marketing to the price-conscious multi-channel shopper
TRANSCRIPT
Marketing To The Price-Conscious
Multi-Channel Shopper
Erik Charles Senior Director Marketing
CAKE
Jordan Cohen CMO
Fluent
Agenda The Retail Landscape
Marketing Funnel
Engagement Strategies
Customer Lifetime Value
Analytics Don’t Lie
1
2
3
4
5
Q & A 6
Shoppers today are more price conscious than ever!
They are taking advantage of offers
• 80% of American adults with children redeem coupons
• 73% without children take
advantage of offers available to them
…Across all channels
More affluent households ($60k-$80k the most) take advantage of email and mobile
Digital Shoppers take most advantage of sales…they’re your “MVC”s
Tips & Tricks for Growing the Top of your
Marketing Funnel
Tip #1 Make signing up a primary Call to Action
Tip #1 Make signing up a primary Call to Action
Tip #1 Make signing up a primary Call to Action
Tip #2 Everyone Loves a Sweepstakes
Tip #3 Validate All New Sign-ups: Reduces Errors & Optimizes Deliverability
Tip #3 Validate All New Sign-ups Reasons for Data Inaccuracy
Tip #4 Collect the Right Data for Personalization
Don’t collect too much in one bite!
Tip #4 Collect the Right Data for Personalization
Tip #4 Collect the Right Data for Personalization
Tip #4 Collect the Right Data for Personalization
Source: Experian, “Why birthday emails should be a part of every marketer’s program”, July 31, 2014
Tip #4 Collect the Right Data for Personalization
Tip #5 Leverage Innovation In 3rd Party Customer
Acquisition Technology
Registra)on Content
Tip #5 Leverage Innovation in 3rd Party Customer Acquisition Technology
Home Page Registration Survey Full Page Ad
Tip #5 Leverage Innovation in 3rd Party Customer Acquisition Technology
Home Page Registration Survey Full Page Ad
Tip #5 Leverage Innovation in 3rd Party Customer Acquisition Technology
The Omniquire™ Opportunity
Email is the only digital ID tied to a real person
Fluent acquires millions of email opt-ins with full PII and marketing consent
And builds robust profiles by leveraging customizable real-time surveys
And develops deep insights into each individual shopper
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
Omniquire™ approach gives brands touchpoints into every channel
“82.2% of marketers do not have the ability to measure cross-channel performance or return on investment.”
Laurie Sullivan Multichannel Marketing
The Retail Executive’s Priorities
Shopping
Retail Executives are faced with two seemingly conflicting initiatives:
1. Grow top line revenues & Increase the average customer lifetime value
2. Do this with tighter budgets that are under constant scrutiny
Data-driven retailers are 33% more likely to tailor each interaction based
on shopper needs. -Aberdeen Group
What Challenges Do Retailer’s Encounter?
Fragmented Marketing Tech Stacks + Separate Data Silos run by different users = No Cross-Channel Measurement = 1. No Digital Marketing ROI 2. No Lifecycle Marketing 3. No holistic view of all shopper
interactions 4. Inability to address each shopper’s
needs
Data-driven retailers are more successful in meeting customer needs as well as achieving operational efficiencies in their supply chain management activities.” -Aberdeen Group “Data-Driven Retail: The Path To Maximize The Shopper Experience” Report
“ Creatives vs Quants
3 Key Stages of Analysis:
Mobile
Display
Video
Social
Search
Shopping
Affiliate
Engagement
Tracking: 82.2% of performance marketers do not have the ability to measure cross-channel performance or return on investment. Do you track your customers’ journeys? Attribution: $137.5 billion is spent on digital advertising. Do you know the ROI of every dollar you’ve spent? Optimization: Digital interactions influence 36 cents of every dollar spent in retail stores, totaling $1.1 trillion annually. Do you know which channels your customers interact with before they decide to buy?
What needs to change?
• Track the Complete Journey • Anonymous Web Surfing • Prospect Nurturing • Customer Lifetime Value
• Attribution for Every Step • Give credit as appropriate • Don’t lose sight of the value and
cost of each touch
• Measure and Optimize Digital Marketing activity and allocations
Real-Time Actionable Insights Are Paramount
CAPTURE customer feedback and customer BEHAVIOR in real-time. What is an actionable behavior? • Adding an item to a shopping cart • Clicking on an item • Downloading a coupon
RIGHT Person with the RIGHT Coupon
Targeted Campaign Control Target shoppers with real-time optimization of location, device and custom targeting with traffic caps
Voucher Code Support - upload and track unique coupons by source using advanced attribution options.
Applied: Real Time + Coupon Change Retailer notices sunglasses are quickly selling!
Then receives an alert that stock is low: Real-time analytics would allow them to: • Order more to match the demand <or>
• Adjust the price to match the demand (kill the coupon, raise the price) <0r> • Re-Direct to a different product
Marketers need to be Proactive instead of Reactive or their margins will crumble
Tracking the Success of your Offers
The 3 “Cs” – Creative, Channel, Coupon
Deep Dive: How do different combos perform?
Display Mobile Social Search eMail
Creative A Coupon 1
Creative B Coupon 2
Creative C Coupon 3
Applying Deeper Math
Track and Adjust your marketing spend until your TCA is optimized with your CLV. Wait, What?
Know the True Cost of Customer Acquisition
True Cost of Acquisition: The cost of ALL tracked marketing touches a single customer took that generated a lead. Problem: Most firms only measure the Cost of the the last click!
Growing Customer Lifetime Value
• Customer Satisfaction • Good Customers • Tailor Product/Offerings • Good User Experience • Build Habits • Make Metric Driven
Decisions
Calculating Customer Lifetime Value
81% of retail executives would like to improve customer lifetime value” -Aberdeen Group “State of CEM Market 2014: It’s All About Better Use Of Customer Data”
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Mobile
Display
Video
Social
Search
Shopping
Affiliate
Engagement
Ac;onable Marke;ng Intelligence
Bring all Data Together to Make Decisions
Final Step: Keep the Data at Your Fingertips
Key Takeaways:
It’s easiest to grow the top of your funnel by making a good first impression to your audience, and making signing up a primary CTA.
Consumers are more likely to opt-in when the focus is on price, and the content is personal
Check your 3 Cs: Channel, Coupon & Creative
Balance Total Cost of Acquisition with Customer Lifetime Value
Don’t overwhelm users with too many fields, or they will abandon.
Q + A
Erik Charles [email protected]
949.548.2253 x227 Twitter: @erikchaz
www.getcake.com
Jordan Cohen [email protected]
646.647.2967 Twitter: @jcohen808
www.fluentco.com