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#RampUp17: Lessons From Marketing Leaders

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Speaker:
Laura Beaudin, Partner - Bain and Co

Veröffentlicht in: Marketing
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#RampUp17: Lessons From Marketing Leaders

  1. 1. DIGITAL MARKETING: Lessons from marketing leaders Laura Beaudin
  2. 2. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 2CHI 170302-111-R1T-79274-Ram ... F 16_9 VISION / STRATEGY ALIGNED WITH THE BUSINESS MEASUREMENT – REACH & IMPACT, DATA, ANALYTICS, TECH AND TOOLS OPERATING MODEL – TALENT, TEAMING, DECISION RIGHTS CLEAR BRAND AND VALUE PROPOSITION CULTURE OF EXPERIMENTATION / TEST & LEARN Our POV: The fundamentals of marketing haven’t actually changed… Customer insights and priorities “WHO” Channels and conversations “WHERE” Content and contact strategy “WHAT” AND “WHEN” Reach and impact goals “WHY”
  3. 3. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 3CHI 170302-111-R1T-79274-Ram ... F 16_9 …but the way in which marketing works couldn’t be more different FROM TO Real-time “newsroom” model Rapid-fire, autonomous decision- making Continuous experimentation culture 1:1 conversations Long lead-times Collaborative decisions “Big bet” culture Mass-market campaigns Pay for performancePay for exposure 3 seconds30 seconds
  4. 4. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 4CHI 170302-111-R1T-79274-Ram ... F 16_9 In this “brave new world”, we have identified what marketing leaders do differently Market share >10%>15% Revenue # Respondents Laggards Leaders AND IDENTIFIED LEADERS BY INCREASED REVENUE AND SHARE WE SURVEYED 487 COMPANIES ACROSS INDUSTRY VERTICALS…
  5. 5. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 5CHI 170302-111-R1T-79274-Ram ... F 16_9 What leaders do is striking Put customer first 1 Test and learn and test again 43 Work smart, fast and together 5 Embrace mobile 2 Own digital destiny
  6. 6. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 6CHI 170302-111-R1T-79274-Ram ... F 16_9 Lesson 1: Put customer first • Invest in customer insights • Align marketing strategies to customer priorities • Build journey maps • Use predictive modeling to inform targeting • Invest in priority customers 1 Put customer first more likely to align their marketing strategy with customer priorities more likely to have talent focused on customer feedback and journey maps 2.8x 3.6x LEADERS ARE…
  7. 7. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 7CHI 170302-111-R1T-79274-Ram ... F 16_9 Leaders are 1.5X more likely to map out the customer end-to-end experience Bank Co CUSTOMER EPISODE REDESIGN RESULTSAPPROACH $30M savings 20% increase in NPS This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 47BOS 160719-TPG Digital PoV vSHARED Existing analytics and customer feedback were used to prioritize journeys with high frequency and impact Frequencyofuse Emotional importance Viewing balance (dashboard) Viewing activity Download statements Online bill pay This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 50BOS 160719-TPG Digital PoV vSHARED Each priority episode redesigned to increase customer delight and infuse digital capabilities Across the journey portfolio – led by executive team Catalogue journeys and understand how each impacts NPS Prioritize investments across journeys Determine “must win battles” – where to differentiate or close gaps 1 2 3 PORTFOLIO OF CUSTOMER JOURNEYS PRIORITY PRIORITY PRIORITY PRIORITY Within a prioritized journey – led by a dedicated “Journey Owner” Customers Employees Profit/ cost Reimagine journey and drive fast-cycle, customer led iteration Drive to outcomes through “metrics that matter”  journey analytics (cross-channel)  Operational metrics  journey NPS  Etc. Balance competing priorities
  8. 8. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 8CHI 170302-111-R1T-79274-Ram ... F 16_9 Lesson 2: Embrace mobile • Use “math” and “magic” to create compelling mobile campaigns • Grow mobile spend in line with customer time spent • Tie measurement to online and offline sales • Integrate mobile into omnichannel strategy 2 Embrace mobile Leaders are 2.5x More likely to prioritize mobile today …and they spend 2x less on print and promotional ads
  9. 9. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 9CHI 170302-111-R1T-79274-Ram ... F 16_9 Mobile can deliver the right message to the right customer at the right moment Casual Dining Co. MOBILE TARGETING TO DRIVE VISITS Majority of web traffic from mobile Most web visits are pre-dinner More likely to visit if nearby TARGETED OFFERS RESULTSCUSTOMER INSIGHTS 31% higher likelihood to visit a restaurant on the day an ad was seen Roll out ad during dinner decision- making timeframe Target customers within a 10 mile radius of a restaurant
  10. 10. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 10CHI 170302-111-R1T-79274-Ram ... F 16_9 Lesson 3: Own your digital destiny • Hire and train digital experts within marketing org • Invest in tools and tech to fully unleash talent • Quickly integrate new tools • Employ digital prototypes, design and learning “hubs” 3 Own digital destiny 2.7x more likely to hire the right talent with digital expertise 3.0x more likely to use programmatic tools to optimize performance 2.4x more likely to use new platforms and tools
  11. 11. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 11CHI 170302-111-R1T-79274-Ram ... F 16_9 Lesson 4: Test and learn and test again •Create culture of continuous improvement •Use a suite of metrics, including CLV and ROI •Use optimization technology •Maintain budget for testing 4 2.7X more likely to use test and learn to optimize campaigns Test and learn and test again Leaders are… The test and learn cycle covers from objectives to design to roll-out: Decide test objectives & attributes Solicit input Execute test Validate results vs. expectations Report on insights Roll out winning designs Design test & controls Test & Learn virtuous cycle
  12. 12. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 12CHI 170302-111-R1T-79274-Ram ... F 16_9 To create culture of test & learn, leaders embed analytics talent in org… Source: Bain Marketing Survey (N=487, Leaders n=75 and Laggards n=34) 20% OF LAGGARDS DON’T EMPLOY ANALYTICS TALENT OR KEEP IT OUTSIDE OF MARKETING 64% OF LEADERS EMBED THEIR ANALYTICS TALENT WITHIN MARKETING LEADERS ARE 2.5X MORE LIKELY TO HAVE THE RIGHT TALENT FOR MARKETING ANALYTICS AND TESTING LEADERS PLAN TO INSOURCE MARKETING ANALYTICS TALENT MORE OVER NEXT 3 YRS; LAGGARDS PLAN TO OUTSOURCE
  13. 13. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 13CHI 170302-111-R1T-79274-Ram ... F 16_9 Source: Bain Marketing Survey (N=487, Leaders n=75 and Laggards n=34) …and use a suite of short and long-term metrics to measure results What metrics does your company use to determine how effective your company's marketing is? LEADERS LAGGARDS ROI CTR CAC CLV
  14. 14. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 14CHI 170302-111-R1T-79274-Ram ... F 16_9 Cable Co increased customer engagement and sales online by targeting & testing messages, offers, design • Campaign click-through rates >5x greater than historicals • 30-40% sales conversion improvement • Generated $600M incremental revenue from tests • Trained client team to develop Test & Learn Center of Excellence Cable Co Half of Cable Co customers visited website, but vast majority transacted in other channels Cable Co did not have a thorough understanding of customer online behaviors, needs or preferences Analyzed online & offline behaviors, experiences and demographics Leveraged Test & Learn to identify best messages, offers, merchandising, site design, etc. to drive online engagement and purchasing Developed actionable targeting strategy by identifying customer behaviors that are strongly correlated with upgrading online
  15. 15. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 15CHI 170302-111-R1T-79274-Ram ... F 16_9 Lesson 5: Work smart, fast, and together • Clearly define roles and decision-makers • Empower employees to make decisions • Streamline approvals • Work across functions in agile sprints • Communicate often inside & outside marketing 5 Work smart, fast and together Employees empowered to make decisions Budgets have built-in flexibility to adjust to changes Disciplined decision processes in place (3.3X) (2.5X) (1.9X) Leaders are 2.5X more likely to have the right talent in the right place and… In MarketingIn another function InsourcedOutsourced Core Capability Talent placement Talentmodel
  16. 16. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 16CHI 170302-111-R1T-79274-Ram ... F 16_9 Putting it all together – Leadership Marketing playbook Put customer first 1 Test and learn and test again 43 Work smart, fast and together 5 Embrace mobile 2 Own digital destiny • Invest in customer insights • Align marketing strategies to customer priorities • Build journey maps • Use predictive modeling to inform targeting • Invest in priority customers • Use “math” and “magic” to create compelling mobile campaigns • Grow mobile spend in line with customer time spent • Tie measurement to online and offline sales • Create culture of continuous improvement • Use a suite of metrics, including CLV to measure marketing results • Use optimization technology • Maintain budget for testing • Hire and train digital experts within marketing org • Invest in tools and tech to fully unleash talent • Quickly integrate new tools • Employ digital prototypes, design and learning “hubs” • Clearly define roles and decision-makers • Empower employees to make decisions • Streamline approvals • Work across functions in agile sprints • Communicate often inside & outside marketing
  17. 17. This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent 17CHI 170302-111-R1T-79274-Ram ... F 16_9 How you might get started… Assemble cross- functional, agile team Capture learnings and repeat • Marketing Analytics, Digital, Creative, etc. • New member contact strategy (vs. one-size fits all) • Dynamic paths based on demos, first product purchased, interests, needs • Email • Digital display (program- matic) • Mobile app • Online conversion • Cross-sell • NPS • “Champion” strategies • Data gaps • Capabilities needed • Etc. Measure impact and optimize Engage through digital channels Leveraging data assets, develop personalized contact paths Align on customer target & hypothesis for growth Define hypothesis to test Agree to take action and start the journey Begin here Go deep in areas of opportunity

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