Acxiom Interactive Marketing Summit 2011- Real-World Perspectives on Real Time Decisioning
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Acxiom Interactive Marketing Summit 2011- Real-World Perspectives on Real Time Decisioning Scott DeAngelo, Marketing Strategy Practice Leader Acxiom Global Consulting Group
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Acxiom Interactive Marketing Summit 2011- Real-World Perspectives on Real Time Decisioning
- 1. Twitter #A i S T itt : #AcxiomSummit it Acxiom Interactive Marketing Summit 2011 April 4, 2011 San Francisco, California www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ facebook linkedin twitter youtube © 2011 Acxiom Corporation. All Rights Reserved.
- 2. Twitter #A i S T itt : #AcxiomSummit it Real-World Perspectives on Real-Time Decisioning Scott DeAngelo Marketing Strategy Practice Leader g gy Acxiom Global Consulting Group www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ www.acxiom.com/ www acxiom com/ facebook linkedin twitter youtube © 2011 Acxiom Corporation. All Rights Reserved.
- 3. The Story of a Casino “Customer”… …and Unrealized Customer Value and 3
- 4. Maximizing Value (vs. Only Minimizing Loss) Across the Customer Lifecycle Customer Value But it remains a challenge to… > Quantify untapped upside Quantify untapped upside r > Indentify events / MOTs > Understand their signals > Act quickly on those signals Most have become good at… > Quantifying potential loss > Setting investment levels > Identifying loss triggers > Acting to save / win back Time
- 5. A Common Customer Experience: Offers Delivered via Batch or “Real-time Push” Real-time Push Channel serves up recommendations that Targeted offer recommendations often based on Success of interaction now depends on non‐ Real‐time decisions need to be made based on …but the most critical information – that which are based completely on historical data… personalized factors…customer is “flying solo” a broad segment, rather than an individual historical data and new information …but no is provided at the immediate point of contact – access to knowledge held within batch systems is not factored into recommendations
- 6. Revenue Lost and Costs Incurred When Customers Don t Find What They Need Don’t Financial Impact to Average Retailer > Revenue Lost due to “Site Failure” Revenue Lost due to “Site Failure” = $31 million $31 million > Avoidable Servicing Costs Incurred = $23 million > Total “Cost” = $54 million > Plus Opportunity Cost = $?? million Source: Forrester
- 7. An Interactive Customer Experience: Offers Delivered Based on Real-time Interaction Maybe Query about Answer query q y later my billYes please! Proposition C Proposition B Proposition A 7
- 8. Key Ways of Putting Decisions Into Play Customer Enterprise- Customer- Relationship- initiated i iti t d triggered ti d driven di “Intrusive” “Reactive” “Interactive” Enterprise Batch Real‐ Real‐time Real‐ Real‐time Scores Scores Decisions Decision Rules Scoring Models Pre‐ Pre‐interaction Data In‐ In‐session Data Source: Gartner
- 9. Maximizing Value with Real-time Decision- making (Not Just Real-time Offer Delivery) 10X Customer Value r 5X Offers Offers Offers Driven by Time Delivered in Delivered in Decisions Made Batch Real‐time in Real‐time Source: Gartner
- 10. “The more contact I have with humans, the more I learn. humans the more I learn ” ‐ The Terminator 10
- 11. Fundamental Considerations for Evaluating and Implementing Real-time Decisioning What is the current state of our What is the current state of our customer experience… …and its impact on our relationships with customers? relationships with customers? What should be done next to How can real‐time enhance that experience… decisioning help …in order to nurture broader us deliver the desired and deeper relationships? customer experience? 11
- 12. Identifying and Addressing Key Events Across the Customer Lifecycle Lifecycle… Example Key Events > Behaviors Custom Value – Purchase – Register mer – Subscribe > Life Events – Marriage – Children – Job Change > Seasonal Events Time
- 13. …by Receiving and Sending Signals that Influence Customer Behavior Example Signals > Search terms Custom Value > Referring URL > Click stream mer > Preference update > Tweet/blogging > Display click thru > Ratings / reviews > Login recency > Website idling Time
- 14. …by Receiving and Sending Signals that Influence Customer Behavior Real‐time Real‐time Decisions Custom Value Events mer Signals Actions Time
- 15. Here’s an Example from Insurance for Linking Events Signals and Actions Events, Franny’s Experience Time Seduceable Moment Channel Brand(s) 6am Wake up to my alarm radio playing a GEICO ad. Go out to my mailbox and find my State Farm renewal bill as well as a couple other insurance offers from Nationwide 6:30am 6 30 and Allstate. Looks like State Farm increased my rate quite a bit. Can’t afford to pay that high of rates. Time to shop! Turn on the TV to watch the morning news and I see a 7am Progressive commercial. I click through on my Interactive TV to get a quote. Progressive’s timing couldn’t be better. 7:30am Start searching online for a cheaper quote. 8am Franny’s Experience Ask my friends on Facebook for recommendations on companies that offer cheap auto insurance. Time Seduceable Moment Channel Brand(s) Review sites and ratings of companies that my Facebook 9am friends recommended. While reading a news article, an ad for Insurance Co. pops 12pm up on my screen. I begin filling out their application, but get called away. Later that day as I am searching online for something else, I 2pm see a display ad for Insurance Co. I realize I never finished my quote. I click on the link and submit. After I get my quote from Insurance Co., I get on the phone 2:30pm with a customer service agent. A local agent, Jason Roberts, sends me an email, suggesting 3pm that I come down to his office for an in-person meeting. SOLD! Jason was able to help me save hundreds by 5pm bundling my auto, home and boat policies. g y p I submit my down-payment to Insurance Co. via a mobile bill 7pm payment website. I am so excited about my savings with Insurance Co. that I 10pm recommend them to my friends via social networks. Map the events, to signals plan potential link and actions 15
- 16. The Game is Still the Same… …It Just Gets So Much Faster 16
- 17. Fundamentals of Making Good Decisions >H i Having a Single, Complete Customer View Si l C l C Vi > Building Propensity Scoring Models > Determining Customer Eligibility > Optimizing Offer Selection > Incorporating “Context‐aware” Data p g > Incorporating Customer Reaction Learning 17
- 18. Playing Faster Has Great Benefits... Cost/Benefit Ideal + Useable U bl Respon se time 0 - Disorienting Irrelevant Too Fast Too Slow Source: Gartner
- 19. …But it Obviously Doesn’t Matter How Fast an Organization Can’t Be Relevant Can t
- 20. Here’s an Example from Automotive for Actions Based on Time and Relevance “Competitive “Direct Sales ntile Mode” Mode” ed Controls s ming Percen Action Series Action Series n‐Market Tim Rules Base “Branding “Relationship Mode Mode” Mode Mode” In Action Series Action Series Brand Propensity Percentile 20
- 21. Evolution for Multi-channel, Real-time Interactions Across the Enterprise Enterprise‐ Enterprise‐ Wide Integration Multi‐ Multi‐ Channel n Complexity y Integration I t ti Real‐ Real‐time Decisions Interaction Real‐ Real‐time Scores Batch Scores Integration Complexity
- 22. Evolution for Multi-channel, Real-time Interactions Across the Enterprise Enterprise‐ Enterprise‐ Wide Best Practice Elements Best Practice Elements Integration Multi‐ Multi‐ 1. Dynamic, Individual Conversation Channel n Complexity y Integration I t ti Real‐ Real‐time 2. Spanning Time and Channels Decisions Interaction Real‐ Real‐time 3. Bi‐Scores Bi‐directional Negotiation g Batch Scores Integration Complexity
- 23. Evolution for Multi-channel, Real-time Interactions Across the Enterprise Enterprise‐ Enterprise‐ Wide Best Practice Elements Best Practice Elements Integration Multi‐ Multi‐ 1. Actionable Single View of Customer Channel n Complexity y Integration I t ti Real‐ Real‐time 2. Central Customer Decision Authority Decisions Interaction Real‐ Real‐time 3. Front/Back Process Orchestration / Scores Batch Scores Integration Complexity
- 24. Capability Model for a Connected World
- 25. Customer Segmentation is a Starting Point, Not a Destination in Real-time Decisioning 25
- 26. From BroadcastingSegment to to Narrowcasting Specificity
- 27. A More Complete View of the Customer Drives More Sound Decisioning Strategy 27
- 28. Here’s an Example from Retail on How Enhancement Data Improved Actions Next Action Series based on who she Best Action Series based on who she is, as well as how often, when, i ll h ft h is, as well as how often, when, i ll h ft h what and where she buys Offer what and where she buys 28
- 29. Data Fuels the Engine that Drives Intelligent Customer Interactions Customer Intelligence (Power Ratio) Predictive Modelling & Analytics Power Ratio Enhanced inputs: • Derived variables 132:1 ethod of Matching g • Enhancement data Ratings • Event Triggers • Suppressions 76:1 Purchases uracy 44:1 Searches Accu Me 28:1 Clicks Enhancement Data Insights g 7:1 (lifestage and lifestyle, activities and interests, media consumption, channel responsiveness, brand/product affinities, and more) Baseline Visitors Breadth of Data
- 30. Expand Decisioning Strategy from “Nest Best Product” to “Next Best Action” Product Next Action 30
- 31. Siloed Decisions Conflict with Each Other, Confuse Customers and Create Waste 31
- 32. Coordinate Into a Single, Next Best Action Across the Enterprise Across Channels Enterprise, 32
- 33. The Vision: Sustained Personalized Customer Engagement Across Channels, Over Time Channels 33
- 34. Reaching and Engaging Your Audience with Certainty…Across Channels…Over Time Advertiser Safe Haven Publisher Product Propensities Just Your Audience Online Display TV Channel Preferences Anonymous Match 180mm Profiles 59mm Households Media Preferences Match Mobile Call Center 60mm Users 100 million numbers Anonymize Enhance Advertiser Publisher Audience Audience Social Apps 650mm Profiles Customer Behavior Real Time Data Exchange External Insights Delivery Integration Attitudes / Personas Partnership Ecosystem Email Print 224mm Addresses 292mm Households
- 35. Welcoming TV to Addressable Media The ability to maintain uninterrupted personalized conversations – and, moreover, relationships – with customers across and within channels Getting it figured out here… …is great preparation for what’s next! 35
Notas do Editor
- LOOKING AT CUSTOMER VALUE OVER TIME, MOST COMPANIES – LIKE CASINOS IN THE EXAMPLE – HAVE BECOME GOOD AT QUICKLY SPRINGING INTO ACTION WHEN THEY STAND TO LOSE MONEY. HOWEVER, IT REMAINS A CHALLENGE WHEN IT COMES TO QUANTIFYING AND CAPTURING THE DOLLARS MOST COMPANIES “LOSE” (OR, MORE ACCURATELY STATED, “FAIL TO GET”) AMONG CUSTOMERS WHO GIVE THEM LESS THAN THEY “SHOULD”. SHOPPING CART EXAMPLE DURING THE SESSION YOUR BASKET IS FLUCTUATING BETWEEN $200 AND $400… DI-DIRECTIONAL NEGOTIATIONLEADING TO PERSONALIZED PRICING
- SO IF WE LOOK AT A COMMON CUSTOMER EXPERIENCE – WHETHER IT’S OFFERS DELIVERED IN BATCH OR IN REAL-TIME “PUSH” FASHION – THEY BOTH FALL SHORT OF MAKING THE MOST OUT OF A GIVEN CUSTOMER INTERACTION BECAUSE THEY ARE SERVING UP OFFERS THAT ARE BASED SOLELY ON HISTORIC INFORMATION…AND NO MATTER HOW RECENT THAT HISTORIC INFORMATION IS, THE OFFER BEING PRESENTED FAILS TO REFLECT INFORMATION FROM THAT SESSION…AND THERE’S NOTHING THAT CAN BE DONE ABOUT IT AT THAT POINT. BECAUSE THERE’S NO WAY TO INCORPORATE THAT IN SESSION INFORMATION WITH THE HISTORIC INFORMATION IN REAL TIME TO DECIDE ON AND PRESENT A MORE RELEVANT OFFER. (EXAMPLE: READING PAPER ALOUD TO IDENTIFY GRAMMAR MISTAKES – DO THE SAME WITH THE CUSTOMER “CONVERSATION” – IN A CALL CENTER, THE CONVERSATION IS LITERAL SO YOU CAN EASILY IDENTIFY HOLES…BUT ONLINE, DO THE VOICEOVER AND SEE HOW MUCH SENSE THE CONVERSATION IS MAKING). NOW, I TEND TO TAKE A STEP BACK AT THIS POINT AND SAY “ALRIGHT, THE ABILITY TO PRESENT A RELEVANT OFFER IS AN IMPORTANT FEATURE…BUT THE WEBSITE IS STILL THERE, SEARCH FUNCTIONALITY IS STILL THERE….SO WE GOT BACKUP.
- SO THAT REFOCUSES US ON THE NEED TO BE ABLE TO NOT ONLY BE GOOD AT PREDICTING WHAT A CUSTOMER IS INCLINED TO WANT OR DO…BUT ALSO AT ADAPTING TO WHAT THEY SHOW US OR TELL US IN A SPECIFIC SESSION WHAT THEY INTEND TO DO.
- THE 3 HALLMARKS OF MASTERING THE INTERACTION COMPLEXITY ARE… 1.