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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. Ena bli ng cs y ti l a o chn Te An a ing Data Solu t e ti o rk ns M 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 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 43% planned to purchase furniture for the baby previously marketed to before for term 33% of potential parents were planning a home renovation child and is in the proper demographic life insurance. He is married with one 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. 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.). 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