Measuring The Modern Shopper - Lewis Lenssen, Rakuten Attribution
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The ‘modern shopper’ encounters endless messages via a plethora of online and offline marketing channels, executing transactions across multiple devices wherever and whenever they please. This creates a complex challenge for advertisers to analyse which promotional activities are most effective. Rakuten Attribution’s (formerly DC Storm) Commercial Director Lewis Lenssen will look at how consumer behaviour has evolved while identifying key drivers for this change. Demonstrating the importance of a holistic customer view for accurate attribution, Lenssen will also cover how best to use consolidated user activity data in taking appropriate action.
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Measuring The Modern Shopper - Lewis Lenssen, Rakuten Attribution
- 1. Rakuten Attribution Measuring the Modern Shopper Presented by Lewis Lenssen Commercial Director Rakuten Attribution
- 2. Measuring the Modern Shopper
- 3. Agenda • What is driving the complexity? • The Challenge • Is it worth it? • What are they doing better? • Conclusion • Questions
- 4. Background Rakuten Attribution (formerly DC Storm) • Pioneers in tracking, attribution and measurement • Over 2,000 tracked websites with configured attribution • Tracking ~100M events and £9m of sales per day About me • 5 years leading and building a search agency • 1 year social media and online PR consultant for retail brands (focusing on measurement and valuation) • 5 years as Commercial Director of DC Storm 2004 2014
- 5. What is driving the complexity?
- 6. Why is the marketer’s world so complicated?
- 7. Modern shopper behaviour 12 10 8 6 4 2 - Visits in Converting Journeys Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Source: Rakuten Attribution Client Sample
- 8. Modern shopper behaviour 3.5 3 2.5 2 1.5 1 0.5 0 Marketing Channels in Converting Journeys Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Source: Rakuten Attribution Client Sample
- 9. Modern shopper behaviour 60 / Of customers that have bought have used more than one device. Source: Rakuten Attribution Client Sample
- 10. Modern shopper behaviour Identified a direct relationship between rainfall and purchase channel. Source: The Guardian
- 11. The Challenge The Challenge
- 13. Measured Success solutions Data In FROM 3rd parties Data Out TO 3rd parties Measurement Hub Attribution Engine Periodic refreshes
- 14. Is it worth it?
- 15. Retail performers • Stores that excel online had a bumper Christmas • Those without a multichannel strategy struggled to keep up • Multichannel was key to driving growth
- 16. Retail performers • 7% overall sales growth and 28% online • 70% growth in ‘Click and Collect’ utilising Waitrose • 1/3 customers who used ‘click and collect’ bought additional items in store
- 17. Retail performers • Like-for-like sales for the three weeks leading up to 28th December rose 7.3%, with online sales up by almost 58% • ‘Buy and Collect’ stores growing and evolving
- 18. Retail performers • Online sales grew to 46% • ‘Click and Collect’ accounts for 1/3 of business • Partnership with eBay
- 19. Retail performers • Over 50% of stores were down on week of Feb 8th compared to the same week last year • Online sales were up by 17.7%, helping the company to post a 3.3% sales rise in the week
- 20. What are they doing better?
- 21. What are they doing better? Budget Planning Channel Optimisation Supporting Performance Media Trading Analytics
- 22. Marketing budget planning Display Social
- 23. Budget calculator • Completely revised budgeting process – significant investment in targeted display (previously understood not to work)
- 24. Budget calculator • Cut 25% of the overall budget with a goal to minimise the impact on performance
- 26. Channel optimisation • Quality, granular performance data is far more important than the choice of optimisation or automation tool • 15-30% improvement in performance just by using attributed data • Even channel optimisation has to take some account of customer journeys and the relationships between channels
- 27. Supporting performance media Everyone grows harmoniously together
- 28. Affiliate founding principles • Introducing visitors • Monetise content sites • 100% performance marketing • Networks to make the process efficient • Compromise - One click wins!
- 29. Affiliate marketing reality • All focus on the bottom of the purchase funnel • Crowded market driving down margins • No reason to contribute to the top • Limited top funnel marketing often managed directly between Advertisers and Publishers
- 30. Rediscover the dream • Payments made on attributed sales • Attribution across device • Attribution across online and offline
- 32. Conclusion “Is it worth it?”
- 33. Conclusion Measuring the Modern Shopper - the key to success
- 34. Thank you for listening Questions Measuring the Modern Shopper Performance Marketing Insights
Notas del editor
- What to say Lets look at some really high level evidence I have taken a look at some high street retailers and their results during the Christmas period Here are some of the star performers and some of the reasons that have identified for their excellent performance Clearly this is not detailed or exhaustive study but there is a satisfy correlation and alignment of those that are growing and prospering and those that are embracing the challenge of omnichannel
- Modern shopper o Little loyalty o Transacts when and where it suits them o Influenced by many media, social media, offers, deals and experience o Many devices o Success stories of today are complex multi channel businesses What to Say Modern shopper more demanding than ever - high expectation and who quickly responds to the good and bad experiences that they have during their consuming journey. No longer satisfied by the finding what they want a good price The behaviour of the modern hopper They will use lots of online devices They will use apps They will click and collect They will order in store and take delivery at home They will use a market place of it suits them and They The number and complexity of the marketing channels and marketing options The complex consumer is moving faster and seeing more media than ever Measurement is crucial
- What to say Lets look at some really high level eveidence I have taken a look at some high street retailers and their results during the Christmas period Here are some of the star performers and some of thereasons that have identified for their excellent performance CLearley this is not detailed or exhaustive study but there is a satisfy correlation and alignment of thise that are growing andpropserin and those that are embrassing the challenge of Omni channel
- What to Say The change that has happened and the scale of the new challenge can be illustrated using a trusty rubiks cube analogy. In the past where businesses could be really successful by focusing on a single sales channel and a limited set of marketing channels. The ioptimisation challenge was like solving a single side of the rubiks cube. The twists and changes that you made clearely impacted other side of the cube but in the scale of this those things were not important to your success. All the company want was performace in the limited sales and markering channels they focused on The challenge now with consumers dictating that you have to partipate in lots of sales channels Combined with you actuall marketing in in more channels. The puzzle switches to full challenge of the Rubiks cube where changes that solve one issue can have a direct impact on other channels and where a more complex overall strtagey is required. It is solving the this highly multiple dimensional puzzle that DC Storm is al about with our measured success proposition
- Objective Measurement Hub eco system – Argument Structure Here is a simple diagram to give you a sense of how the Measurement Hub eco system Data on the left relating to lots of different channels Measurement hub in the middle that consolidates an djoins the data Attribution engine that applies the attribution model to the data in near realtime Set of audiences to the right that get the output of the anaysis Potential systems that cab be powered by the data With the findings of the strategic review firmly in our mind we set out to get DC Storm ready to realise our global potential 2012 we reviewed the business and concluded:- Global potential Preparing the business for scaling Proved go to market and delivery Options for scaling fast Key basic attributes of the business. Turnover Profit Staff Offices, Why we are talking to you We have a really hot proposition that is proven It can scale and grow and diversify but in order to maximise the potential we need investment/money/other skills/
- What to say Lets look at some really high level eveidence I have taken a look at some high street retailers and their results during the Christmas period Here are some of the star performers and some of thereasons that have identified for their excellent performance CLearley this is not detailed or exhaustive study but there is a satisfy correlation and alignment of thise that are growing andpropserin and those that are embrassing the challenge of Omni channel
- What to say OK, its anectdotal eveidence, let drill in a little more and see what is is that these retails that are joing the dots with measurement systems are ale to do and how this is ttranslating into results For the moment lets imagine that the challenges of producing a brilliantMeasurement hub that has a complete view of the marketing and trading of a multi channel business. What can it be used for that makes a real difference? What is it the data driven Omni channel business has that the other don’t have:-
- What to say Budget planning is often where the really big gains lie Most businesses retain a budget planning process that is based on what was spent last year. There is often a process to try and reflect strong feeling of success or failutre of particular campaigns of channels but the basis model for the new year undoubtedly The Business with a real view of all marketing performance can start the process from the position of know not only what they did last year but how it performed. The result is not always as dramatically different as you might imagine but the reality is that shifting budget from a channel that doesn’t’ work to one that does and which is complemented and supported by the other channels, transforms overall performance massively. Take a look at this simple model that illustrates the impact of a really killer budget change. It is impossible to identify a meaningfully average or typical improvement that can be made by shifting budget between channels howvere:- In businesses where single digital improvements in performance have a direct correlation with significant share price increases, the regular budget shidts and spend increases that we power BUdgetting is a really complex process because of the interaleted issues of stock availability but here are some straight forward examples of budget changes that wehave been involved in :- HoF – Powering a completely revised budget process that has included significant investment in prospecting display that had previously never been justifyable. Play.com – Channle valuation tht has given them confidence and information to support a tripling of makrreting budget. A move that directly relates to their understanding and confidence in marketing performance Unnamed retailer that is struggling and actually wanted to minimise the impact of cutting budget. A less exciting but equally important process It is impossible to identify a meaningfully average or typical improvement that can be made by shifting budget between channels howvere:- In businesses where single digital improvements in performance have a direct correlation with significant share price increases, the regular budget shidts and spend increases that we power
- What to say Ironically it is channels optimisation that often drove businesses to implement more sophisticated measurements systems. Even within a channel there are acivities or keywords that were contributing in a way that is not reflected or captured by last click wins or some of the Paid Search is a great example because it is an area where there are lots of agency and technology proposition that are all about optimisation. In the last five years there have been a series of key optimisation propositions that have Porfolio management of keywords Demand driven optimisation Offline driven
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- Sam - omething that suggest the funnel and only the bottom being important Target funnel is great. Fit it in the text
- What to say With a Measurement Hub that is fully populated with all of the marketing touchpoints, all of the sales and all of the tracked website and app events, the relatively simple addition of a stock feed and order processing feed quickly turns a marketing oriented solution into a fantastically powerful trading tool. In the world of luxury fashion, brand is what really matters and the understanding the brands that are hot now and in the assendency is crucuial to success. Most retails treat the issue as a creative or taste challenge but our data driven Omni channel trader has Harvey Nichols - With a complete view of all transactions and all marketing touchpoints it is
- Presenter is Lewis Lenssen Date is today Audience is Macmillan Science and Education It isn’t a client presentation