The Paradox of the Empowered Consumer - Tim Suther, Forrester Customer Experience Forum June 2012 - #outsidein #CX

THE PARADOX OF THEEMPOWERED CONSUMER…IMPERATIVES & OPPORTUNITIESTIM SUTHERCHIEF MARKETING & STRATEGY OFFICER, ACXIOMRICHARD CHARGLOBAL HEAD OF INFORMATION SERVICES, GLOBAL ENTERPRISE PAYMENTS, CITIFORRESTER CUSTOMER EXPERIENCE FORUM, JUNE 2012 ®

THE PARADOX OF THE EMPOWERED CONSUMEREmpowered consumers have unlimited choice & information> New opportunities for engagement> But, disruptive to loyalty & margins 2

THE PARADOX OF BIG DATAThe world’s most valuable firms use “big data” to drive value> But, most value has come at the expense of brands> Brands need to develop & control customer insight …or be prepared to be the highest bidder for it 3

IMPERATIVE: YOUR MULTIDIMENSIONAL INSIGHT> No one signal consistently describes or predicts consumer behavior> Activate & evaluate these signals at scale, with speed 4

IMPERATIVE: INSIDE OUT> Invest proportional to customer value> Then, find those who think, look, or act like your best customers 5

IMPERATIVE: OUTSIDE IN> Digital data is reaching a fraction of its potential> CRM & traditional media need digital insights 6

IMPERATIVE: INTERSECTION OF INSIGHTS> Brand customer insight + media contextual insight = maximum value> Identify & protect your data rights 7

IMPERATIVE: TRUST> Sensitive data is the most valuable> Provide clear value exchange, transparency & choice …or risk the wrath of consumers, regulators, litigators & activists 8

3 BIG OPPORTUNITIES:> Improve marketing ROI: + 15-30%> Improve customer gross margins: + 10-15%> Improve pricing power: + 5-7% 9

INTRODUCING RICHARD CHAR Citi Enterprise Payments Lifestyle Enabled Marketing: Big Data Analytics for Consumer Relevancy & Engagement

Cookies EnabledMarketing in the Real forThen Came Cookies and Dynamic PayWorld?Remember Static Measurement → ContentPerformanceWeb-Like 1-to-1 Banner Ads? Dynamic content Commission-based business models Cookies? 11

Lifestyle Enabled Marketing (LEM): A More Complete View ofYour Customers Do you understand your current and potential buyers as a… CUSTOMER? CONSUMER? PERSON? You know what you But what did she buy with And what information sold to the customer the other merchants she is she revealing about and her service history frequents? who she really is? 12

LEM: Model-Driven Targeting of Prospects and ExistingCustomers • Getting married / divorced LIFE • Having a baby / new child EVENTS • High school / college graduation • Change of job type / occupation INFREQUENTLY • Change of residence OCCURRING • Starting a new business • Accelerated spend in auto repairs TRANSITIONAL • Environmentally conscious spend AND DAILY ACTIVITY • Technology spend 13

Leveraging Big Data and Advanced Analytics An unmatched collection of filtered and analyzed to and distributed through …allows institutions todata from multiple sources… generate targeted offers... Citi’s “touch points”… optimize marketing and increase revenue CITI ANALYTICS, Citi Data SPEND PATTERN-TRIGGERS, Citi Data FILTERS, ETC. Client Data Offers 14

The Problem with Email OffersTo date, LEM offers have been emailed. But . . . Customer opt in required to email Low open rates Why? Mistaken for spam. When I am on my computer, I am busy with other things. Offers not contextual. Not convenient to redeem. Wrong place, wrong time. “Empower me as a consumer.” 15

16 eVOUCHERS PUSH OFFERS The Solution: Mobile Offers eCOUPONS PULL OFFERS

Analytics Paradigm Shift One Offer, Which Customers? One Customer, Which Offer? 17

Big Data, Big Analytics, One Offer LOCATION ACTIVATE DEMOGRAPHIC • Entering a GeoFence • Time of Day • Gender • Entering an Overlapping • Day of the Week • Income Level GeoFence • Seasons, Holidays • Age • Leaving a GeoFence • Etc. • Persona • Frequented GeoFence • Open to Buy • Etc. • Number of Tx. • Average Tx. Size • Etc. EXPRESSED PREFERENCES SPEND HISTORY MOBILE APP HISTORY • Opt-Ins • Transaction Type • Offers Searched / Pulled • Preferences • MCC • Offers Opened • Location • Offers Activated • Frequency • Offers Redeemed • Etc. • Offers Expired • Voucher Wallet • Frequency • Etc. 18

Summing it up The era of the empowered consumer: 5 imperatives drive 3 payoffs Lifestyle Enabled Marketing transforms customer engagement 19

Thank You Richard Char Citi Enterprise Payments 485 Lexington Avenue New York, New York 10017 phone 212-783-4924 richard.j.char@citi.com 20

https://si0.twimg.com	3
http://pinterest.com	2
http://www.linkedin.com	2
http://us-w1.rockmelt.com	1
https://twimg0-a.akamaihd.net	1

The Paradox of the Empowered Consumer - Tim Suther, Forrester Customer Experience Forum June 2012 - #outsidein #CX

by Acxiom Corporation on Jun 26, 2012

Accessibility

Categories

Upload Details

Usage Rights

5 Embeds 9

Statistics

The Paradox of the Empowered Consumer - Tim Suther, Forrester Customer Experience Forum June 2012 - #outsidein #CX Presentation Transcript