Personalization - Truth, Trends and Technology
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My presentation from The Festival of Marketing in London, Q4 2014. Looks at the results of digital personalization, the current state of the art and the powerful argument connecting personalized content with future growth.
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Personalization - Truth, Trends and Technology
- 1. Personalization – Truth, Trends and Technology Festival of Marketing Stefan Tornquist, VP Research @MarketingStefan 24 November 2014 Copyright © Econsultancy
- 2. Why bother? 24 November 2014 Festival of Marketing 2
- 3. 60% 24 November 2014 Festival of Marketing 3
- 4. 5% 24 November 2014 Festival of Marketing 4
- 5. 90% say personalization affects their purchases 24 November 2014 Festival of Marketing 5
- 6. Immediate Impact 100%+ 80% 70% 60% 50% 40% 30% 20% 10% - 10% - 20% 24 November 2014 Festival of Marketing 6
- 7. Immediate Impact 100%+ 80% 70% 60% 50% 40% 30% 20% 10% - 10% - 20% Conversion +15% Session Time +20% Login frequency +20% 24 November 2014 Festival of Marketing 7
- 8. Immediate Impact 100%+ 80% 70% 60% 50% 40% 30% 20% 10% - 10% - 20% Conversion +15% Session Time +20% Login frequency +20% R e t a i n i n g C u s t ome r s A l i e n a t i n g C u s t ome r s 24 November 2014 Festival of Marketing 8
- 9. R e t a i n i n g C u s t ome r s A l i e n a t i n g C u s t ome r s 24 November 2014 Festival of Marketing 9
- 10. Creepy and the Bubble R e t a i n i n g C u s t ome r s A l i e n a t i n g C u s t ome r s 24 November 2014 Festival of Marketing 10
- 11. What does personalization mean today? 24 November 2014 Festival of Marketing 11
- 12. 24 November 2014 Festival of Marketing 12
- 13. 24 November 2014 Festival of Marketing 13
- 14. 24 November 2014 Festival of Marketing 14
- 15. But… 24 November 2014 Festival of Marketing 15
- 16. 24 November 2014 Festival of Marketing 16
- 17. A+ 24 November 2014 Festival of Marketing 17
- 18. When is it feasible…how far does the “stack” need to evolve? 24 November 2014 Festival of Marketing 18
- 19. Top 20% Bottom 80% 24 November 2014 Festival of Marketing 19
- 20. Very likely to automate Less likely to automate 24 November 2014 Festival of Marketing 20
- 21. 4.5% average conversion 2.6% average conversion 24 November 2014 Festival of Marketing 21
- 22. 26% more profitable 12% less market share 24 November 2014 Festival of Marketing 22
- 23. Unified (cloud / tagged / BI) Independent 24 November 2014 Festival of Marketing 23
- 24. Does it need to be real-time? 24 November 2014 Festival of Marketing 24
- 25. Yes 24 November 2014 Festival of Marketing 25
- 26. Where + when defines need 24 November 2014 Festival of Marketing 26
- 27. Need defines the customer experience 24 November 2014 Festival of Marketing 27
- 28. What about anonymous visitors? 24 November 2014 Festival of Marketing 28
- 29. 41% can personalize to anonymous visitors…today 24 November 2014 Festival of Marketing 29
- 30. Do we need third party data? 24 November 2014 Festival of Marketing 30
- 31. Do you need third party data? 96% 24% 120% 100% 80% 60% 40% 20% 0% First-party data (i.e. data you own) Third-party data (i.e. data coming from partners and data providers) 24 November 2014 Festival of Marketing 31
- 32. Do you need third party data? 53% 54% 50% 77% 74% 73% 70% 68% 68% 68% 62% 88% 0% 25% 50% 75% 100% Purchase history User preferences (explicit customer preferences, e.g. interests) Behavior on your web properties Browser history (including referrer, search term, ad viewed) Personal data (including name, gender, location) Social graph data 2012 2014 24 November 2014 Festival of Marketing 32
- 33. Only two more slides. 24 November 2014 Festival of Marketing 33
- 34. Internal Shared External 24 November 2014 Festival of Marketing 34
- 35. Art Personalization Math 24 November 2014 Festival of Marketing 35
- 36. Thank You! 24 November 2014 36 Stefan Tornquist VP, research US Econsultancy @marketingStefan
Editor's Notes
- Personalizing beyond the most basic level
- Personalization is fundamental to our strategy Source: Econsultancy, Quarterly Digital Briefing with Adobe, 2014
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Immediate ROI / Conversion rate lift
- Median figures AND slated toward success
- The larger question and one that’s still open…how does personalization affect retention? Should have a positive effect…but in theory there are ways it can c
- The larger question and one that’s still open…how does personalization affect retention? Should have a positive effect…but in theory there are ways it can c
- The larger question and one that’s still open…how does personalization affect retention? Should have a positive effect…but danger in going too far, especially with people you barely know…but that’s not the primary concern BIG problem might be the bubble, where a customer gets content or service that’s so personalized that their relationship with you. Targeting around a life-stage like early parenthood can be very effective, but you need to expand the relationship and be ready to make the leap to other stages/other kinds of relationship
- Personalizing beyond the most basic level
- Explicit – user driven
- Explicit – user driven – great and powerful – but can be too much of a good thing – be smart and judicious about giving control over things like frequency – once you give a specific # you had better stick to it.
- Structured…user driven and fits nicely into a database
- Personalizing beyond the most basic level
- But as time goes on we have less explicit/structured data and more implicit/unstructured data…so we have to be good at picking up cues, learning from them and reacting to them without being weird.
- Personalization based on what we know (as opposed to what they say) IMPLICIT…where/when/search terms/lead score/pages viewed and more advanced behaviors
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- Personalizing beyond the most basic level
- BUT it’s not just tech sophistication…it’s about reading those implicit signals we were talking about
- Personalizing beyond the most basic level
- Usage doesn’t equate to usefulness. Third party data is often a necessity to fill out our databases…things like product recommendation engines look a lot simpler than they are…even Amazon gives weak recommendations…and it’s a lack of data to blame. Third party data is like third-party everything…it varies wildly and if it’s cheap, there’s always a reason.
- Usage doesn’t equate to usefulness. Third party data is often a necessity to fill out our databases…things like product recommendation engines look a lot simpler than they are…even Amazon gives weak recommendations…and it’s a lack of data to blame. Third party data is like third-party everything…it varies wildly and if it’s cheap, there’s always a reason.
- Personalizing beyond the most basic level
- Products and “shared spaces” – meaning apps and sites that are useful, not just marketing and CS. For example, it’s nice to be able to change mobile phone features on a website but we’d rather do it on the fly from the device. The device and its apps are a good example of shared space. An automobile is another example…where does marketing end and co-created experience begin
- What are we talking about… Human / Robot balance…emphasis on human strategy over minor tweaks…getting mired in what works…first. LOOK AT REPORT