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Grow Your Business Faster With Customer Analytics

by KISSmetrics on SlideShare on May 25, 2012

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Customer analytics gives us the understanding we need to deepen our relationships with our customers. It’s not web analytics, it’s analytics of our customers.\n
Every business is different, so is every target market. In order to build a deep relationship with our customers (and delight them in the process), we need to have a deep understanding of who they are, how they interact with our business, and what motivates them. If we don’t don’t understand them, we’ll never be able to delight them.\n
Every business is different, so is every target market. In order to build a deep relationship with our customers (and delight them in the process), we need to have a deep understanding of who they are, how they interact with our business, and what motivates them. If we don’t don’t understand them, we’ll never be able to delight them.\n
Every business is different, so is every target market. In order to build a deep relationship with our customers (and delight them in the process), we need to have a deep understanding of who they are, how they interact with our business, and what motivates them. If we don’t don’t understand them, we’ll never be able to delight them.\n
Customer analytics gives us the understanding we need to deepen our relationships with our customers. It’s not web analytics, it’s analytics of our customers.\n
Customer analytics gives us the understanding we need to deepen our relationships with our customers. It’s not web analytics, it’s analytics of our customers.\n
But to really get a deep understanding of our customers, we need to track people instead of pageviews. Otherwise, we’ll have to stitch together random pieces of data which takes a lot of time and leads to poor insights. If you collect user information, you can easily do this with their email or login info. And you don’t, a random, unique ID will work just as well. You don’t need to know who they are, you want to see how specific people interact with your business.\n
The purpose of this side is to give an idea of what a customer profile actual looks like. I’ll point out how we have the email (or a random, unique ID) and basic stats on that person.\n
We need to go beyond tracking customer acquisition and track the entire customer lifecycle. Lifetime value is a big part of this but understanding how people are interacting with our business through the entire lifecycle is even better. We can look for trends for what causes people to begin to disconnect and how people go from stranger -> awareness -> interested -> customer. We can track the entire marketing funnel instead of just the part that involves a purchase.\n
I’d like to show a report of how people are engaging with a business over time. I thought this slide was perfect but I’m open to other ideas.\n
Every year, new social media platforms pop up. Channels are getting more complex, intertwined, and developing at a faster pace. And customers rarely stick to a single channel. They bounce between multiple devices and platforms without even thinking about it. If we only track one channel, we’ll only get a small piece of the user behavior. We need to be able to connect the dots and track customers as they move from channel to channel. Customer analytics provides this.\n
This is to show channels, first and last campaign mediums for each individual purchaser. For solid marketing attribution and channel tracking, we need to know the entire history for how people find our business. This is only possible with customer analytics. \n
This shows how that person-centric historical data turns into aggregate, accurate, actionable reporting for marketing channels. The key is the being able to show last campaign medium by first campaign medium to see what combination of channels resulted in higher conversions.\n
Not only do we need to understand how customers come into our business, we need to know how they move through each step. When we break our marketing and sales funnels into steps and track them, we can quickly see which steps are giving people problems. Right away, we know where to focus our efforts.\n
This shows a funnel, with a selected step segmented by campaign name. Under the “Pageview Checkout” tab, you see the “View the 10,902 people in the step” allows you to view the actual people who completed that step.\n
Once we understand the story of our customers (how they engage, the lifecycle, etc), we can start to take real action that improves the customer experience. We can focus on doing more of what works and fixing what’s broken. This is where we start to see growth in our customer base through faster acquisition and increased retention. We know what they want and we’re giving it to them.\n
We have a list of key events that we expect customers to do. Once we know whether or not customers are doing them, we can quickly find problems (or helpful surprises) and take action to improve the customer experience.\n
Quantitative analysis is great but we need to know how to actually improve our business. Running numbers for the sake of running numbers doesn’t get us anywhere. With customer analytics, we can quickly baseline everything and establish our benchmarks. Then, it’s an easy step to acquire the qualitative insights to know what we should be working on.\n
Knowing how to define customer analytics is great but it’s much more important to be able to use it. So let’s dive into some real-world examples of what customer analytics can do for a real business.\n
The purpose of this slide is to set up the question section. I’ll tell people that we’ll go through a series of questions they’ll face constantly, then we’ll see how customer analytics helps us easily answer them. Basically, this is the intro slide for the questions.\n
Segmenting for customers is one step. The next step is to find trends with your best customers (I’ll probably also give a brief overview of the 80/20 rule). Once you know who they are, you can work to find more of them.\n
Any case study that demonstrates how to segment for the best customers will work. Ideally, something like an above average LTV segment producing a valuable insight that lead to a highly profitable marketing campaign. Segmenting by campaign/traffic for valuable customers would also work but it might overlap with the next question.\n
Which marketing campaigns are working? Which referrers actually send customers (instead of just traffic)?\n
Which marketing campaigns are working? Which referrers actually send customers (instead of just traffic)?\n
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Just about every marketing/entrepreneur has this question. How are customers engaging with your business? Who uses social media buttons, who reads your newsletter, etc? Who uses which features?\n
A case study that shows how insights on engagement led to profitable action would be awesome here.\n
A case study that shows how insights on engagement led to profitable action would be awesome here.\n
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How does a person go from complete stranger to customer? What kind of engagement serves as the tipping point?\n
This case study will probably be a bit more difficult. Insights that helped define the activation for a product might work well.\n
This case study will probably be a bit more difficult. Insights that helped define the activation for a product might work well.\n
This case study will probably be a bit more difficult. Insights that helped define the activation for a product might work well.\n
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Since I already covered some material of the customer lifecycle, this question should be straightforward. When we understand the entire lifecycle, we can figure out how changes impact it (instead of just the next conversion).\n
A case study showing how product/marketing changes improved the next micro-conversion (CTR or something) but reduced lifetime value would be perfect. The opposite would also work (lower CTR but higher lifetime value).\n
A case study showing how product/marketing changes improved the next micro-conversion (CTR or something) but reduced lifetime value would be perfect. The opposite would also work (lower CTR but higher lifetime value).\n
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Which content actually matters? Which static pages do people find valuable? What blog/podcast/videos to people enjoy? The goal of content is to build trust and relationships with prospects. So which content actually does the job?\n
How we track the content on the KM blog would be a perfect fit for this. Or how we choose the content that will be included in a site redesign.\n
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Theory is great but action is better. So how do we start applying these concepts to our own business? \n
For a business just starting the customer analytics path, data is probably spread out between different people/departments and different software. The first step is to figure out where all of it is.\n
Once you know what you already have, you want to start integrating it around individual customers. In some cases (like Google Analytics) this is going to be pretty difficult. This will probably be the most difficult step (lots of tech challenges) but it’s critical to making the rest of this possible.\n
Once you have customer analytics, start with finding trends with your customers. Where do they come from? How do they interact with you? Your goal is to understand them as deeply as possible.\n
After you have a deep understanding of your customers, separate your best customers and figure out how they differ. You want to know where you best customers come from and what makes them happy.\n
Even customer analytics will only go so far. Start reaching out to your best customers and get to know them on an even deeper level. If possible, ask them out to coffee or lunch. But DONT pitch. This is not a sales call. Ask good questions and listen more than you talk. If you don’t have a way to reach your customers, find people that fit the same profile.\n
I’ll give a brief overview of the process as a whole.\n
Once you have the insights, you need to act on them. Come up with a list of projects, prioritize them, use spit tests and MVPs to test them, then figure out what works. Go through the Build->Measure->Learn process as fast as possible. And with customer analytics, the Measure and Learn steps get a LOT faster.\n
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Grow Your Business Faster With Customer Analytics Presentation Transcript

Grow Your Business Faster with Customer Analytics Lars Lofgren Marketing Analyst - May 2012 info@kissmetrics.com - Confidential - Do not distribute
BUSINESS DEPENDS ONRelationships
“In this age of the customer, the onlysustainable competitive advantage isknowledge of and engagement with the customer.”
If you build better and deeperrelationships than your competitors, you will win.
To build a relationship with ourcustomers, we need to know who they are.
CUSTOMER ANALYTICS Tells Us
WEB ANALYTICSDoes Not
Focus on people Track people, not pageviews. Use random IDs if needed.
Reports on people
Customer lifecycleGet a complete picture of how customers interact with your business, from the first touchpoint to the last.
Engagement over time“IT’S NOT JUST ANONYMOUS NUMBER...THESE ARE PEOPLE AND I CAN ACT ON THAT.”
Multiple channels Customers use many different channels, tracking should too.
Multiple people, multiple channels
Which channels matter?
Customer flows Know who made it through a funnel and where people are getting stuck.
Data that matters You’ll get data that is easy to take action on because it tells the story of your customers.
Every point of engagement
Bridge the gap Baseline your metrics so you know how you are doing. Then easily find the opportunities so you can understand how to improve.
HOW DOES ITWork?
Real questions, real answers Let’s go through questions we all have about our customers and see how customer analytics gives us the answers.
Who are my most valuable customers?
Most valuable customers
Most valuable traffic sources“ITS EASY TO KNOW WHICH REFERRAL SOURCES TO FOCUS ON TO ACQUIRE THE TYPES OF CUSTOMERS I WANT.”
Most valuable markets
Actionable Find out how to acquire more valuable people based on where they come from and who they are.
Who is doing what?
“I SAW A USER HAD WAY MORE ACTIONS THAN ANYONE ELSE AND I WAS ABLE TO LOOK HIM UP AND REACH OUT AND TALK TO HIM.”
Most engaged markets
Actionable Determine why certain people are highly active by identifying and analyzing their behavior.
What encourages someone to become a customer?
Search for your main goal
Get a complete list of people
Start with individuals
Actionable Search for and analyze individual profiles to learn what actions come before your goals. Then get other people to do those things.
What does my entire customer lifecycle look like?
Variation B performs best for key funnel
Variation A results in more revenue“RUN A/B TESTS AND SEE HOW IT AFFECTS ALL OF YOUR KEY METRICS.”
Actionable Measure the entire customer lifecycle so you are making decisions based on a complete view of all your metrics.
What content causes people to come back to my site?
Return visitors
Actionable Distribute, share, and promote the content which creates more loyal readers.
TIME FORAction Steps
Step 1 Find where your data is and who has ownership of it.
Step 2 When possible, integrate your data around your customer.
Step 3 Look for trends by working backwards. Focus on your customers.
Step 4 Once you understand your customers, look for trends from your best customers.
Step 5 Get qualitative, reach out to your best customers (or people like them).
Action Steps RecapHow to start using customer analytics1) Find your data2) Integrate your data around your customer3) Find customer trends4) Find trends with your best customers5) Reach out to your best customers
REMEMBER TO Act
Q&A Time! Lars Lofgren llofgren@kissmetrics.com @larslofgren

Grow Your Business Faster With Customer Analytics

by KISSmetrics on SlideShare on May 25, 2012

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Grow Your Business Faster With Customer Analytics Presentation Transcript