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AMA Momentum's How to Act on Data by Michael Morin

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AMA Momentum 2013 Executive Presentation by Michael Morin

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AMA Momentum's How to Act on Data by Michael Morin

  1. 1. HOW TO ACT ON DATA Strategizing marketing solutions through measurement
  2. 2. BRIAN WIBORG Vice President of Marketing bwiborg@theroomplace.com MICHAEL MORIN Executive Vice President michaelm@yaffe.com
  3. 3. WHY DATA MATTERS “Many businesses are collecting data, but they don’t know what to do with it, or if they know what to do with it, they’re not doing it.” – Fred Newell
  4. 4. TECHNOLOGY= NEW TOOLS
  5. 5. WHAT WE’LL COVER TODAY Solves marketing problems HOW DATA Determines customer target marketing strategies Is used to sell furniture Measures success
  6. 6. OR B-to-B B-to-C
  7. 7. SHARE YOUR BEST PRACTICES
  8. 8. HOW DATA SOLVES MARKETING PROBLEMS Your challenge is to UNLOCK INSIGHTS PREDICT CUSTOMER BEHAVIOR CUSTOMER PREFERENCES WHEN TO REACH CUSTOMERS HOW TO REACH CUSTOMERS PROVE VALUE
  9. 9. PROBLEM: Who is your customer? SOLUTION: Data collection and analysis. • What’s the value? • Relevant messaging • Media buys
  10. 10. The story data tells us about customers: HARDWARE BUYERS FURNITURE BUYERS Frequent Infrequent Small purchase Short Cycle VS. Big Ticket Long Cycle
  11. 11. The story data tells us about customers: HARDWARE BUYERS FURNITURE BUYERS Men 25-54 Women 25-54 Buys 10-12 x per year Cash & Carry VS. Buys every 6-8 years Delivery & Financing
  12. 12. THE HARDWARE STORY: One to One How data capture and analysis led to a unique marketing program • Here’s a relevant reason to buy • Thanks for buying – here’s your reward • We miss you – here’s a reason to buy Loyalty Card 01201020100120100 Cardholder Name
  13. 13. THE HARDWARE STORY: One to One How data capture and analysis led to a unique marketing program Seasonal patterns • Spring, summer, fall, winter • Product category patterns Spring treatment 15% OFF!
  14. 14. THE FURNITURE STORY: Speed Up the Cycle How data capture and analysis led to specific marketing targets SALE! Saturday ONLY!
  15. 15. THE FURNITURE STORY: Customers buy infrequently Customer enters purchase cycle (Relocation or renovation) We maintain communication
  16. 16. THE FURNITURE STORY: Customers buy infrequently of our business comes from RETURNING customers That’s grown from 38% by tactics in the last 5 years 35% of customers return to buy within a year, so we communicate frequently WITH 43% Bounce Back Offers Email Reminders 6 Holiday Events
  17. 17. THE FURNITURE STORY: Customers buy during holidays… Get to the top of their consideration list SALE
  18. 18. THE FURNITURE CHALLENGE: The Other 39 Weeks
  19. 19. PROBLEM: When does customer buy? SOLUTION: Predictive behavior analysis to identify cycles. • Detectible time period • Low-priced and • Presence of kids • Target prospects through TV • Lower and upper • Email click-thrus and those between purchases socio-economic groups • Length of residence high-priced homes with homes for sale
  20. 20. PROBLEM: When does your customer buy? SOLUTION: Predictive behavior analysis to identify cycles. • How are you using modeling? • What attributes have you found predictable? ?
  21. 21. PROBLEM: What’s the most effective way to reach customers? SOLUTION: Data analysis for each segment to identify medium, message and timing. • Ethnic consumer • Families with kids • People living in homes recently listed
  22. 22. SOLUTION: PROBLEM: Test/Learn, How do you know Test/Learn, Repeat. what works?
  23. 23. TIDAL WAVE OF DATA “BIG DATA” NSA AS A “MODEL?” SOCIAL MEDIA LISTENING
  24. 24. PROBLEM: How do you tell if it’s working? SOLUTION: ROI. Sales > Clicks
  25. 25. BEST PRACTICES: Tales from the front Focus on basics 1 Set up system to easily track and compare factors like Sales, response rate, ROI, 2 Measure every direct marketing initiative, look at model, look at offer/promotion 3 Continue to improve the models you're using, determine outside influencing factors, integrate digital hand raisers 4 Continue to test offers 5 Continue to identify new ways to do things like data co-ops and tools like Rentrak
  26. 26. QUESTIONS ?

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