure below,
online consumer interactions and
database A has email and phone number
social signaling has forever altered
for Customer 1. Database B collects
the landscape of consumer insights.
online purchasing information on
Marketers now have access to not only
Customer 1 and has a physical address,
who the consumer is, but what they
but not an email or contact number. By
are thinking and what they will most
integrating these disparate data sets, the
likely do next. Collecting, analyzing and
client is given a comprehensive view of
distributing these insights in the right
the consumer in one data record.
amount of time, provides marketers an
Deeper Insights
unprecedented opportunity to enhance or
The most impressive progress that
interrupt consumer decision-making.
has taken place in the marketing
Data Append Solution
Database A
Email Address
Phone Number
Database B
Online Purchase Info
Physical Address
Comprehensive View of
Consumer on 1 Record
Real Time at the Right Time | 5
Target the Right Person
To maximize ROI, marketers must pinpoint and target consumers who are most apt
to convert. The right message sent through the right channel but to an undefined
audience will only waste acquisition dollars. Many brands continue to rely solely on
first-party data and superficially modeled prospect lists when deploying acquisition
campaigns. The concept of Right Time Marketing takes this a step further to combine
first-party data with rich third-party enhancement, behavioral data, and in-market
purchase signals for finely tuned audience identification.
DataMentors’ third-party data
enhancement, featuring the
Relevate family of data solutions.
The leading VIN on more than
A high-quality, permission-based
188 million cars, trucks and SUVs,
national file with over 198 million
including make/model/year, enhanced
unique email addresses.
with deep consumer demographics
and propensity models.
Includes data on new movers, a
A robust database of more than 280
rolling one year database of more
million listings, including cell phone,
than 25 million new movers and
wireless, cable and VoIP residential
new homeowners, enhanced with
listing with complete names and
consumer demographics.
current postal addresses.
Real Time at the Right Time | 6
First-Party Data
In-Market Purchase Signals
Internal data includes anything sitting in
Today’s always-on and connected
a data warehouse, CRM system, or other
consumer leaves a digital footprint
sources that have not been integrated
indicating in-market purchase signals. For
into your marketing database. Examples
example, advancements in technology
of internal data include customer service
have made it possible to match a
records, transactional data, credit card
consumer’s mobile ID to a piece of PII
purchases, or contact information
(Personal Identifiable Information). This
provider by the customer.
can be taken a step further and this data
Third-Party Data
can also be matched to social IDs and IP
Third-party is external data available for
addresses to determine search data.
purchase by data providers who source
By matching this offline and online
and aggregate the data into applicable
data, a marketer can establish rich
sets that can be applied to your first
consumer profiles and access real-
party databases. This data is integral to
time digital behavioral data indicating
deploying targeted marketing campaigns,
purchase intent. For instance, social
because it provides hundreds of detail
purchase signals created when
elements that no consumer would fill out
people post to social networks about
in a single form. With only a few first-
“Moving to Denver”, “Taking a family
party data elements, third-party data
vacation to Orlando”, or “Looking for
sets can be appended to correct and
recommendations on a new car.” Also,
fill in missing elements such as email
search data created when consumers
addresses, phone numbers, lifestyles,
researching new cars or furniture or
demographics, purchase indicators
browsing on e-commerce sites can be
and more to strengthen your customer
used as indicators of purchase intent.
insights.
Real Time at the Right Time | 7
Targeting at the Right
Moment and through the
Right Channel
The number one goal for marketers
to an Econsultancy1 survey, 40% of
is to reach the right consumers at the
consumers state it is very important to
moments they are most likely to be
be able to purchase from a brand via
influenced. In the past, this approach
different channels.
was very linear – consumers started
Multi-channel consumers must also be
with a set of brands in mind and would
targeted across channels, both offline
travel through the purchase journey,
and online. With the fluidity of data
systematically eliminating brands before
moving in and out of channel systems,
finally heading into a store or going online
marketers are more pressed than ever
to make a purchase. Today’s journey
to provide seamless messaging and
is much more complicated due to the
connected customer experiences at
explosion of more product choices and
the right moment and through multiple
an array of digital channels on which to
touchpoints.
search and shop.
With advancements in technology and
Consumers are multichannel media
analytics and the influx of new sources
users, traversing from channel to channel
of digital and mobile data, marketing
across multiple devices. According to
data solution providers have developed
research by Nielsen6, 46% of smartphone
innovative processes to match a
owners and 43% of tablet owners said
consumer’s offline and online identities.
they use their devices while watching
This linkage enables marketers to
TV every day. Twenty percent of those
track both offline and online consumer
consumers reported that they purchase
behaviors indicating purchase intent as
a product or service on their second
well as deploy targeted messages for
screen tablet or mobile device based on
multi-channel engagement.
the program they’re watching. According
Real Time at the Right Time | 8
Behavioral Insights
offers. This represents a huge window
According to a Google4 study, “Mobile
of opportunity for marketers to sway the
In-Store Research: How in-store shoppers
purchase decision directly leading up to
are using mobile devices,” 82% of
the moment of decision.
smartphone shoppers use mobile search
Knowing that shoppers can be swayed
to help make purchase decisions while in
up until the very moment of purchase,
the store. They comparison shop across
marketers must be extra diligent to
other sites, find where other products
interrupt or enhance the decision making
may be sold, or look for promotional
process while a shopper is in proximity.
EXAMPLES
1
Car dealers may deploy specialized offers via mobile messaging when
a shopper steps onto their lot. By matching mobile device IDs with geolocation data and consumer data hubs, a dealer can determine that a
potential shopper has just stepped on the lot, has been searching for a
mid-sized sedan, and is in positive equity on their current vehicle. A text
message can instantly be sent with a specialized discount to encourage
the shopper to purchase that day.
2
A local retailer may use targeted audience advertising across social and
mobile to reach consumers with discounted offers. A consumer clicks
on an ad and goes to the store site, does some browsing and adds a few
products in the shopping cart but doesn’t make the purchase. A few days
later, this consumer drives within a few miles of the store and receives
a text message with an offer for an instant discount if they stop by to
purchase their items. Taking this a step further, the consumer may not
have the time to stop in the store. The consumer’s online mobile and social
data can be enriched with offline insights and contact details for further
messaging through phone or direct mail.
Real Time at the Right Time | 9
3
The social insights of a consumer who is posting to Facebook about
moving to a different state and asking for recommendations for moving
companies can be captured and matched to offline data sets, including
demographic insight into the consumer and contact information such
as email addresses and phone numbers. In this example, it may not
make sense for a moving company to respond in real-time but to send
a targeted offer through email or direct mail offering discounts and
more detailed information about the company’s services and rates. In
addition to targeting through offline channels, Facebook ads can also
be purchased for retargeting in the online ad space.
Life Event Insights
events, data solution providers have
Marketing to consumers based on real-
become more sophisticated in how they
time behaviors as in the examples above
source these life defining moments. By
offers a wealth of previously untapped
matching offline and online identities,
opportunities for brands. A secondary
marketers can use more advanced
approach to marketing based on the
methods to seamlessly target consumers
right moment involves life or asset
across channels before the window of
change events. When consumers make
opportunity is lost.
important decisions or are in a state of
Take a look at some of the ways
change, these milestones tend to define
marketers use life event data to target
spending habits. Just as important, these
consumers at just the right moment
life events offer right-moment marketing
based on life-changing events.
opportunities. A newly married couple
Life Event: Moving
may be ready to furnish their new home.
Or a recent college graduate may be
in market for a new vehicle. Whatever
the circumstance, marketers can take
advantage by sending offers to coincide
with these moments.
Over 45 million people move each year in
the United States, and new movers are
5 times more likely to become long-term
customers of the vendors who reach
them first. Their annual expenditures
exceed $150 billion, and on average
While marketers have been marketing
spend $9,700 on items for their new
to consumers for years based on
home within the first 180 days. New
Real Time at the Right Time | 10
Homeowners also spend more within
And research by Experian shows that
the first six months than the average
consumers are 423% percent more likely
consumer spends in three years (see
to purchase a digital camera in the first
figure below).
six months of having a baby.
Life Event: Becoming Parents
A 2015 Report by Liberty Mutual
Life Event Targeting for
Insurance Industry
Insurance5 revealed some interesting
findings about what new parents plan to
Identifying consumers experiencing
purchase:
life and asset changes significantly
ƒƒ 61% of expecting parents were
planning to purchase a tablet,
increases the likelihood of consideration
of an insurance marketer’s message. In
laptop or other home electronics
the following example, Dave has been
ƒƒ 43% planned to purchase
furniture for the baby
previously marketed to before for term
ƒƒ 33% of potential parents were
planning a home renovation
child and is in the proper demographic
life insurance. He is married with one
ƒƒ 21% planned to buy high-end,
designer diaper bags or shoes for
the mom-to-be
segment for consumers who purchase
these products. The insurance carrier
sent several messages with no response.
Most Popular New Mover Purchases
79%
75%
73%
57%
55%
50%
Lawn Equipment &
Tools/Hardware
35% 33%
Bedding/Linens
Flooring
Home Decor
Appliances
Furniture
Clothes
Pet Supplies
Home Improvement
38%
Real Time at the Right Time | 11
However, once Dave purchased a new
based on life events. Consumers in a state
house and was in a state of change, he was
of change due to a life event feel as if they
immediately open to receiving a quote.
have “permission to buy.” Smart brands
While these are just a few examples,
know that by reaching out with relevant
numerous opportunities exist for marketers
messaging can create loyal customers for
life.
Dave Smith
28, Married with 1 Child
Young Achiever Segment
Insurance Provider
Contact History
Change
Data Insight
Q1 Direct Mail
New Single Family
Home Owner
Q2 Email
Timing:
7 Days Ago
Term Life- No Response
Term Life- No Response
Next Day
Contact Strategy
Dave included in
Facebook & Twitter
audience buy
Message
“When you have more to
protect, we can help you now.”
Receives same message via email.
Response
R
Viewed
Facebook
ad. Clicked
through
email and
completed
quote for
Term Life
coverage.
Real Time at the Right Time | 12
Seamless Data Insights
Through Real Time Web
Services
Successfully executing coordinated
a “contact us” form. Before reaching out
messaging across channels depends on
to the prospect, additional information
having the most accurate data available.
can be added to the record such as what
Consumers are constantly interacting
type of vehicle they currently drive, their
with your brand, which means that data
income, and their age. Or a marketer
is also constantly flowing in and out of
may have a list of hot prospects who
channel systems. Marketers must be able
have indicated they are ready to buy but
to react quickly as opportunities arise, so
the list only contains phone numbers
this data must be appended, cleansed
and their contact preference happens
and verified just as quickly. By utilizing
to be via email. A variety of scenarios
real-time web service applications, new
similar to these are constantly occurring,
pieces of consumer data can be cleaned,
representing opportunities to target
verified and appended for immediate use.
consumers at the right moment before
Enhancement
the opportunity is lost.
By accessing a third-party data system
Accessing this enhanced information
via an API, a marketer can
increases the value and the
instantly enhance
conversion rates of
consumer records
leads, eliminates the
with missing
information.
For example,
a prospect
may visit a
car dealership
website, and fill out
need to request
Functions of
a Real Time
Web Service
Aplication
this information
from customers
and prospects
which otherwise
would cause
many opportunities
Real Time at the Right Time | 13
to leak from the sales funnel, as well as
Verification
allows better call handling, lead routing,
Many organizations experience data
customer service, etc. (e.g. route Spanish
errors when information is manually
speaking callers to a Spanish speaking
entered, at a rate of 2% and 8%. A real-
rep or to a Spanish language landing
time data verification process verifies and
page).
corrects information provided through
Compliance
web forms, CRM or order entry systems.
Numerous consumer-protection laws and
If the wrong email address or phone is
regulations are in place, and marketers
captured when a lead is received, the
must ensure their data is in strict legal
opportunity is lost to follow-up with a
compliance or run the risk of racking
prospect.
up hefty fines. This includes honoring
Identification
consumer opt-out requests, adhering to
With only a phone number, email
Do Not Call (DNC) files, understanding
or mailing address, a real-time data
which phone numbers are wireless, and
identification service can identify
other regulations such as CAN-SPAM.
customer and provide complete contact
In the example of telephone numbers,
information in real time.
a real-time compliance service flags
Some common uses include:
inbound and outbound calls to determine
whether they are wireless numbers or on
the DNC list. Even though a consumer
may have provided a phone number, the
TCPA prohibits using automated dialers
to dial wireless numbers. Companies
using consumer data for immediate
telemarketing campaigns as they receive
inquiries must ensure they process
their data immediately preceding any
outbound auto dialing campaign to avoid
FCC fines or other actions.
ƒƒ Shortening of web forms to only
require a phone or email address.
The information is matched
against a database and other
data is automatically populated
(i.e. address, alternate phones,
emails, etc.).
ƒƒ Avoiding the wasted time of data
entry errors and poor customer
service required in asking the
customer or prospect to provide
a long list of information.
Real Time at the Right Time | 14
The Right Investment
The increased focus on data availability
role that should be limited to where the
and advancements in technology in
value of that messaging is greater than
recent years has created a growing
the cost of constructing process and
demand for marketing accountability.
technology to deliver it.
Today’s marketers must be able
For example, real-time messaging
to demonstrate clear ROI on the
associated with a cart-abandon
investments they make.
opportunity has been shown to have
As in any business investment, there is
substantial value. “Are you sure you
a cost to arraying this set of integrated
don’t want to buy this pair of Levi’s you
messaging capabilities against the
have ready in your cart?” Consolidating
best prospects you hope to acquire
the data needed to deliver that message
and customers you hope to grow.
and leveraging the messaging services
Considering righttime messaging
requires a mindful
look at the cost
components of that
messaging and the
expected return.
available make
When
marketing is
based on the
right data, the
average ROI is
Central to that
224%
this a generally
straightforward
exercise.
Data and the way it is
utilized is clearly the
backbone to driving
right time engagement
review is a need to
and acquisition. VB
clarify the value and
Insight7 surveyed over
difference between real-time and right-
3,000 marketers and looked at tools
time. Real-time messaging – delivering
used on over 3 million websites and
a marketing offer or service experience
found that when (the right) data informs
in less than seconds – has substantial
marketing strategies, the average return
value in acquiring and retaining
on investment (ROI) is an impressive
consumers. As well, though, it has a
224%. Even small improvements have the
Real Time at the Right Time | 15
potential to drive higher ROI. According
Savvy: The Rise of the New Marketing
to the research, if your business has a
Organization.” According to the report,
4-phase customer acquisition funnel, and
organizations that are “leaders” in data-
you improve each phase of the customer
driven marketing are three times more
acquisition funnel by as little as 5%, the
likely than laggards to say they have
overall improvement is 22% at the bottom
achieved competitive advantage in
of the funnel.
customer engagement/loyalty (74% vs.
These findings are further backed by
24%) and almost three times more likely
a report released by Forbes Insights
to have increased revenues (55% vs.
and Turn3, “Data Driven and Digitally
20%).
The Right Answer
In today’s age of the knowledge-driven consumer, companies
must be committed to truly knowing and understanding
their customers. By integrating the right data across multiple
channels to understand a consumer’s behaviors in the moment,
companies can find smarter ways to meet increasing customer
expectations. When targeted to the right person, through the right
channel, and at the right moment, every customer interaction
is an opportunity to strengthen customer loyalty, reduce churn,
and boost revenues. Right Time Marketing is truly a critical
differentiator in today’s competitive economy.
To learn more about how Right Time Marketing
can boost prospect acquisition, customer
growth and retention, and ultimately increase
your ROI, visit www.datamentors.com.
About DataMentors
DataMentors is the industry’s leading provider of Data-as-a-Service (DaaS) and Right
Time Marketing. Our comprehensive data solutions combine an integrated suite of data
products, marketing technologies, and analytics to deliver: The Right Person, at the Right
Moment, through the Right Channel. This makes us the Right Answer for clients seeking
to grow, acquire, and retain their most profitable customers with cross-channel marketing
strategies. We help companies leverage the modern data ecosystem and real-time data
analytics to create a customized “always on” dataset of consumers where purchase is
imminent. Recognized by Gartner for data quality for the past nine years, we provide the
most powerful marketing data and technology services in the industry.
Sources
1
2
3
4
5
6
7
Econsultancy, “The MultiChannel Retail Survey“
https://econsultancy.com/uk/reports/the-multichannel-retail-survey
Experian, Consumer Research
http://www.slideshare.net/onlinemarketingsummit/using-datadriven-decisions-to-enhance-crosschannel-marketing-experian-marketing
Forbes & Turn, “Data Driven and Digitally Savvy: The Rise of the New Marketing Organization”
http://www.forbes.com/forbesinsights/data_driven_and_digitally_savvy/
Google, “Mobile In-Store Research: How in-store shoppers are using mobile devices”
http://www.google.com/think/research-studies/mobile-in-store.html
Liberty Mutual, Insurance New Beginnings Report
http://www.libertymutual.com/newbeginnings
Nielsen, “Tablet or Smartphone Activities While Watching TV”
http://www.nielsen.com/us/en/insights/news/2013/action-figures--how-second-screens-are-transforming-tv-viewing.html
VB Insight, “Converstion optimization: how to win at performance marketing”
http://insight.venturebeat.com/report/conversion-optimization-how-win-performance-marketing
P u b l ished 2 01 6 | www. d at amentor s.com | inf o@dat amentor s.com