hack your customer's journey - connect the data you already have to increase your marketing roi
TRANSCRIPT
Hack Your Customer’s Journey:Connect the Data You Already Have To Increase Your Marketing ROI
Emperitas Webinar March 31st 2016
www.emperitas.com / 801.810.5869 / 4609 South 2300 East Suite 204, Holladay, UT 84117
Hi, I’m Luciano Wheatley Pesci…
Founder & Director, Utah Community Research Group (UTAHCRG), Univ. of Utah
• Teach microeconomics, statistics, applied research & data analytics, and American economic development & history.
Co-Founder and CEO, EMPERITAS
• Team of analysts, data scientists, and economists who find actionable business intelligence through marketing analytics and agile research to help our clients beat their competition.
2
My Basic Argument Today…
• The Customer Journey Map: if you’re going to attract the most valuable customers you need a plan.
• Purchase & Your CRM: start with purchase data to identify your target customers, then work backwards through their journey.
• Consideration & Competitive Intel: understanding a purchase requires knowing what your competition is offering.
• Awareness Channel Mix: there’s a mix of advertising that made your target customers aware of you.
• Add Agile Research: data doesn’t tell “why,” for that you need research.
3
What Is The Customer Journey?
• The Customer Journey is a framework for understanding the important steps
a person goes through, from being unaware you exist to making a purchase.
• “Customer experience” is the portion of the journey after
purchase and includes satisfaction, retention and brand advocacy.
• But first you need to convert them into a customer…
5
Why You Need to Map the Journey
• The purpose of mapping the journey is to learn the
channel mix, messaging, product features and pricing
that attracts the most profitable 20% of your customers.
• The more detailed you make your map the better, but
start broad and refine down. It doesn’t have to be perfect
to begin with, it just needs to be better than before.
6
Three Simple Steps To Start Mapping
1. Awareness: customer realizes they have a need
and begins actively looking for a solution.
2. Consideration: customer learns about you, your
competitors, and the market available to fill their need.
3. Purchase: customer weighs all the information
and makes a purchase (hopefully with you).
7
Flip The Order To Maintain Focus
• Even though the customer moves sequentially from
awareness to purchase, you should flip your mindset.
• Start mapping from a purchase and reverse engineer
to consideration and then awareness.
• This can be done by connecting the data already available
to you and through primary research.8
The Data Crossroads of the Organization
• The CRM is becoming the central data depository
at many organizations, bridging information from
marketing, sales, customer interactions, and finance.
• Because the CRM is customizable to the organization
it can be messy data, requiring cleaning and reformatting
before being useful for ROI focused analysis.
10
Finding the Profitable 20% In Your Data
• Ultimately your marketing ROI depends on acquiring the most profitable customers,
which means they provide the highest sales at the lowest acquisition cost.
• If your CRM has financial data on customers, like order
history and amounts, you can calculate lifetime value for
each customer and segment the top 20% as your target.
11
Profit = (sales) - (cost of acquisition)
The Next Step, Consideration
• With your target customers in hand (the 20%) you
can move backwards to the customer’s consideration
stage of the journey.
• You weren’t the only solution your customers looked at,
so your map needs to be clear about all options that
were available.
13
Competitive Data Gathering
• Your CRM may already have data on alternatives your target
customer’s considered before making a purchase with you.
• If you don’t have that data, it’s never been easier to find
out what your competition is doing, especially online.
• Their marketing mix, messaging, product features and
pricing can be aggregated using various tools.14
Sizing Yourself Up
• Once you understand the competitive landscape, turn to your own consideration
marketing data like Google Analytics, A/B tests, lead forms, email tools, etc.
• Your website can be a goldmine of data if you’ve setup tracking,
by integrating to your CRM you’ll get individual level insights.
• Build a custom dataset for any offline marketing.
15
Winning At Consideration
• The goal of connecting the consideration data to a purchase is to identify the
messaging, product features, & pricing that converted your target 20% during
this part of their journey.
• The next (and final) step is to learn where
the 20% customer target came from…
16
Online Awareness Data Is Robust…
• Online channels like search and social are extremely easy to track
through the use of custom links, website behavior tracking, and
conversion pixels.
• To get insights at the individual customer level you need
to use code like analytics.js, this can be easily passed
on to your CRM.
18
…Offline Awareness Data Is Tougher
• Offline channels are harder to track, but can be done with custom data creation.
• Word of mouth is still the most important of these, and the
hardest to measure unless you use social media as a proxy.
• The benefit of this method is that it can be added directly
to your CRM without code or complicated integrations.
19
Your First Data Map
• The point of analyzing online and offline awareness data is to learn the channel mix
attracting the target customers who made it through consideration to a purchase.
• Mapping the customer’s journey with your marketing data
shows what happened but not necessarily why it happened.
• Primary research can be used to hack their journey…
20
The Benefits of Adding Research
• If your data isn’t connected at any stage of the journey you’ll be forced to use aggregate
values and research to connect insights.
• Even with a highly integrated system from ads to your CRM,
research adds depth and precision of your data insights.
• Focus on learning the “why” behind your target
customers decision to purchase.22
Use Agile Methods
• Agile research was inspired by product development methods and uses two-week
sprints tied to small, clear business goals.
• 8x faster and ensures the information you’re uncovering is used,
and validated, immediately rather than after months of delay.
• Forces you to be concise with the insights you deliver.
23
How To Get Your Hands Dirty
• Don’t reinvent anything. Internet searches can uncover a wealth of secondary
information. Use social media to find qualified leads, including competitors’ customers.
• Conduct qualitative research (customer interviews)
before any quantitative surveys.
• Think broad, mine deep, explain simply.
24
The Conversation Doesn’t Have To End Here…
[email protected] / 801-810-5869/ EmperitasSG / 4609 South 2300 East Suite 204, Holladay, UT 84117