Harnessing Data for Better Customer Experience and Company Success
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As big data has exploded, the ability for companies to easily leverage it has imploded. Organizations are drowning in their own information, unable to see the forest through the trees, while the big players consistently outperform in their ability to deliver a great customer experience, faster, cheaper…As a result, the vast majority of companies are scrambling to catch up and become more agile, data-driven, to use their data more effectively so they can attract and retain their elusive customers... In this joint deck by 451 Research and Treasure Data, you will learn how to enable your line of business team to own their own data (instead of relying on IT) to be able to: - deliver a single, persistent view of your customer based on behavior data - make that data accessible to the right people at the right time - Increase organizational effectiveness by (finally) breaking down silos with data - enable powerful marketing tools to enhance the customer experience
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Harnessing Data for Better Customer Experience and Company Success
- 1. Copyright (C) 2018 451 Research LLC Harnessing Data for Better Customer Experience and Company Success January 23, 2018 451 Research and Treasure Data Matt Aslett 451 Research Rob Glickman Treasure Data
- 2. Copyright (C) 2018 451 Research LLC Our Speakers Matt Aslett Research Director - Data Platforms and Analytics 451 Research Rob Glickman Chief Marketing Officer Treasure Data (Matt’s photo here)
- 3. Copyright (C) 2018 451 Research LLC
- 4. Copyright (C) 2018 451 Research LLC Digital and Physical Worlds Collide Physical world Digital world
- 5. Copyright (C) 2018 451 Research LLC Silos, normalization and barriers to insight BUSINESS DEPT 1 DEPT 2 DEPT 3 UNIT 1 GEO 1 GEO 2 • Large scale IT project • Data management overheads • Cost and complexity • Delay to insight
- 6. Copyright (C) 2018 451 Research LLC Digital Customers Demand New Forms of Engagement
- 7. Copyright (C) 2018 451 Research LLC Customer Journey: Data sources… Advertising Web Social eCommerce Email Your company
- 8. Copyright (C) 2018 451 Research LLC Your company Advertising Web Social eCommerc e Email Mobile / App Other CRMGaming CRM Customer Support Call Center Business Intelligence Point of Sale (PoS) IOT - Device / Sensor Historical Customer Journey: Data sources are growing…
- 9. Copyright (C) 2018 451 Research LLC Your company Advertising Web Social eCommerce Email Mobile / App Other CRMGaming CRM Customer Support Call Center Business Intelligence Point of Sale (PoS) IOT - Device / Sensor Historical User Acquisition Something new and cool Personalization Recommenda tions Product Improvement Churn Reduction Cross Sell AI / ML …and use cases are deepening
- 10. Copyright (C) 2018 451 Research LLC Typical Customer Data Sources Growing Data Sources Advertising Web Social eCommerce Email Mobile / App Other CRM Gaming CRM Custom er Support Call Center Business Intelligen ce Point of Sale (PoS) IOT - Device / Sensor Historical The Enterprise Customer Data Platform
- 11. Copyright (C) 2018 451 Research LLC It’s what you do with it that counts… Source: @gapingvoid
- 12. Copyright (C) 2018 451 Research LLC The Shift to Self-Service
- 13. Copyright (C) 2018 451 Research LLC Why Self-Service? Reduces the burden on IT to prepare and integrate data for end users Reduces the time for users to make data suitable for analysis Enables users to expand the scope of their analytic projects Lowers the barriers to adoption for citizen integrators Expedites the time to value from analytics projects
- 15. Copyright (C) 2018 451 Research LLC CAPTURING THE MARKETING “MOMENT” All customer digital footprint, unified • eCommerce • Offline • Customer Loyalty app • Sponsored content ad partners • 30+ analysts of all skill levels analyze and report on consistent datasets, boosting operational efficiency Across various channels • Data ownership = vendor independence = Better ROI • Flexible and scalable analytics “We needed Treasure Data to understand what our customers wanted so that we can run programs to improve customer satisfaction”. Kenji Yoshimoto, Chief Analyst ANALYZE UNIFY 1st Party (Accessing Sites, Clients' Data) Data Viz 2nd Party (Media Output Data) CRM Engagement Marketing Measurement Ad PerformanceData Science "watashi+," "Beauty & Co." Site viewing data Shop POS data W+ member data OS purchase data Sample ordering data Media sites accessing data Ad network DSP PC/SC sites separate output Notification of application demographic firmographic geolocation Interests 3rd Party Public DMP ACTIVATEANALYZEUNIFY ACTIVATE Treasure Data Customer Use Cases
- 16. Copyright (C) 2018 451 Research LLC BEFORE • Disconnected Customer View: 9 different customer IDs across 21 databases, all closely guarded by IT • Spray and Pray Promotion: Without customer context, no way to personalize promotions based on customer journey AFTER • Unified Customer View: across customer lifecycle from unknown to know to loyal • Support Dynamic Targeting: Householding, Usage-based Cross-selling • Self-Service for Campaign Managers: 25 segments created by campaign managers in the first 7 days Activate Engage Acquire Treasure Data Customer Use Cases: Top Gaming Co.
- 17. ACTIVATEANALYZEUNIFY Data Viz Personalization Ad Network / SocialData Science Ad network DSP Cross-Title, Cross-Channel Centralized Customer Intelligence Micro-Segmentation Cohort Analysis CLTV Estimation KPI Automation Attribution Analysis Churn Prediction Whale Identification Trend-based Alerting CRM/Email Engagement 2nd, 3rd Party DMP, Sizmek, Tickets, e-Commerce PoS, etc. 1st Party Websites (+Tag Managers) Mobile Apps Gaming Club (on AWS) + other internal sources Personalized Commerce Experience PC/SC sites separate output Treasure Data Customer Use Cases: Top Gaming Co.
- 18. Copyright (C) 2018 451 Research LLC BEATING AMAZON.COM AT ITS OWN GAME • 80,000+ events ingested & unified across millions of active users every second. • 100+ ongoing A/B experiments to iterate on product features in real-time • Up to 5-6% lift in conversion for top- performing experiments • 9 out of 10 never need search • Highly relevant recommendations based on unified data “The more invest in data to personalize the recommendation experience, the more we see improvement in conversion rates.” Peter S, CEO & Co-Founder Personalized Deals Data Science & Relevance Engineering Personalized App Personalized Ads ACTIVATEANALYZEUNIFY Anonymous Users Known Customers ANALYZE UNIFY ACTIVATE Treasure Data Customer Use Cases: eCommerce
- 19. Copyright (C) 2018 451 Research LLC Untargeted Ads Personalized Journeys BEFORE: Disconnected Data, Wasted Budget AFTER: Right Message at Right Time NEW SUBARU! NEW SUBARU! NEW SUBARU! NEW SUBARU! NEW SUBARU! DMP alone failed to capture the customer journey of each customer because they didn’t know where each customer was in their buying journey. 350% increase in CTR by using 1st party data (loyalty app, dealership visit) to further segment audiences. 80% faster time to value than IT-led DIY alternative. NEW SUBARU! Dealership visit Read more bout XYZ FREE advice! Offer expiring! Subaru’s unified customer data = growth
- 20. Copyright (C) 2018 451 Research LLC Mass media, Auto shows Ad placement Research & CompareAwareness Visit Dealership Decision Post-purchase Car media Organic visits Dealerships CDP Use Case Journey Stage Purchase! CDP Data Flow Ad Placement Logs Offline Data Social Media Customer Data Platform (Journey Analytics & Personalization) Public DMP Dealership CRMWifi Access Log Subaru ID Marketing campaign data Panel Data Car magazine websites Comprehensive Customer Journey Management Ad ROI Optimizations Website Personalization / Optimization Journey based Personalized Campaign & Relationship Management Access Logs Dealership Search Subaru’s campaign data management
- 21. Copyright (C) 2018 451 Research LLC Key Takeaways Really Know Your Customer - bring all your enterprise data together and make it accessible to the right people at the right time so that you can know your customer, understand how your customer wants to engage, and measure those interactions. Make Your Data Actionable - an Enterprise Customer Data Platform allows you to ask any questions, no longer limited by scale, methodology or data access. Get a Flexible CDP that can evolve and adapt - your data and systems should adapt and change with the business and the customer journey.
- 22. Copyright (C) 2018 451 Research LLC Thank You! matthew.aslett@451research.com @maslett www.451research.com rglickman@treasuredata.com @robissimo www.treasuredata.com
Notas do Editor
- Laura: Welcome - vamp and explain BrightTALK interface, Q&A, assets to download.
- Laura: Introduction of Matt and Rob
- MATT: Recap abstract: As big data has exploded, the ability for companies to easily leverage it has imploded. Organizations are drowning in their own information, unable to see the forest through the trees, while the big players consistently outperform in their ability to deliver a great customer experience, faster, cheaper…As a result, the vast majority of companies are scrambling to catch up and become more agile, data-driven, to use their data more effectively so they can attract and retain their elusive customers...
- Rob: Data explosion Customer journey and increasing demands Business depends on being a data have vs have not MarTec Explosion No longer brick-and-mortar vs. online retail: Customers view a ‘single lens’ Roughly 85-90 percent of retail still takes place in brick-and-mortar locations Retail is not dead - but BAD brick-and-mortar is. These mall-type department stores are faced with many challenges because they aren’t connecting with shoppers in the way they want to be connected with. Consumers already know what to expect when walking into one of these stores.” E-commerce brands are making sure that’s not the case with their new stores by interlacing digital touch points and apps with their physical presence. “We are seeing a blurring of the lines between what is really digital and what is brick-and-mortar retail The brands that can embrace the convergence of offline behavior and online media and use that effectively, those are the brands that are really striving, For instance, on its first day of officially owning Whole Foods last week, Amazon began selling its Echo devices to grocery shoppers If a brand can afford it, there’s a lot of benefits to occupying a retail location. Not only do physical stores cater to digital generations attracted to experiences, but conversion rates in stores are also higher than online, according to Dvorak. Brick-and-mortars also benefit when it comes to web search: Google prioritizes brands that have physical locations. Type in a topic or product into Google, and the search engine will surface a brand that has a retail store higher than one with only an online presence. In the last couple of years, retailers’ attention has shifted from e-commerce to omni-channel retail, blurring the lines between the physical and the digital. The rising ubiquity of mobile connectivity has further spurred retailers’ interest in adopting Internet of Things (IoT) solutions to improve the shopping experience for their customers as well as smoothen operational processes. The trends in omni-channel retail is to go “phygital” – for physical stores to become digital. Today, despite the flourishing e-commerce business model, brick-and-mortar stores continue to pull in 91% of all retail sales generated across all platforms, an indicator that the physical retail is a turf to safeguard. To make the in-store shopping experience more intuitive and seamless, retailers are supplementing technology in their physical stores, turning the entire space into a smart store that automatically senses and records the location and movement of virtually everything — merchandise, associates, shoppers and assets — and translates that data into easy-to-read actionable intelligence that delivers real competitive advantage. The phygital retail space combines the best of two worlds – the tactile satisfaction of physical retail and the intuitiveness of ecommerce. It is predicted that in four years, 75% of the retailers will make use of location-based services to deliver personalized shopping experiences. By then, they will be able to know when a customer steps into a store and where they spend most of their shopping time. Data is Knowledge Data analytics is at the heart of digital retail, Although digital data analytics is still nascent, especially in the retail space, its promise is boundless. Whether its a permanent store, pop-up or short-term space, experts agree–having a brick-and-mortar presence often strengthens the trust between brand and consumer. “Pretty much anybody can sell something online these days, but to have a physical location, there is definitely a brand legitimacy in that,” said Dvorak. “It gives the sense to the consumer that the business is going to be in it for the long haul.” Brands with a brick-and-mortar presence tend to offer a more personal customer experience versus their online-only competition, but they often fall short on convenience and rapid inventory availability. However, through an integrated approach, these same retailers can deliver the accessibility of online shopping and the advantage of personalization, tailored advice and support in product fulfillment when products are out of stock or unavailable. Both Best Buy and Home Depot are among the retailers that have adopted a blended omnichannel strategy and increased or sustained revenues while not opening a single additional retail store this past year. https://digiday.com/marketing/e-commerce-brands-opening-brick-mortar-stores/ https://marketingland.com/no-longer-brick-mortar-vs-online-retail-customers-view-single-lens-218307 Target: • Over half of Target's digital sales growth is enabled by its stores, CEO Brian Cornell told CNBC. Over half of Target's digital sales growth is enabled by stores, Cornell explained. That includes shoppers ringing up purchases online before picking them up in person, or shoppers browsing Target's aisles before buying something from Target.com. Target's stores are also increasingly serving as fulfillment centers — 1,400 of them can act in that capacity today. And heading into the holidays, the retailer's stores could support north of 80 percent of online orders Target's digital sales climbed 24 percent in the latest period but still account for only 4.3 percent of total company sales. According to Cornell, the shift of spending done online versus offline will evolve over time, but Target's stores will continue to support digital sales by fulfilling internet orders. Target has reported its Q3 results, which reveal a 1.4% year-over-year (YoY) increase in sales, bringing its quarterly revenue up to nearly $16.7 billion. The retailer’s comparable sales saw an uptick of .9%, and while that’s only a small jump, it gives Target two consecutive quarters of growing comparable sales, after the metric declined in each of the three previous periods. Digital comparable sales accounted for .8% of this growth, making digital the catalyst of Target’s comparable sales turnaround. Target’s comparable digital sales grew 24% YoY on their own, marking five consecutive quarters of 20%-plus growth. Some of the retailer’s investments may be paying off as traffic increased 1.4% YoY. • The retailer’s exclusive private-label push may be attracting more consumers.The retailer’s private labels have done well recently, and that performance is likely to continue. Target also plans to launch several more private labels in the near future. These products are exclusive to Target, and because consumers appear to like them, it is possible they are drawing in more shoppers. • Target continues to remodel and open stores that offer a more appealing shopping experience. Digital sales may be driving Target, but its in-store performance is no longer dragging it down, which is likely due to its investment in its stores. The retailer has opened several small-format stores and plans to open another 75 by 2019. These stores offer a faster and more curated shopping experience that may appeal more to some consumers. It has also committed to remodeling 600 stores in order to better display merchandise and make shopping more enjoyable for consumers. Q4 and the holiday season offer an opportunity for Target to further its e-commerce success going forward. For Target, e-commerce tends to spike in Q4 as a percentage of its total business, setting the tone for the next three quarters. For instance, after a successful Q4 2016, e-commerce in Q1-Q3 2017 represented a higher percentage of the company’s total business than the comparable periods in 2016. Q4 2017 is likely to see a similar jump in e-commerce, as customers appear to shop online more for the holidays with Target. Therefore, the retailer should make sure it offers the best online experience possible. This will help it keep customers coming back to its digital options, raising the amount e-commerce makes up of its business for the foreseeable future, and allowing digital sales to continue to drive its comparable sales growth.
- Matt: It’s perfectly normal that in any organization you have multiple departments, business units and geographic entities, and each of those has its own associated data, although that has potential issues in terms of duplication of data for example, and data in different formats The real challenge comes when you try to integrate that data to create a single view. With traditional data warehousing projects that meant not just integrating the data into a central location, but normalizing it into a standard format That leads to large scale projects, led by IT, with a focus on data management, rather than the original business problem, significant cost and complexity, and barriers to insight In response to which there is every chance that someone within the business will take matters into their own hands, spinning up yet another database, and exacerbating the original problem
- Matt: Technology is becoming increasingly central to how individuals experience the world around them. It is shifting the center of gravity from businesses to individuals in an unprecedented way. Catering to users’ preferred ways of consuming information, engaging with brands is becoming an increasingly critical part of businesses strategic value proposition and competitive differentiation.
- A complete view of your data is imperative to understanding your customer. What does a 360 view really mean in 2018? New data sources are increasing - you need to know all the data - get a full picture of the customer.
- A complete view of your data is imperative to understanding your customer. What does a 360 view really mean in 2018? New data sources are increasing - you need to know all the data - get a full picture of the customer.
- A complete view of your data is imperative to understanding your customer. What does a 360 view really mean in 2018? New data sources are increasing - you need to know all the data - get a full picture of the customer.
- A complete view of your data is imperative to understanding your customer. What does a 360 view really mean in 2018? New data sources are increasing - you need to know all the data - get a full picture of the customer.
- Matt: once your data is together it’s what you do with it that counts!
- Matt: You need access to that data when/as your business demands
- Matt - Self-service...greater agility - Persistent data - event level data Making Data lake a reality Matt...customer..physical store and ecommerce direction. Ask Rob..about what he’s seen
- Customer service has traditionally driven by systems of engagement. Traditionally that engagement was physical, and person-to-person. Help, advice, suggestions and recommendations were provided and questions were answered (or not) by the employee. Even the transaction was performed physically, before being entered into the system of record (financial/ERP, CRM applications). That data was then made available for analysis
- Using our self-service CDP, campaign managers of a world top 10 gaming company created 25 segments in the first 7 days. How do you then use that data be and remain competitive? Rob- look at real world examples of companies succeeding Matt to chime in with perspective that success predicated on core platform...scalability, flexibility for business agility Rob: Really knowing the customer Customer profile/descriptions important | customer representation complex and requires flexibility Common first request from customers: I want to know who my best customers are and serve them better Customer example 1: game console used by children, but illegal to market to them = profile as a family Customer example: gaming customers use data to impact product, make more engaging for upsell and retention. Must know behavior of customer, gaming preferences and right time to make an offer
- Rob: Customer example 2: selling through professional organizations and wish to know your customer’s customer
- BEFORE: Disconnected Data, Wasted Budget Made investment in various technology, including DMP. Customer behavior data across channels (loyalty apps, 2nd party content, dealership visits) not effectively used for personalization. Low ROI, digital initiatives struggled to gain traction among C-levels. Rob: Making data actionable Real-time personalization and engagement Customer example: gaming customers use data to impact product, make more engaging for upsell and retention. Must know behavior of customer, gaming preferences and right time to make an offer Flexibility to evolve and adapt Must keep moving to sustain competitive advantage Be able to easily make changes to profiles, segmentation…(links back to self-service) Have access to professionals to customize the really challenging unique components of your business
- Rob: Making data actionable Real-time personalization and engagement Customer example: gaming customers use data to impact product, make more engaging for upsell and retention. Must know behavior of customer, gaming preferences and right time to make an offer Flexibility to evolve and adapt Must keep moving to sustain competitive advantage Be able to easily make changes to profiles, segmentation…(links back to self-service) Have access to professionals to customize the really challenging unique components of your business