Dunnhumby forrester webinar 16 11 2016
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Slides from recent dunnhumby webinar "Unlocking the true value of customer-centricity with data"
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Dunnhumby forrester webinar 16 11 2016
- 2. REBECCA CLAYTON Global Head of Marketing dunnhumby @rebclayton Rebecca has over 20 years of experience in driving growth for complex organisations. Having joined dunnhumby earlier this year, Rebecca was previously was CMO at EMAP and Ascential plc, a leading publishing and events organization. With a specialism in marketing transformation and organization change to drive revenue growth, Rebecca also led marketing for Experian and QAS where she was responsible for achieving key customer goals. Originally from New Zealand, Rebecca is a passionate advocate the power of the customer to drive business performance. MARC FISCHLI Chief Client Officer dunnhumby @fischlimarc Marc is responsible for dunnhumby’s retail consulting business across all regions. He joined dunnhumby in 2007 to work in international expansion and new business development. Prior to this, Marc worked on the development of Tesco’s Operating Model and its deployment to China, Japan and the US. He has led two of Diageo’s country business units (France and Poland), and managed Diageo’s Asian strategy team, as well as working as a consultant for Marakon Associates. He obtained an MBA from the London Business School in 1997.
- 4. 23%of consumers do price checks in-store › Source: Forrester Report “The Truth About Showrooming [119021]” October 15, 2014, North American Consumer Technographics Online Benchmark Survey 2014, Q2 2014 Forrester/Internet Retailer B2B Buy-Side Survey i 26%of consumers expect the information or service they need immediately and in context 56%of B2B buyers expect to make the majority of work purchases online 52%of consumers say that price/value is more important than brand 60%Increase in consumer online spending 2012 to 2015 Empowered and entitled
- 5. © 2016 Forrester Research, Inc. Reproduction Prohibited 5 We’ve entered the age of the customer
- 6. © 2016 Forrester Research, Inc. Reproduction Prohibited 6 Entitled customers are changing the game
- 7. © 2016 Forrester Research, Inc. Reproduction Prohibited 7 Revenue growth depends on meeting their demands
- 8. © 2016 Forrester Research, Inc. Reproduction Prohibited 8 But retailers face unique challenges on the road to customer-centricity
- 9. © 2016 Forrester Research, Inc. Reproduction Prohibited 9 I think most retailers today are paying lip service to customer-centricity, but they are not really changing their model. They are still product-centric. - Marketing Director, UK kitchenware and home improvement retailer
- 10. © 2016 Forrester Research, Inc. Reproduction Prohibited 10 1. Retailers still treat CX tactically › The top business initiatives in large global retail firms are still focused on operational efficiency • Only 9% of respondents ranked “improving customer experience” number one of their top priorities this year › Retail hasn’t transformed from product-led to customer-led › There’s another fundamental problem too…
- 11. © 2016 Forrester Research, Inc. Reproduction Prohibited 11 2. CEOs have delegated this critical work 55% 26% 7% 4% 4% 3% 3% CMO / SVP of marketing CEO SVP of eCommerce / online sales CIO / SVP of IT Chief customer officer / SVP of customer experience CTO / SVP of technology Chief digital officer / SVP of digital “Who sets the vision and strategy for customer-centricity in your organization?” Base: 200 customer experience, analytics and marketing professionals at global grocery/select retailers Source: A commissioned study conducted by Forrester Consulting on behalf of Dunnhumby, April, 2016
- 12. © 2016 Forrester Research, Inc. Reproduction Prohibited 12 3. Retailers have a data problem – but it’s not the one you think
- 13. © 2016 Forrester Research, Inc. Reproduction Prohibited 13 3. Retailers have a data problem – but it’s not the one you think “How mature do you consider your organization as compared to industry peers with respect to the following?” Base: 200 customer experience, analytics and marketing professionals at global grocery/select retailers Source: A commissioned study conducted by Forrester Consulting on behalf of Dunnhumby, April, 2016
- 14. © 2016 Forrester Research, Inc. Reproduction Prohibited 14 3. Retailers have a data problem – but it’s not the one you think › Data, data everywhere, but not a drop to… • 28% of retailers say that their inability to effectively use data is a critical or serious barrier to customer centricity efforts • Nearly two-thirds say that managing data and inability to create a single customer view hamper their ability to be customer centric › A major root cause: 66% of retailers struggle with a lack of internal analytics resources
- 15. © 2016 Forrester Research, Inc. Reproduction Prohibited 15 “We are still far away from mature customer- centricity. We do very limited customer recognition and most of the time only segment customers. Our current efforts do not satisfy customer-centricity.” - VP Marketing, Large Chinese Grocery/Supermarket
- 16. © 2016 Forrester Research, Inc. Reproduction Prohibited 16 39%don’t have a roadmap or plan to resolve. Lack of internal analytics/data science resources 21%don’t have consensus on the need to resolve this challenge! 4. Retailers don’t have a plan to solve these problems
- 17. © 2016 Forrester Research, Inc. Reproduction Prohibited 17 33%don’t have a roadmap or plan to resolve. Inability to measure the value of customer analytics efforts 22%don’t have consensus on the need to resolve this challenge! 4. Retailers don’t have a plan to solve these problems
- 18. © 2016 Forrester Research, Inc. Reproduction Prohibited 18 41%don’t have a roadmap or plan to resolve. Utilizing customer data effectively 15%don’t have consensus on the need to resolve this challenge! 4. Retailers don’t have a plan to solve these problems
- 19. © 2016 Forrester Research, Inc. Reproduction Prohibited 19 29%don’t have a roadmap or plan to resolve. Resolving conflicts between channel owners 21%don’t have consensus on the need to resolve this challenge! 4. Retailers don’t have a plan to solve these problems
- 20. © 2016 Forrester Research, Inc. Reproduction Prohibited 20 “In the next 3 – 5 years, retailers that focus on customers will be the ones that survive; those that focus on the bottom line, won’t.” - Director of Marketing, UK convenience retail chain
- 21. © 2016 Forrester Research, Inc. Reproduction Prohibited 21 It’s time to accelerate your customer-centricity journey
- 22. © 2016 Forrester Research, Inc. Reproduction Prohibited 22 Four steps to start with now 1. Measure your existing customer-centricity efforts • Make “customer value” a key metric instead of (or alongside) campaign performance • Lose “last touch” attribution, and begin measuring the whole engagement cycle
- 23. © 2016 Forrester Research, Inc. Reproduction Prohibited 23 Four steps to start with now 1. Measure your existing customer-centricity efforts 2. Use those metrics to attract executive attention • Tie KPIs to customer goals, not channel goals • Bring merchants, trade, and product managers together • Pilot programs that let you “own” an entire customer lifecycle – not just a customer segment
- 24. © 2016 Forrester Research, Inc. Reproduction Prohibited 24 Four steps to start with now 1. Measure your existing customer-centricity efforts 2. Use those metrics to attract executive attention 3. Create a plan to evolve your customer-centric maturity • Start centralizing customer insights -- 60% of firms operating at a “strategic” level of customer-centricity are centralized • Assess your data and technology gaps, and build a five-year roadmap – but build it so its future-proof • Tie opportunities to investments and prioritize accordingly
- 25. © 2016 Forrester Research, Inc. Reproduction Prohibited 25 Four steps to start with now 1. Measure your existing customer-centricity efforts 2. Use those metrics to attract executive attention 3. Create a plan to evolve your customer-centric maturity 4. Identify partners to support your efforts • Consider reducing the number of vendors you work with, but deepen the partnerships you keep • Use partners wisely: to bridge resource gaps, to vet new technologies, and to help make the case for investment
- 26. MARC FISCHLI Chief Client Officer dunnhumby @fischlimarc Marc Fischli: A global retail perspective
- 27. REBECCA CLAYTON Global Head of Marketing dunnhumby @rebclayton MARC FISCHLI Chief Client Officer dunnhumby @fischlimarc Your questions
Notas do Editor
- Information: B2C: - 64% of US online adults have researched product online in the last 3 months (North American Consumer Technographics Online Benchmark Survey) 48% of online buyers trust consumers reviews (North American Consumer Technographics Online Benchmark Survey) 43% of US online adults “gather my own investment information & make investment decisions on my own” (North American Consumer Technographics Online Benchmark Survey) 57% of US online adults “ like to do my own research before making financial decisions” (North American Consumer Technographics Online Benchmark Survey) B2C: -Of Showroomers 41% end up buying at another retailer and 49% end up buying at the retailer they were visiting (Forrester Report “The Truth About Showrooming [119021]” October 15, 2014 - 30% of online consumers use shopping apps at least monthly (North American Consumer Technographics Online Benchmark Survey) B2C: -52% of consumers agree that price is more important than brand. (North American Consumer Technographics Online Benchmark Survey) -23% of US online adults price check on their phone in-store (Forrester Report “The Truth About Showrooming [119021]” October 15, 2014)
- Their customers, willing to experiment, self–efficient, information and tech savvy, want a consistent and high-value set of experiences regardless of whether they engage with human beings or in a digital environment – or they will leave.
- Over the four year time period from 2010 to 2014, retailers that outperformed on Forrester’s customer experience index saw around 31% growth. The CX laggards? They didn’t fare so well. Obviously, it’s time for retailers to take their customer experience and customer centricity efforts seriously.
- Over and over in our research, we heard excellent intentions and goals around customer focus, customer obsession. But we also heard lots of caveats like… Retail marketers struggle to connect the quotidian operational challenges of day to day business with what seems like a long-term goal of customer-centricity. Specifically, we found that
- 1 – product improvement (which could be construed as a customer initiative, but really isn’t) 2 – increasing influence and reach in the market 3- improving differentiation in the market These are all INSIDE OUT approaches to customer centricity.
- We’ve found, over and over, that customer strategy – the work of transitioning from a PRODUCT centric organization to a CUSTOMER centric one demands
- When we talk to industries like CPG/FMCG, manufacturing, they lament the dearth of available first party data. They don’t have a final mile relationship with consumers, so for them, getting true picture of their customers – what they buy, when, how often, etc – is really a challenge.
- In fact, of the 200 grocery/specialty retailers we surveyed the ONE element of customer-centricity/analytics/customer insights the majority said they were pretty mature on? Loyalty programmes. And we all know what that means – or do we? Well, it turns out that this one is a double edged sword. On the one hand, we perceived a possible complacency from these marketers – it’s almost as though they conflate having a sophisticated and well adopted loyalty programme as “good enough.” BUT… and here’s the real problem…
- If you can’t harness the data from a loyalty scheme, you don’t have much of a customer centricity program at all. Retail marketers and customer insights teams are DROWNING in massive amounts of invaluable data, but
- In the words of one of our interviewees, “ “ OK, so these three problems are significant, but they’re not insurpassable, right? There’s a way to solve them… we build plans and roadmaps, we invest in the technology and the right partnerships and take one step at a time. But here’s the really big problem we uncovered in the study.
- Frankly, we can’t say this any better than one director of marketing we spoke with, who told us that