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Metrics that Matter: The 360-Degree Customer

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presentation from Cassie Lancellotti-Young at NY Internet Week 2013

Veröffentlicht in: Business, Technologie
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Metrics that Matter: The 360-Degree Customer

  1. 1. Cassie Lancellotti-Young VP Client Analytics, Sailthru May 2013 @dukecass Metrics that Matter: The 360-Degree Customer Transcending Data Silos for Holistic Marketing
  2. 2. About Me: The “Reader‟s Digest” Version media/tech banker at Citigroup acquisition and subscription analytics at TheLadders independent analytics consultant while MBA‟ing marketing and analytics at Savored (exited to Groupon) intrapreneurship at Gerson Lehrman Group (GLG) 2013 2005 client optimization/analytics at Sailthru
  3. 3. to get metrics, we need data …and that data has become big
  4. 4. big data proliferation: the good, the bad and the ugly
  5. 5. the good: data is everywhere CUSTOMER mobile CRM website emailPOS support social
  6. 6. more of the good: meet the “always addressable” customer
  7. 7. the bad: with big data come big silos
  8. 8. the ugly: the ignorant marketer “Cassie, check out our updated mobile app”  Cassie‟s account is already linked to an iPhone app  No options to upgrade AMEX app in App Store, so Cassie likely already has this version
  9. 9. 39% of marketers can‟t turn data into action Stat Source: Columbia Business School: “Marketing ROI in the Era of Big Data,” 2012. Image Source: Dilbert, 29 July 2012.
  10. 10. 360-degree marketing = “big data alchemy” Image Source: Cambridge in Colour, 2013.
  11. 11. how to become an alchemist?
  12. 12. the API economy is key
  13. 13. API aggregation example: SumAll
  14. 14. API aggregation example: GoodData
  15. 15. and of course, there are tools to let you try this at home
  16. 16. this is precisely what sailthru‟s “smart data” is all about
  17. 17. …but hacks can work, too (e.g. bringing user level into GA)
  18. 18. as can clunky “scrappy” excel files!
  19. 19. thought this talk was about metrics? well, here we go.
  20. 20. give yourself a sanity check! (b2b vs. b2c, price point, etc.)
  21. 21. measurement happens via 3 lenses  user level – what are users doing?  product/transaction level – when is site conversion highest? which products yield the strongest repeat rates?  relationships/ratios – how do certain experiences impact user behaviors (e.g. first purchase type vs. NPS)?
  22. 22. cohort analysis vs. vanity metrics
  23. 23. always have a pulse on what happens on downstream Source: Monetate
  24. 24. just say no to “elevator” analysis understand the why?  product/marketing: deliberate changes to messaging, site, etc.  business ecosystem: i.e. inventory issues, technical problems  “macro” factors: i.e. industry trends, economic climate, press
  25. 25. relationship analytics, you say?
  26. 26. live chat usage vs. conversion TheLadders saw a fairly immediate 13% increase in premium conversion for a test group that live-chatted with a representative.
  27. 27. feedback vs. subsequent use cases Some Savored restaurants were absolutely horrid for driving repeat usage.
  28. 28. account management vs. spend Does more time spent on account management yield upsells? Higher contract value? Does it reduce churn?
  29. 29. tying together online/offline behaviors Customers who try the brand offline will oftentimes have higher AOVs (average order value) online downstream.
  30. 30. “magic” numbers define tipping point for engagement Facebook considers a user to be “engaged” if s/he gets 7 friends within 10 days of signup.
  31. 31. understanding relationships is as easy as 0,1 (0=no, 1=yes)  Data science/predictive models are most ideal, but you can get started (directionally) on your own with simple binomial regressions.  e.g. Savored regressed restaurant churn propensity against reservations in first 30 days.
  32. 32. McClure‟s Startup Metrics for Pirates Acquisition Activation Retention Referral Revenue link to pre
  33. 33. Acquisition Where do we get new users and how much does it cost us to get them?
  34. 34. key to acquisition is understanding scale/efficiency trade-off
  35. 35. efficiency is a function of spend, creative, multiple conversions
  36. 36. (understand what‟s causing these gaps)
  37. 37. resulting in two CPAs: CPAR + CPAC …and efficiency is really about the latter  CPAR: cost per registrant (or CPL/lead) $100 spend / 20 signups = $5 CPAR  CPAC: cost per customer (or engaged user) 20 signups >> 1 buyer = $100 CPAC
  38. 38. can‟t predict the future? enter the “intake curve”
  39. 39. use the intake curve to predict CPAC >
  40. 40. what kind of conversion are you trying to drive?
  41. 41. use downstream metrics to inform/optimize your acquisition strategy Image Source: Kaushik.net
  42. 42. that said, the tighter the tracking, the better
  43. 43. Activation Do users do as we ask them to do? If so, how quickly do they do it?
  44. 44. define what actually qualifies as “USAGE”
  45. 45. so your customers don‟t pay you? not a problem…  Develop proxies for revenue – a post, a Tweet – but make sure those proxies are truly valuable behaviors.  For advertising-driven businesses, still think about key value – i.e. PV/user yields $X in ad revenue?
  46. 46. know if you‟re dealing with a “bow-tie” marketplace…
  47. 47. what„s a marketplace? it„s about balancing supply and demand
  48. 48. health of the marketplace ecosystem has a material impact on the metrics
  49. 49. is restricted access precluding eventual activation?
  50. 50. important to have realistic expectations for customer behavior Image Source: Max Woolf
  51. 51. …don„t jump the gun! Image Source: Max Woolf
  52. 52. when you can‟t activate via email, leverage other channels!
  53. 53. even picking up the phone works (for both b2b and b2c!) Image Source: SalesNexus
  54. 54. please, just be careful with discounts! Cost of First Month Month 1 Renewal Rate $40 (full price) 70% $36 70% $32 65% $28 55% ∙ ∙ ∙ ∙ ∙ ∙ $0 (free trial) 40%
  55. 55. (random aside) use your customers to get ideas
  56. 56. Retention How do we keep users engaged with our product/content over time?
  57. 57. the democratization of 1:1; mass messaging no longer cuts it
  58. 58. case study: seamless.com and movable ink‟s device targeter Source: Movable Ink
  59. 59. case study: scoutmob app win-back email
  60. 60. old school segmentation has evolved (because customers aren‟t segments) MANY PEOPLE Recency Frequency Monetary Value “80% of your revenue comes from 20% of your customers” CASSIE‟S MODEL Behavioral Usage Situational “what else do we know about that 20% segment?”
  61. 61. quickly, some easy retention tactics (email-centric)
  62. 62. “win-backs” for good customers who are MIA
  63. 63. recommendations (measure by CTR, engagement and lift)
  64. 64. inventory updates (how many disengaged can you recapture?)
  65. 65. urgency will always move product
  66. 66. page or user flow abandonment
  67. 67. leveraging outside APIs for social proof
  68. 68. promotion (but be strategic about it)
  69. 69. big data vs. big brother “your friend Amanda dined at Zengo with Savored” Disengaged Segment 10% open rate 15% CTR Dormant Segment 30% open rate 10% CTR
  70. 70. email measurement
  71. 71. open rates are dead. metrics such as RPM, PVM define success
  72. 72. understand how email impacts on site/in app behavior
  73. 73. again, the right metrics are often more of an art than a science Twitter‟s success metric for this email is likely something like “incremental follows”
  74. 74. make it easy: which ONE thing do you want the user to do? ?!?!?!?
  75. 75. this is pretty straightforward (probably optimized for day1 buyers?)
  76. 76. don„t forget about creative optimization Savored – increase from 4-15 restaurants per email increased RPM by over 300%
  77. 77. even creative is about relationships! component CTR vs. revenue
  78. 78. product retention
  79. 79. watch conversion closely
  80. 80. data-driven product optimization (GA click map) Source: Kaushik.net
  81. 81. Referral (and “Social,” “Viral,” etc.) sharing = traffic = $$$
  82. 82. understand which types of content produce highest sharing lift Source: AddThis
  83. 83. make it easy for people to invite others (and incentivize them to do so)
  84. 84. Revenue How do we make money (and lots of it)?
  85. 85. everything we‟ve already said, plus one more thing…
  86. 86. understand which factors underpin revenue propensity Source: betashop, 16 March 2011.
  87. 87. …and then drive behavior in those directions
  88. 88. to summarize? the 360-degree customer is nothing without situational understanding (relationships!)
  89. 89. questions? cyoung@sailthru.com