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Inspire 2014 – Room & Board/Experian Marketing Services: Furnish a Room Full of New and Loyal Customers with Consumer Insights and Analytics

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Learn how Room & Board, a leading home furnishings retailer, increased customer loyalty and sales using advanced analytics and Experian Marketing Services’ data. By layering deeper insights such as …

Learn how Room & Board, a leading home furnishings retailer, increased customer loyalty and sales using advanced analytics and Experian Marketing Services’ data. By layering deeper insights such as life event triggers that may stimulate new furniture purchases across their CRM database, Room & Board was able to refine their customer segmentation profiles and drive more effective marketing retention and acquisition strategies. Join the session and discover how customer data and predictive analytic techniques can power your customer development and growth strategies.

David Williams, Senior Marketing Analyst, Room & Board
Bill Schneider, Solutions Support Consultant, Experian Marketing Services

Published in: Technology, Business

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  • 1. #inspire14 Furnish a Room Full of New and Loyal Customers w/ Consumer Insights & Analytics Bill Schneider Solutions Support Consultant Experian Marketing Services Dave Williams Senior Marketing Analyst Room & Board
  • 2. #inspire14#inspire14 Get to know … • National retailer of modern American- made home furnishings and accessories • Founded in 1980 with a passion to help customers furnish homes they love • Philosophy: Great design should be beautiful, affordable and long-lasting • Core Values: American made, sustainable design, natural materials, value and exceptional customer service
  • 3. #inspire14#inspire14 Get to know … • 12 store locations • 2 additional stores opening this year in Boston, MA and New York City
  • 4. #inspire14#inspire14 Best customer Engage them in their preferred channels Identify and profile your best customer Find more of them Get to know …
  • 5. #inspire14#inspire14 The evolution of marketing analytics
  • 6. #inspire14#inspire14 Before … “Back of the card” statistics • Hits • Batting Average • Homeruns • RBIs The evolution of marketing analytics After … Uses Sabermetrics • OPS • WAR • VORP • Runs Created
  • 7. #inspire14#inspire14 The evolution of marketing analytics TB x (H + BB)Runs Created (AB + BB) =
  • 8. #inspire14#inspire14 1. When to grow? 2. How to grow? 3. Who to grow? 4. Where to grow? The application of marketing analytics
  • 9. #inspire14 When to Grow? Plan marketing initiatives around your customers’ lives
  • 10. #inspire14#inspire14 When to Grow? Analytics objective: Introduce consumers to the Room & Board brand during key times in the buying cycle when they are most likely to be in the market for a furniture purchase
  • 11. #inspire14#inspire14 What you don’t know can hurt you When to Grow? • How do life events correlate with furniture purchases? • How can we use data to identify an impending furniture purchase?
  • 12. #inspire14#inspire14 Before … Marketing messages are randomly delivered • Hopeful of timely arrival When to Grow? After … Marketing messages are synchronized • Optimally timed • Pre-cognizant
  • 13. #inspire14 How to Grow? Be committed to a truly analytical approach to customer acquisition
  • 14. #inspire14#inspire14 How to Grow? Analytics objective: Increase market share through a data-driven targeting and customer acquisition strategy
  • 15. #inspire14#inspire14 Fish where the fish are How to Grow? Customer acquisition is an iterative process: • Segment your preferred audiences • Learn everything you can about each audience • Incorporate a multi-channel and multi-touch marketing perspective
  • 16. #inspire14#inspire14 What kind of fish are you? … (1) Corral reef or (2) open sea? … (1) Fast-paced or (2) laid back? … (1) Attack first and ask questions later or (2) negotiate my way out of danger? … (1) Day person or (2) night person? … (1) Hang out with friends or (2) cruise on my own? How to Grow?
  • 17. #inspire14#inspire14 What kind of fish are you? … (1) Corral reef or (2) open sea? … (1) Fast-paced or (2) laid back? … (1) Attack first and ask questions later or (2) negotiate my way out of danger? … (1) Day person or (2) night person? … (1) Hang out with friends or (2) cruise on my own? How to Grow? SEA OTTER
  • 18. #inspire14#inspire14 Before … Undifferentiated approach where everybody looks the same How to Grow? After … We know who we are looking for, and the best way to attract them
  • 19. #inspire14 Who to Grow? Understand how the marketplace is changing and where future sales are likely to come from
  • 20. #inspire14#inspire14 Who to Grow? Analytics objective: Extend the Room & Board target audience by introducing the brand to a “next generation” consumer
  • 21. #inspire14#inspire14 Questions to ask … Who to Grow? • Who is my future consumer? • What do they look like? • Where are they located? • How can I reach them?
  • 22. #inspire14#inspire14 Who to Grow? Ideal “next generation” customers … • Young • College Degree • Living in urban markets • Single/Newly Married • Generations X & Y
  • 23. #inspire14#inspire14 The importance of Millennials … Who to Grow? • Age 18 to 30 years • Account for 15% of U.S. consumers • Grew up during and after internet, social media, & mobile became the norm • By 2020, they will account for nearly one-third of total spending • Despite economic pains, spending has grown by 3% a year (past five years)
  • 24. #inspire14#inspire14 Who to Grow? Translation to Mosaic® USA • F22: Fast Track Couples • F23: Families Matter Most • G24: Status Seeking Singles • G25: Urban Edge • K37: Wired for Success Active, young, upper middle-class suburban couples and families living upwardly-mobile lifestyles
  • 25. #inspire14#inspire14 Who to Grow? Translation to Mosaic® USA • F22: Fast Track Couples • F23: Families Matter Most • G24: Status Seeking Singles • G25: Urban Edge • K37: Wired for Success Younger, upwardly-mobile singles living in mid-scale metro areas while balancing work and leisure lifestyles
  • 26. #inspire14#inspire14 Who to Grow? Translation to Mosaic® USA • F22: Fast Track Couples • F23: Families Matter Most • G24: Status Seeking Singles • G25: Urban Edge • K37: Wired for Success Younger, up-and-coming singles living big city lifestyles located within top CBSA markets
  • 27. #inspire14#inspire14 Ideal “next generation” customers … • Young • College Degree • Living in urban markets • Single/Newly Married • Generations X & Y Who to Grow? Strategy … • Target young professionals, early in career to “come grow with us” • Price sensitive messaging with emphasis on living space considerations and furniture design elements
  • 28. #inspire14#inspire14 Before … Ride the current customer wave until it crashes – which we don’t know when will happen Who to Grow? After … Ride a series of waves with foresight as to what may happen next – have resources on the lookout for the next big wave
  • 29. #inspire14 Where to Grow? Align your customer acquisition and development strategy with retail expansion goals
  • 30. #inspire14#inspire14 Where to Grow? Analytics objective: Identify metro markets that are most desirable for future expansion
  • 31. #inspire14#inspire14 When the growing gets tough, the tough get growing Where to Grow? Many analytical factors play into retail expansion decision making … • Incorporate your customer acquisition and retention strategy into the market planning process • Utilize CRM data to gain insights into the characteristics of customers within proximity to new site locations • Layering attributes onto customers using Alteryx
  • 32. #inspire14#inspire14 Before … Real estate parameters primarily drive store location decisions Where to Grow? After … Customer data and insights play a key role when evaluating new store locations
  • 33. #inspire14#inspire14 • Go beyond “Back of the card” statistics • Leverage analytics to identify trigger events • Upgrade and polish your market segmentation strategy • Look ahead to target the “next generation” customer • Customer insights are key to market planning initiatives Summary
  • 34. #inspire14 THANK YOU!