Leveraging Analytics to Deliver Value
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This document discusses how leveraging analytics can help marketers deliver value in the "engagement economy". It notes that today's buyers expect personalized, targeted interactions from brands but that most marketers are not effectively understanding or engaging customers. The document advocates that marketers use descriptive, predictive, and prescriptive analytics to gain insights about customers in order to improve engagement. It provides examples of different types of customer data that can be analyzed and suggests marketers focus on consolidating customer data and identifying gaps in their ability to deliver engaging experiences across touchpoints.
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Leveraging Analytics to Deliver Value
- 1. Leveraging Analytics to Deliver Value Allison Snow Senior Analyst Forrester Research, Inc. Adrienne Whitten Director, Product & Segment Marketing Marketo
- 2. Agenda › What is the Engagement Economy › Competing In The Engagement Economy › Analytics and Engagement Mastery
- 3. It’s a great time to be a marketer
- 4. Email Web Mobile Social Ads More Ways to Reach Customers
- 5. But…
- 6. Today’s Buyer is inundated with options and messages
- 7. brands must have a deep understanding of my needs in order to engage me successfully (Marketo) 73% brands could do a better job aligning their engagement activities with my preferences (Marketo) 66%65% expect all of my interactions with a brand to be personalized (Marketo) Customer Expectations Are Growing
- 8. of customers believe brands try to deliver value. (Marketo) Most of your customers don’t believe you are trying to understand them of marketers say their engagement efforts are effective. 33%83%
- 10. Value > Volume
- 11. © 2017 FORRESTER. REPRODUCTION PROHIBITED. Leveraging Analytics to Deliver Value Allison Snow, Senior Analyst
- 12. 12© 2017 FORRESTER. REPRODUCTION PROHIBITED. Your Job In The Engagement Economy How do you compete in it?
- 13. 13© 2017 FORRESTER. REPRODUCTION PROHIBITED. Each time a customer is exposed to an improved experience, their expectations are reset to a new higher level. Photo Source: Unsplash
- 14. 14© 2017 FORRESTER. REPRODUCTION PROHIBITED. Engagement Agenda AGE OF THE CUSTOMER Source: “Get Ready For The B2B Marketing Renaissance” Forrester report.
- 15. 15© 2017 FORRESTER. REPRODUCTION PROHIBITED. Shift of Core Operating Principles CUSTOMER OBSESSED OPERATING MODEL Source: “Get Ready For The B2B Marketing Renaissance” Forrester report.
- 16. 16© 2017 FORRESTER. REPRODUCTION PROHIBITED. Analytics and Engagement Mastery So what’s the plan?
- 17. 17© 2017 FORRESTER. REPRODUCTION PROHIBITED. Marketers tend to measure with metrics that are easy to get from tools – visitors, page views, open rates, and click-throughs. Below the surface lies another level of insight. Photo Source: Unsplash
- 18. 18© 2017 FORRESTER. REPRODUCTION PROHIBITED. Analytics can help us understand who our customers are. Only then can we provide personalized, contextual and relevant experiences.
- 19. 19© 2017 FORRESTER. REPRODUCTION PROHIBITED. “The very best way to engage with your customers is for your organization to develop some more eyes. And the empathy to use them. Not to spy on us, but to see us, understand us and treat us the way we want to be treated—like people.” - Seth Godin Photo Source: Unsplash
- 20. 20© 2017 FORRESTER. REPRODUCTION PROHIBITED. Descriptive Analytics What are my customers doing? Predictive Analytics What outcomes can I expect? Prescriptive Analytics How do I influence outcomes? Analytics Are The Eyes CATEGORIES AND CAPABILITIES
- 21. 21© 2017 FORRESTER. REPRODUCTION PROHIBITED. Photos and instructions here. But analytics are born of data. Photo Source: Unsplash
- 22. 22© 2017 FORRESTER. REPRODUCTION PROHIBITED. › Firmographic data to target the right accounts › Demographic data to gain insights on key decision makers › Relationship data to connect the dots on buying team members › Behavioral/intent data to gauge interest in their offerings › Device data to enable digital engagement › Technographic data to understand the solutions prospects have or are considering And While Data Is Yours For The Taking…
- 23. 23© 2017 FORRESTER. REPRODUCTION PROHIBITED. Finely tuned targeting improves ROI. Context drives successful engagement. Predictive analytics raises the bar for data. You can tap into active buying decisions. You don’t have to own data to leverage its insights. … And Data Powers All Sorts Of Cool Stuff…
- 24. 24© 2017 FORRESTER. REPRODUCTION PROHIBITED. All possible data All possible actions 73% 29% of firms aspire to be data-driven. of firms are good at turning data into action. Base: 170 enterprise architecture professionals Source: Forrester’s Q3 2015 Global State Of Strategic Planning, Enterprise Architecture, And PMO Online Survey …Many Firms Fall Short Turning Data Into Action
- 25. 25© 2017 FORRESTER. REPRODUCTION PROHIBITED.
- 26. 26© 2017 FORRESTER. REPRODUCTION PROHIBITED. Actionable Insight Underpins Engagement › Insights' "yin" requires engagement's "yang" to ensure that orchestrated customer experiences draw from intelligence › Marketers need the right resources for engagement in three key areas — people, process, and data
- 27. 27© 2017 FORRESTER. REPRODUCTION PROHIBITED. Actionable Insight Underpins Engagement › Business analysis proficiency to evaluate relevancy and accuracy › Content development dexterity to power optimized and differentiated experiences › Program design expertise to accommodate intricacy and complexity
- 28. 28© 2017 FORRESTER. REPRODUCTION PROHIBITED. Seamless Data Collection and Engagement Sounds great!
- 29. 29© 2017 FORRESTER. REPRODUCTION PROHIBITED. Data Collection. Seems a bit much!
- 30. 30© 2017 FORRESTER. REPRODUCTION PROHIBITED. Steps To Move Closer To Engagement › Focus on data Consolidate customer data from internal databases and external partners for a full customer view. › Identify gaps in your ability to deliver engaging experiences throughout the customer journey.
- 31. 31© 2017 FORRESTER. REPRODUCTION PROHIBITED. Steps To Move Closer To Engagement › Connect Touchpoints Consider the kind of customer data that can be captured in one touchpoint for creating personalization in others. › Design each digital touchpoint to both use and collect customer data.
- 32. How do you deliver value in the Engagement Economy?
- 33. › Check out our recently released report: The State of Engagement • www.marketo.com/analyst-and-other-reports/the- state-of-engagement/ › Join us for our upcoming webinar: • The State of Engagement in Marketing Today • Wed, 9/13, 10AM PT/1PM ET • Registration: › www.marketo.com/webinars/the-state-of- engagement-in-marketing-today/ Want more on the Engagement Economy? Marketo Proprietary and Confidential | © Marketo, Inc.
- 34. Q & A
- 35. Thank you! Allison Snow Senior Analyst Forrester Research, Inc. Adrienne Whitten Director, Product & Segment Marketing Marketo
Notas del editor
- Welcome everyone, Most marketers would agree that today is one of the most amazing times to be in marketing. We have access to better tools and better data about our customers than we’ve ever had before. And just about every industry is going through some kind of digital transformation. Not just the tech industry, but insurance, and healthcare – even manufacturing are having their entire businesses changed by technology and the data that’s now available.
- Today, there are more ways to touch your customers than ever before, with new channels cropping up all the time. So, besides all of the new technology for marketers, your boss probably expects you to be an expert in every new channel – knowing how to optimize your content, your timing and investment across an increasingly complex set of choices. Meanwhile, your customers are moving freely across these channels, and expecting you to deliver meaningful, consistent interactions throughout. But, for many or even most brands, these touch points have evolved in silos, creating a disjointed and sometimes disorienting customer experience.
- Today, there are more ways to touch your customers than ever before, with new channels cropping up all the time. So, besides all of the new technology for marketers, your boss probably expects you to be an expert in every new channel – knowing how to optimize your content, your timing and investment across an increasingly complex set of choices. Meanwhile, your customers are moving freely across these channels, and expecting you to deliver meaningful, consistent interactions throughout. But, for many or even most brands, these touch points have evolved in silos, creating a disjointed and sometimes disorienting customer experience.
- Today’s customer has rapidly adjusted to doing business in our digital world. Rating sites, aggregators, or just plain Google: today, your customer has every option at their fingertips. So many options that it raises some major questions… questions we so often hear from organizations like yours in meetings like these…
- Meanwhile, we know that customer expectations are growing across the board. A few leading consumer and business brands have set the bar for how customers expect to be engaged. [our research shows that it’s Apple, Google, Microsoft and … who set the bar]. We just finished our own research, where we surveyed nearly 800 marketers and xxx consumers (both B2B and B2C), and we found that: About ¾ of B2B customers expect you to have a deep understanding of their needs in order to engage them successfully. 65% of them say that you need to do a better job aligning to their preferences and 66% expect ALL of their interactions with a brand to be personalized. Right in the midst of new privacy laws coming out, your customers want to have it both ways – they want their privacy, but they fully expect you to know them intimately and engage them accordingly. Batch and blast is quickly becoming the fastest way to annoy your customers and get them unsubscribe.
- 83% of marketers say their engagement efforts are effective And if that was true, we could end our talk right now! But It turns out only 33% of customers believe brands are even trying to deliver value This is our opportunity as marketers If you crack this nut, you will win in the Engagement Economy This is how to do it.
- This complex environment is the engagement economy. Where everyone and everything is connected, expectations continue to rise, while attention is pulled in a million directions. So, this means that at the very same moment that technology is making it easier for us to reach huge audiences, everywhere they are, our audiences are more focused than ever before on being treated as unique individuals. And, technology has taught them to expect that you’ll know something about them to start and continue a relationship. So, what is the path forward?
- By providing Value over volume To provide value, means UNDERSTANDING your customer And building your company’s story around each customer’s needs <over to Michael>
- Engagement is “en vogue” for all the right reasons. To succeed in the Engagement Economy, marketers will need to recalibrate to deliver value, not volume, for their customers. Leverage analytics to determine the right mix of campaigns Turn marketing insights into engagement Learn best practices to deliver the most valuable marketing campaigns
- What does that mean? What kind of impact does it have on our businesses? Why do we have to consider our lives as consumers? What kind of pressure does it put on us as marketer – as managers of the customer experience? Why is competition even a question? How does it flow so organically from our experiences as consumers?
- This is more than advanced segmentation.
- This is more than advanced segmentation.
- Engagement is central. How would we behave differently, run campaigns, collect data, use insights, etc. if engagement was our north star? Listening, learning and leveraging customer insights to drive personalized experiences at scale.
- Over the course of many programs, activities and deals, patterns emerge: which programs generate revenue, which customer behaviors demonstrate interest, and what content offers accelerate deals. The vast majority of B2B marketers are not using analytics to identify these patterns. ANALYTICS IS THE WAY WE INTERPRET WHAT CUSTOMERS ARE TELLING US.
- You can only truly personalize experiences for consumers you recognize. Which begs the question – where are we getting our data and how are we managing it? This presentation isn’t about data management and I’m not going to spend time there, but I will spend time thinking about data collection.
- Engagement Attributes: ABM Attributes: Customized Personalized Relevant Contextual Predictive Marketing Analytics: Visibility to activity on external brand platforms for deeper levels of insight Attribute discovery for hyper-segmented messaging and sales conversations
- The more you understand each customer, the more effective engagements will be. Define and identify high-potential customers and accounts. Identify, vet, and target market opportunities. Focus outbound efforts on highly targeted prospective customers. Personalize and contextualize engagement. Identify base marketing opportunities to quell churn and drive expansion.
- Which looks like this.
- This is more than advanced segmentation.
- This is more than advanced segmentation.
- Sephora is going to give me something I value and in return it’s going to collect lots of information from me. That information won’t go to a database to expire – Sephora will use it (trust me!) to appeal to me with personalized product recommendations that interest and intrigue me. Nothing “sinister” here – that’s just what they are telling me they’ll do. This was designed to engage. This was designed to welcome.
- Differences – more engaging, yes. But also – Sephora couldn’t buy that data from a third party if it wanted to. They are collecting my personal preferences. My industry, location, and employee size is relatively static data that’s for sale. This was designed to collect. This was designed to gate.
- Step 1: Rethink your marketing paradigm Stop thinking about the next message, campaign, channel…. And start with listening, then learning, and then engaging Let’s dig into each of these briefly to see what it looks like and who is doing it well.
- We help thousands of organizations like yours win more. And we can help you do it, too.