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Winning with Big Data 10:30-11:30am NCDM13

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Data Driven Marketing Strategies & Innovation Track …

Data Driven Marketing Strategies & Innovation Track

Speaker: Thad Kahlow, CEO, BusinessOnline

Can you truly tell the marketing ROI for every channel and every program? It’s a new age for Marketers where this is possible – but how to get started, and which attribution model is right for you?

Today’s Modern Marketers face big attribution challenges. You have a myriad of online and offline channels – and just as many databases. And maybe you have a high-consideration product, with a long complex sales cycle, that requires buy-in from multiple people. Join this session to learn the top 3 company-level attribution models and how you can identify the best one for you, how to uncover real values by uniting many interactions and many data systems and what to expect from a cost, staffing, time and energy standpoint, and how to get started.

Published in: Technology, Business

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  • 1. Winning with BIG DATA Drive Marketing ROI across all Channels & Campaigns @tkahlow @BOLoptimized
  • 2. Why Big Data? Why now? ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Pace of change… + Companies: Large and small… + Industries: Old & young + Customers: b2b, b2c, male or female, rich or poor… + Change, big change…
  • 3. Enterprise Value Paradigm Greatest Company Asset… Customer Relationship
  • 4. Not Product Not IP Not Brand
  • 5. Age of the Customer “Empowered buyers, disruptive digital innovations…erase traditional competitive advantages…the next wave will come from deep customer knowledge, engagement tied to the buyer's timing, and actions based on an obsessive desire to deliver what your customers want before your nearest competitor does.”
  • 6. I’m Thad Kahlow @Tkahlow ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + + + + + + CEO BusinessOnline 14 years Digital Marketing B2B/B2C High Consideration- lead to sale B2B Magazine Interactive Agency year Top Agency: 3 Consecutive years… Thrilled to be here today!
  • 7. Allow me to Digress…
  • 8. CEO: New normal ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// CEOs operate in a substantially more “volatile, uncertain and complex world” -IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide.
  • 9. Solution CEO ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// “CEOs believe #1 goal is to get closer to customer” -IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide. Re-Invent Customer Relationships: +Adopt new channels to engage & stay connected with customers. +Draw more insight from data…make customer intimacy priority #1
  • 10. Solution CMO ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Deliver Value to Empower Customers + Digital revolution- forever changed balance of power between individual & institution Foster Lasting Connections +Cultivate meaningful relationships…throughout life cycle Capture Value, Measure Results +Justify financial results
  • 11. Simplify please… Why Data? Why now?
  • 12. Because… Customers have control & fundamentals have changed… Barriers to entry are minimal, competition can enter and win quickly… Customer Relationships become our largest asset Data is introduction, enabler & insight
  • 13. Win with Data
  • 14. The Primary Marketing Challenge ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Programs that efficiently and effectively generate leads that turn into sales… yet Majority of marketers do not know which programs produce the leads that turn into sales.
  • 15. Strategy Starts Data Framework ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Close the Loop Close the Loop More Effective Sales Customer Journey Drive Business Performance Attribute Success Attribute Validated Score Personalize
  • 16. Collect & Connect Data throughout Company Buying Journey /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
  • 17. “Great marketers focus on people… their needs, behaviors, intentions, wants… Avoiding the shiny temptations of marketing solely to things – like devices, channels, technologies. Never been more critical… Staying focused on the people and motivations…marketers can catch an incredible wave of opportunity.”
  • 18. Close the Loop Step 1
  • 19. Common Approach to Measurement ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Awareness: PPC , SEO, Display, Social, Email… Awareness Engagement Conversion SALE Usage Engagement: Bounce, Page Views, Visits, Frequency Content Engagement: Newsletters, Blogs, Videos, Webcasts, product pages Conversion: Request a quote, contact, dealer locator, initiated lead, completed lead, registration, #800 Measured in isolation: -Single Channel to Lead : CPL -Silo Engagement: Avg page views
  • 20. Close the Loop w/ Connected Common Key ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Web Analytics + Marketing Automation + CRM
  • 21. Integration Connected Marketing Technology ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Web Analytics Business Systems Channel Data Exact Target Customer Intelligence 22
  • 22. “…companies are seeing an average 15-18% Lift in Revenue… As result of implementing closed-loop & Optimizing” - Tina Moffett, Attribution Analysts Forrester Research
  • 23. Attribute Success Step 2
  • 24. Primary Attribution Model Types ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Single Touch Type Rules-Based Statistically Driven Assigns 100% credit to the last or first exposure Assigns credit to each interaction based on specific business rules Assigns credit to each interaction based on a data driven model  First/Last Touch Approach Basic E-Mail Display Search E-Mail Display Search 33% 100% 33% 33% 27% 49% 24%     Even Weights Custom Weights Time Decay Positioned Based  Regression Model  Probabilistic Model  “Validated Engagement Factors” Advanced
  • 25. Model Pitfalls ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Single Touch Type Rules-based Statistically Driven Pitfall  Ignores the bulk of the customer journey, overvaluing the first or last touch  Undervalues other influencers (and interactions), including sales efforts Basic E-Mail Display Search E-Mail Display Search 33% 100% 33% 33% 27% 49% 24%  Assigns arbitrary values to each specific marketing tactic  Subjective and lacks analytics rigor to determine weights Advanced  Can be more complex & costly to execute  Some Marketers feel uncomfortable with an algorithmic, “black box” approach
  • 26. Validated Engagement Factors (Statistically modeled)
  • 27. VEF Validated Engagement Factor ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// “Historical (validated) review of past behavior… to improve future outcomes”
  • 28. Five Steps Validated Engagement Factors ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 1. Close the Loop: Data house in order: web activity + marketing automation + CRM (sale) in Data Warehouse 2. Determine path to success: what did prospects do before they became clients? 3. Aggregate past (50+) clients- create statistically significant = validated Closed Loop Path to Success
  • 29. Five Steps (Cont) Validated Engagement Factors ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 4. Normalize Connected Data: + Time: Analyze engagement activity over time (12mos) + Normalize: Create a Normalized engagement score across all customers = 100 (mean) + Analyze for Statistically Relevant Insights: Lead engagement scores > 100 Score = + “demonstrating higher likelihood to buy” 5. Turn Insights into Business Opportunities + + + + Content personalization Remarket Click to chat Sales alerts/out reach
  • 30. Company Attribution
  • 31. Company Attribution ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Typically measured @ individual level -YET- + KNOW B2B has multiple influencers in buying journey + For Every known lead, we can have 10+ unknown visitors + Measure, analyze and optimize opportunities at the company level
  • 32. Example Individual vs. Company ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 7 vs. 173 = +24x More successful
  • 33. B2B Sales Funnel Stakeholders in Buying Process ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Engagement Score 1800 1600 1400 1200 Analysts 1000 Marketing 800 IT Team 600 C-Level 400 200 0 Month 1 Mo. 2 Mo. 3 Mo. 4 Mo. 5 Most of these stakeholders were anonymous Mo. 6
  • 34. Personalize to role/need Amazon for B2B/ B2C High Consideration ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + + + + + + Someone in your role In your industry At this stage of buying journey Looking for to solve this specific problem Has found this piece of information valuable All based on past success events SALE General experience Personal experience Convert Increase sales
  • 35. Drive Business Performance Step 3
  • 36. Derive Business Insights From Data ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Identify insights from multiple data sources across the enterprise + Clearly communicate performance at the channel, campaign, and content level + Focus on business decisions instead of wading through low-level marketing analytics data 37
  • 37. Answer the Right Business Questions ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + What is our marketing conversion rate? + What is our sales conversion rate? + What is our lead quality from digital? + What is our return on ad spends? + What are customers engaging with? 38
  • 38. Measure Key Digital and Business Metrics ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Shift your conversations from impressions and clicks to revenue and ROI 266,773 Visitors + Focus on customer activities 4,027 Leads [1.5%] that sell and refine programs + Clearly demonstrate the impact of marketing to the bottom line 208 Buy [5.3%] 39
  • 39. Example Digital & Business Key Metrics ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// A mature digital presence with full customer journey attribution can yield: + + + + + + + Targeted Impressions: ~6M-9M CTR 1%–3% CPC: Avg $1.01 Qualified Visitors: 100ks Lead Conversion: Avg ~6% Cost Per Lead: $20 CPL Lead to Sale: ~6% + Cost Per (offline) Sale: + ~$600 cost/sale (p/unit) + $20M Sales/ $1M Cost + ROI: 1,000+% 40
  • 40. Future… Predictive Modeling /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
  • 41. Sales Effectiveness //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + Give sales the right information to close more business in less time + Sales alerts + Predict who will buy in the future + validated engagement scoring + SALE Establishes predictable, efficient sales path that takes less time
  • 42. Thank You Data Education ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// + + + Data Maturity Model White Paper: Closed Loop Marketing Attribution Webinar: Close the Sales & Marketing Loop @tkahlow thad.kahlow@businessol.com
  • 43. @BOLoptimized