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#MITXData "Predictive Analytics for Marketers" presented by IDC
 

#MITXData "Predictive Analytics for Marketers" presented by IDC

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-Gerry Murray, Research Manager, CMO Advisory, IDC ...

-Gerry Murray, Research Manager, CMO Advisory, IDC

How did a major sports and entertainment website boost subscription revenue by 45% without increasing its marketing spend? How did one of the web's most popular financial services sites drive $10Ms of new revenue with simple changes to its user experience? How did a major enterprise software vendor add 200M EUs of revenue without adding sales staff? With predictive analytics for marketing of course. During this session, Gerry Murray (Research Manager, CMO Advisory at IDC) will reveal how to start and grow an analytics team; how to identify the best applications for measurable impact; how to assess and manage issues on the critical path for successful analytics; and how to nurture cultural acceptance of the analytical approach to marketing and sales.

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  • 78462848  
  • #78490766 , 75675604  , 150853276  Like a chef managing their food suppliers from season to season, you have to understand that conditions are always changing in your data supply chain. New data types become available, different regional regulations be triggered, fields and formatting can change, you may acquire a company with a completely incompatible data structure. Your best customer data may be outside marketing Be part of the data stewardship process. If there isn't one you'll need to get one set up or you will not survive long.

#MITXData "Predictive Analytics for Marketers" presented by IDC #MITXData "Predictive Analytics for Marketers" presented by IDC Presentation Transcript

  • Predictive Analytics for Marketers Managing the Restaurant at the End of the Big Data Universe
  • Agenda  Examples of Business Impact  Intro to Predictive Analytics  Data Driven Deals  Four Stages of Data Driven Maturity  Managing Predictive Analytics • Suppliers • Staff • Models • Customers  IDC recommendations  Q&A 2© IDC 2013
  • The Business Impact of Predictive Analytics  A major enterprise software vendor added 200 million Euros to its revenue line 3© IDC 2013 €200M Return Incremental Sales/Mktg Spend € €
  • The Business Impact of Predictive Analytics  An intern using a .edu license for analytical software doubled the conversion rate from sales lead to oppty justifying a seven figure investment in analytics and data infrastructure 4© IDC 2013 200% Return % $ Incremental Sales/Mktg Spend
  • The Business Impact of Predictive Analytics  One of the Web's most popular financial services sites drove $10 million of new revenue with simple changes to its customer experience road map. 5© IDC 2013 $10M Return $ $ Incremental Sales/Mktg Spend
  • The Business Impact of Predictive Analytics  A major sports and entertainment Web site boosted subscription revenue by 45% without increasing its multi-million dollar marketing program spend 6© IDC 2013 45% Return % Incremental Sales/Mktg Spend $
  • 2.15 1.92 2.42 2.33 2.40 2.62 2.78 2.13 3.23 CLV data Proposal data Deal data Sales outreach Sales forecast Sales qualification steps Sales revenue potential Inbound/social Outbound campaign performance Four Stages of Data Driven Customer Creation 7© IDC 2013 Q. How effectively is marketing able to use the following data sources to inform marketing decisions? Very Ineffectively Very Effectively EffectivelyIneffectively Stage One: Mktg Funnel Stage Two: Sales Pipeline Stage Three: Finance Stage Four: CLV Source: IDC 2012
  • Maturity Model for Predictive Analytics 8© IDC 2013 Departmental Enterprise Strategic Tactical Levelofimpact STAGE ONE – START SMALL Marketing driven by marketing data alone. Limited to response based decision making. STAGE TWO – CONNECT TO SALES Add data from sales. Marketing driven by sales pipeline performance. Conversion based decision making. STAGE THREE – MEASUREABLE SUCCESS. Revenue based decision making. Add data from finance, fulfillment, an d services. Marketing driven by strategic business objectives. STAGE FOUR – MARKET MASTERY. Profitability based decision making. Add data from support and account mgmt. Marketing driven by customer lifetime value (CLV). Scope of Data Availability Source: IDC 2012
  • Manage Your Suppliers Staff Your Kitchen Develop Your Menu Serve Your Customers
  • 10 Manage Your Suppliers Staff Your Kitchen Develop Your Menu Serve Your Customers © IDC 2013
  • Manage Your Suppliers  Get to know your suppliers and their production processes. • Where and how often do they source their data? • What are their QA processes? • Synchronization  Make sure they keep you informed of updates and changes  Differentiate your data from general customer data if necessary  Communicate quality data story to your customers 11© IDC 2013
  • 12 Manage Your Suppliers Staff Your Kitchen Develop Your Menu Serve Your Customers © IDC 2013
  • Getting Started (2 ppl)  You can start with a small team  Keys to success • Select small scale starter projects • Work within your own domain • Stealth mode 13© IDC 2013 Marketing Ops Mgr + Intern
  • Growing the Team (15 ppl) 14© IDC 2013 Marketing Ops or Sales Ops Systems (6) Manage marketing automation, cam paigns, and the CRM interface Data (3) Marketing data quality, governan ce, and record enrichment Analytics (2) Statisticians doing descriptive and predictive analysis Process (3) Interface with business sponsors, modeli ng, and marketing operations
  • 15 Manage Your Suppliers Staff Your Kitchen Develop Your Menu Serve Your Customers © IDC 2013
  • 16 Lead nurturing Marketing mix optimization Enhanced lead scoring White space analysis Web UX optimization Social marketing Content marketing Marketing Lead prioritization Sales enablement Opportunity identification Up selling optimization Mktg + Sales Share of wallet Coverage models Territory optimization Pipeline optimization Compensation modeling Sales
  • Territory Optimization 17© IDC 2013 - MFG - TME - High Tech - Financial Service - Government - Retail - Transportation - Media - Energy - Services Summary Analysis  21 Reps  Covering 151 accounts.  Average 7 of accounts per Rep  9 reps cover 7 or more accounts  Average Opp. $ per Rep : $XXM  50% Reps vertically Aligned Account Vertical Note: Each name = territory, each circle = an account. Size of circle illustrates size of Opportunity (AMO) Courtesy of EMC
  • 18 Manage Your Suppliers Staff Your Kitchen Develop Your Menu Serve Your Customers © IDC 2013
  • Serve Your Customers Creating a data driven culture  Respect the cautious, their KPIs are on the line  Expect resistance, especially from the powerful  Let your users be the champions  It’s all about performance but models do not sell themselves  Socialize your success 19© IDC 2013
  •  Find winnable, measurable projects  Engage in controlled exploration  Market the models  Brand your data  Sponsorship and collaboration are essential: • Senior business leader support is key to acceptance and fostering a culture of data-driven decision making. • Data analysts and business users need to be embedded in the team. • Agile process keeps communications open, accelerates delivery, and creates community IDC Recommendations 20© IDC 2013
  • Contact me: Gerry Murray Research Manager IDC CMO Advisory gmurray@idc.com © IDC 2013 21