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Marketing Challenges: Data

One of the most important areas for any marketer to get right is data!

Data is a fundamental tool and content driver. Data is the fuel that powers any contextual marketing engine and is like a premium gasoline when it comes to email. Yet, our report reveals 40% of respondents say they are at migraine level ‘struggling with multiple data sources’.

41% of respondents also experienced migraine level pain trying to track customers on different channels and devices. Some cannot even identify when a customer has made a purchase, let alone anything more sophisticated.

This Slideshare uncovers where and why marketers struggle with data and the best ways to overcome the most common data challenges.

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Marketing Challenges: Data

  1. 1. SMART FOCUS m i n g THE MESSAGE CLOUD Marketing Challenges Part 1: Data In association with:
  2. 2. . .0 . . . Data - a marketing pain point .0 ° . O . O O - Data is a fundamental tool ‘.0 . . . .. and content driver. 0 . Q . Q . O. ..O - Data is the fuel that powers any contextual marketing engine and is like a premium gasoline when it comes to email. - Despite having so much data, marketers find the process of making information useful and actionable considerably problematic.
  3. 3. The data rush has led to many marketers having more sources of data than they can process of respondents are at migraine level i s l it A is A A struggling with A « multiple data sources
  4. 4. The data jigsaw puzzle If your data is anything more than one second old, your marketing is not contextual and could even damage your brand “The aim of marketing is to know and understand the customer so well the product or service fits them and sells itself’. ’ Peter Drucker
  5. 5. What is the single challenge which causes you the most pain in your job as a marketer? {I "Data-overload and where to start. Customer data is stored in too many places and is poor quality. ’’ "Disparate systems and data make it hard or impossible to personalise campaigns and gather, test and analyse customer data. ” “Connecting all the activity and data across multiple channels and departments, and unifying them for monitoring measurement, evaluation and future ’ J marketing activity. ”
  6. 6. The remedy — get your marketing data house in order Step 1: Create a marketing data inventory Data empowers marketers to identify exactly what customers want at the right moment. Create an inventory of all your data that contributes to a customers’ identity, behavior and activity profile. Pull into one system and rank each source.
  7. 7. Be sure to keep a 6-12 month horizon view of what customer and marketing data is coming online. This should result in a table that looks something like below: Data History Customer Source Effort Business Source Available lD Key System Access Value Email activity 6 months Email address Email marketing High Medium Browsing history 6 months internal ID Google analytics Low Medium Customer demo 2 years Street address CRM High High In—store browsing - Pilot Email address Loyalty app Low High sensor/ virtual beacon Social sentiment 1 year Email address Social listening Medium High platform Purchase history 3 years Email address Ecommerce Medium High platform
  8. 8. Step 2: Audience targeting (segmentation) Frequent questions raised by marketers and analysts 1) How should we be segmenting your customer base? 2) How many segments can we effectively market to? 3) How can we leverage historical behavior and purchase data?
  9. 9. Invest in customer analytics: A good foundation in customer discovery and segmentation capabilities helps improve every follow-on or downstream application investment. Keep a scorecard that measures key performance metrics per segment. Here's an example: Custorrier Current K Target Current ‘ T. ;1r'L_'iet Current 1 Target Segment Members l~1<: 'mber's »1l. -‘r: -rage Average l-'ru; -u: iu<: *ncy Frcqu-Jncy <f)r'dei‘ V. l|ue Order‘ Value Loyals 35,000 37,000 $55 $57 0.86 1.00 $l9.866,000 $25,308,000 Brand New 15,000 18,000 $25 $27 0.3 0.35 $1,350,000 $2,041.200 Occasionals 10,000 12,000 $18 $20 0.2 0.25 $432,000 $720,000 Note that you don't need to have a very big percentage improvement in any of the metrics to see positive results. Usually a 1-2% improvement in any of the metrics will result in measureable bottom line movement.
  10. 10. Step 3: Marketing attribution Understand what marketing channels work better than others for each customer segment I I Help us spend more on what works and less on what doesn’t ” Attribute each transaction to marketing events that preceeded that transaction. e. g. ‘Last click’ or ‘First click’ A flexible model will allow you to look at attribution by customer segments
  11. 11. An example of an attribution analysis by segment: Attributed Sales by Marketing Channel $15k $10k 55k . u.I . —I. Email Display Paid Search Organic I Attribution Report 25-34 I Attribution Report 35-44 _ Attribution Report 45-54
  12. 12. Step 4: Predictive marketing Availability of rich data sources & options for off-the-shelf applications has lowered the cost of deploying predictive modeling systems. Prospensity to Purchase Gives the marketer power to select customers who are likely to purchase from a certain department within a certain timeframe . ..Optimizing marketing spend.
  13. 13. A group of people who have a purchase . E2 rig 0 '2. ‘ ~: "’1"’i’Tt- 0 propensity score of between A) and 0 results in much more targeted and effective marketing budget allocations. Iv-*: —,. . , -1- #3 _IV 1 l _ Propensity to C- ‘ purchase application . / Allows the marketer to select a group of people who have a purchase 4’) A is / A . propensity score of l between 50-80%. This results in a more targeted and effective marketing budget allocation
  14. 14. The future of data is contextual Contextualization appeals to the unique tastes, behaviors, and values of each individual customer. This ultra-targeted messaging; — Captures people’s attention - Improves customer-business relationships - Increases long-term loyalty and engagement.
  15. 15. Remember. .. If the data you are using is anything more than one second old your marketing is NOT contextual and could even be damaging your brand.
  16. 16. Having data issues? Speak with one of our friendly consultants today to discover how data intelligence can transform your business Get in contact here SMART FWCUS THE MESSAGE CLOUD