Emarketing Association Keynote March 2014
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BusinessOnline's CEO Thad Kahlow presented this deck as the eMarketing Association keynote address Tuesday, March 25th. #eM14 #eMA
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Emarketing Association Keynote March 2014
- 1. Winning with BIG DATA Drive Marketing ROI across all Channels & Campaigns @tkahlow @BOLoptimized
- 2. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Why Big Data? Why now? Pace of change… + Companies: Large and small… + Industries: Old & young + Customers: b2b, b2c, male or female, rich or poor… + Change, big change…
- 3. Greatest Company Asset… Customer Relationship Enterprise Value Paradigm
- 5. Age of the Customer “Empowered buyers, disruptive digital innovations…erase traditional competitive advantages…the next wave will come from deep customer knowledge, engagement tied to the buyer's timing, and actions based on an obsessive desire to deliver what your customers want before your nearest competitor does.”
- 6. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// I’m Thad Kahlow @Tkahlow + CEO BusinessOnline + 14 years Digital Marketing + B2B/B2C High Consideration- lead to sale + B2B Magazine Interactive Agency year + Top Agency: 3 Consecutive years… + Thrilled to be here today!
- 9. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// CEOs operate in a substantially more “volatile, uncertain and complex world” -IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide. CEO: New normal
- 10. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Re-Invent Customer Relationships: +Adopt new channels to engage & stay connected with customers. +Draw more insight from data…make customer intimacy priority #1 Solution CEO “CEOs believe #1 goal is to get closer to customer” -IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide.
- 11. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Deliver Value to Empower Customers +Digital revolution- forever changed balance of power between individual & institution Foster Lasting Connections +Cultivate meaningful relationships… throughout life cycle Capture Value, Measure Results +Justify financial results Solution CMO
- 12. Simplify please… Why Data? Why now?
- 13. Because… Customers have control & fundamentals have changed… Barriers to entry are minimal, competition can enter and win quickly… Customer Relationships become our largest asset Data is introduction, enabler & insight
- 14. Win with Data
- 15. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Programs that efficiently and effectively generate leads/conversions that turn into sales… Majority of marketers do not know which programs produce leads/conversions that turn into sales. The Primary Marketing Challenge yet
- 16. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Customer Journey Validated Score Attribute Personalize Close the Loop Close the Loop Attribute Success Drive Business Performance More Effective Sales Strategy Starts Data Framework
- 18. 18 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// SEO Digital Marketing Activities Align Customer Buying Journey EXPLORE EVALUATE PURCHASE EXPERIENCECBJ CUSTOMER CONTENT CONNECT + Video Infographic Blog/Text CFO VPM Nurture to sale Influence new Key Decision Makers CIO Social Marketing Automation Video Infographic Webinar Blog/Text VPM DMM Marketing Automation 1-1 Engagement & Nurturing Align TL to Differentiation Remarketing CRO Amplify Customer WOM Blog/Text DMM VPM Social Proof Persuasion Sharing Marketing Automation Social VideoVideo Infographic Webinar Blog/Text DMM Thought Leadership (TL) Builds Trust SEO PPC Paid Social Content Marketing Display Precision Advertising- Create Demand Create CONTENT to solve customers specific needs Understand the needs of your CUSTOMERS throughout the CBJ SEO PPC Display CONNECT your customers with that content
- 19. “Great marketers focus on people… their needs, behaviors, intentions, wants… Avoiding the shiny temptations of marketing solely to things – like devices, channels, technologies. Never been more critical… Staying focused on the people and motivations…marketers can catch an incredible wave of opportunity.”
- 20. Close the Loop Step 1
- 21. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Awareness Engagement Conversion SALE Awareness: PPC , SEO, Display, Social, Email… Usage Engagement: Bounce, Page Views, Visits, Frequency Content Engagement: Newsletters, Blogs, Videos, Webcasts, product pages Conversion: Request a quote, contact, dealer locator, initiated lead, completed lead, registration, #800 Measured in isolation: -Single Channel to Lead : CPL -Silo Engagement: Avg page views Common Approach to Measurement
- 22. 22 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Derive Deep Customer Insights Connected Marketing Technology Web Analytics Business Systems Channel Data Customer Intelligence + Customer Insights drive Business Performance: + Connect + collect data at the individual level, unearth customer insights + Performance attribution: channels, content, distributor, offer, etc… to a sale. + Cut what’s not working, reinvest in what is- improve ROI. + Grow scale, efficiency and effectiveness
- 23. “…companies are seeing an average 15-18% Lift in Revenue… As result of implementing closed-loop & Optimizing” - Tina Moffett, Attribution Analysts Forrester Research
- 25. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Type Approach Single Touch Assigns 100% credit to the last or first exposure First/Last Touch 100% Rules-Based Assigns credit to each interaction based on specific business rules Even Weights Custom Weights Time Decay Positioned Based DisplayE-Mail Search 33% 33% 33% Statistically Driven Assigns credit to each interaction based on a data driven model Regression Model Probabilistic Model “Validated Engagement Factors” DisplayE-Mail Search 27% 49% 24% Basic Advanced Primary Attribution Model Types
- 26. Validated Engagement Factors (Statistically modeled)
- 27. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// VEF “Historical review of past behavior… to improve future outcomes” Validated Engagement Factor 10 - 100’s Successful Outcomes Validated Engagement Model x =+ Data Collected & Connected
- 28. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Five Steps Validated Engagement Factors 3. Aggregate past (50+) clients- create statistically significant = validated Path to Success2. Determine path to success: what did prospects do before they became clients? 1. Close the Loop: Data house in order: web activity + marketing automation + CRM (sale) in Data Warehouse Closed Loop
- 29. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 4. Normalize Connected Data: + Time: Analyze engagement activity over time (12mos) + Normalize: Create a Normalized engagement score across all customers = 100 (mean) + Analyze for Statistically Relevant Insights: Lead engagement scores > 100 Score = + “demonstrating higher likelihood to buy” 5. Turn Insights into Business Opportunities + Content personalization + Remarket + Click to chat + Sales alerts/out reach Video Validated Engagement Factors Five Steps (Cont)
- 31. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Typically measured @ individual level -YET- + KNOW B2B has multiple influencers in buying journey + For Every known lead, we can have 10+ unknown visitors + Measure, analyze and optimize opportunities at the company level Attribution Video Company Attribution
- 32. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 7 vs. 173 = +24x More successful Example Individual vs. Company
- 33. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 0 200 400 600 800 1000 1200 1400 1600 1800 Month 1 Mo. 2 Mo. 3 Mo. 4 Mo. 5 Mo. 6 Analysts Marketing IT Team C-Level Engagement Score Most of these stakeholders were anonymous B2B Sales Funnel Stakeholders in Buying Process
- 34. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// General experience Personal experience Convert Increase sales SALE + Someone in your role + In your industry + At this stage of buying journey + Looking for to solve this specific problem + Has found this piece of information valuable + All based on past success events Personalize to role/need Amazon for B2B/ B2C High Consideration
- 36. 36 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// From Data Derive Business Insights + Identify insights from multiple data sources to clearly communicate performance at the channel, campaign, and content level + Let your team focus on business decisions instead of wading through low-level marketing analytics data + Focus on customer activities that sell and clearly demonstrate the impact of marketing to the bottom line
- 37. 37 ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// FROM: +Targeted Impressions: ~9M +CTR 1%–2.5% +CPC: Avg $1.20 +Qualified Visitors: 100ks +Lead Conversion: Avg ~7% +Cost Per Lead: $20 CPL Digital & Business Key Metrics Example A mature digital presence with Closed Loop Insights… To: +Lead to Sale: ~4% + Cost Per Sale: ~$600 cost/sale (p/unit) + $20M Sales/ $1M Cost +Marketing ROI: 2,000+%
- 38. /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// / Effectiveness Sales + Give sales the right information to close more business in less time + Sales alerts + Predict who will buy in the future + validated engagement scoring + Establishes predictable, efficient sales path that takes less time SALE ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
- 41. ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Thank You Data Education + Data Maturity Model + White Paper: Closed Loop Marketing Attribution + Webinar: Close the Sales & Marketing Loop @tkahlow thad.kahlow@businessol.com
- 42. @BOLoptimized
Notas do Editor
- Found myself frequently answering these questions on behalf of marketers I believe…
- Data becomes the “introduction, enabler & insight” into those relationships
- CUSTOMER RELATIONSHIPS = Greatest Company Asset. NOT Product- obsolete NOT IP- intellectually less valuable NOT Brands... irrelevant
- “Empowered buyers, disruptive digital innovations…erase traditional competitive advantages…the next wave will come from deep customer knowledge, engagement tied to the buyer's timing, and actions based on an obsessive desire to deliver what your customers want before your nearest competitor does.”
- GM, +100 years 1999 largest market cap US > $50B & stock @$100 < 10 years… bankruptcy
- < 7 YEARS MARKET CAP > $80B 2x+ Market cap of GM in less than ONE decade…
- From push to pull Marketing From Brand First to Customer First Where… customers have control…
- Needs help First: close the loop then derive insights from the customer journey Second: attribute what worked what didn’t, use that to score channels, behaviors and conversions Last- drive improved business outcomes- personalize the customer experience and create more effective and efficient sales team/process Not sure how the stop light is telling the sales effectiveness story?
- Empathetic approach- what customers need each phase of the journey- their mindset Multiple Roles- 2-10 Not Linear- frenetic & frenzied Alignment- marketing strategies and tactics to customer needs… align sales to provide value at the right time.
- “Great marketers focus on people… their needs, behaviors, intentions, wants… Avoiding the shiny temptations of marketing solely to things – like devices, channels, technologies. Never been more critical… Staying focused on the people and motivations…marketers can catch an incredible wave of opportunity.”
- Need to clean a bit- showing measurement from channel to lead (blue arrow)
- “B2B companies are seeing an average 15-18% Lift in Revenue… Result of implementing a closed-loop & optimizing…”
- According to Tina Moffett, Forrester Research’s lead analyst on Attribution Analytics, B2B companies are seeing an average of 15-18% lift in revenue as a result of implementing a closed-loop attribution system and then optimizing Marketing programs based on the more sophisticated Rules-based approaches. Attribution based on rules — including even-weighted, position based, and time-decay models — allows marketers to assign fractional values to each marketing contact based on predetermined rules (see Figure 2).3 Marketers and their vendors can also create custom weights based on their own analysis and the assumptions of their business and industry. The downside to a rules-based approach? Marketers often view it as an arbitrary way to assign values to each marketing touchpoint, leading some to see it as no better than first-touch/last-touch attribution. Advanced statistical approaches. Advanced attribution approaches leverage statistical or probabilistic models that produce and assign appropriate values to each interaction (see Figure 3). The model is based on past customer interaction behavior data, which drives the appropriate weights for each interaction. Most attribution vendors employ this approach, which typically provides the most accurate picture of the customer journey. The only drawback is that marketers believe they need to be experts to understand this approach and understand how effective their marketing really is. As one marketer put it, “Often, it’s like putting my data into a black box and not understanding the magic formula that generates the results that come out.”
- Traditionally marketers look at the reach and connections and calculate their conversion rates based on those 2 metrics. However, there are a lot more metrics that can indicate higher engagement such as usage and content consumed and should be looked at holistically at the individual level or company level to accurately gauge engagement
- Individuals or companies with the highest Engagement Factor are the most likely to become buyers.
- Individuals or companies with the highest Engagement Factor are the most likely to become buyers.
- Needs a little help
- B2B sales cycle: Many prospects from a single company research yet in different BUs, or departments
- Provides a detailed understanding of customer behavior and experiential trends
- Provides a detailed understanding of customer behavior and experiential trends
- Company level
- Provides a detailed understanding of customer behavior and experiential trends