Personalization and Conversion Rate

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As part of the Digital Management course at Berghs I did a session around personalization and conversion rate

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  • Introduktion till presentationen.
  • Det finns två varianter på titel sidor, en med stor titel och en med mindre. Detta är den större varianten.
  • Personalization and Conversion Rate

    1. 1. BERGHS SCHOOL OF COMMUNICATION1
    2. 2. BERGHS SCHOOL OF COMMUNICATIONPersonalization andConversion22013 APRIL 22Mikael JacobssonBusiness ConsultantSapientNitro
    3. 3. BERGHS SCHOOL OF COMMUNICATIONPERSONALIZATION, 100YEARS AGO…“You can have any color you like,as long as it’s black.”Henry Ford, 19093
    4. 4. BERGHS SCHOOL OF COMMUNICATIONPersonalization in a word4
    5. 5. BERGHS SCHOOL OF COMMUNICATIONDefinition of personalizationPersonalization can be simply defined as:“The right experience or offering for the right customer at the right time atthe right place”.It is an engagement between the source of information (i.e. your brand) and thereceiver of information (i.e. the customer / user) that is tailored based onintelligence gathered by the receiver.5
    6. 6. BERGHS SCHOOL OF COMMUNICATIONPersonalization will help you to…+ Increase sales and revenue+ Enhance online conversion rates+ Boost average order value+ Drive cross sell and up sell initiatives+ Strengthen customer loyalty and retention+ Lower the cost of acquiring new customers+ Increase customer experience6
    7. 7. BERGHS SCHOOL OF COMMUNICATIONTo master personalization, you first need to master your dataEffective personalization means delivering product recommendations, offers andcontent based on what you know about a given customer.It requires developing dynamic profiles of individual customers anddemographic segments by integrating data from disparate sources, including:+ Online activity+ Purchase and search history+ Offline activity (call center and in-store sales data)+ Social media activity+ User registration information+ Third-party data (demographic, firmographic and so on)7
    8. 8. BERGHS SCHOOL OF COMMUNICATION8 differentpersonalization tactics
    9. 9. BERGHS SCHOOL OF COMMUNICATIONPersonalization is a key area9
    10. 10. BERGHS SCHOOL OF COMMUNICATIONTransactional history based personalization10Recommendations based on similar purchases enables a personal shopping experience.
    11. 11. BERGHS SCHOOL OF COMMUNICATIONConfiguration personalization11
    12. 12. BERGHS SCHOOL OF COMMUNICATIONProfile based personalization12
    13. 13. BERGHS SCHOOL OF COMMUNICATIONLogin personalization13
    14. 14. BERGHS SCHOOL OF COMMUNICATIONOffsite personalization14
    15. 15. BERGHS SCHOOL OF COMMUNICATIONGEO-targeting personalization
    16. 16. BERGHS SCHOOL OF COMMUNICATIONOffline personalization16
    17. 17. BERGHS SCHOOL OF COMMUNICATIONSocial integration personalization17
    18. 18. BERGHS SCHOOL OF COMMUNICATIONHow can you personalize yourcustomers experience?Define the purpose of you website?How can use personalization to better serve this purpose?18
    19. 19. BERGHS SCHOOL OF COMMUNICATIONConversion
    20. 20. BERGHS SCHOOL OF COMMUNICATIONWhat is a conversion?
    21. 21. BERGHS SCHOOL OF COMMUNICATION21
    22. 22. BERGHS SCHOOL OF COMMUNICATIONMacro and micro conversion22
    23. 23. BERGHS SCHOOL OF COMMUNICATIONWhy is conversionimportant?
    24. 24. BERGHS SCHOOL OF COMMUNICATIONThe value of increasing theconversion rate by 0.5%241 100 000 x 6 % x 185 EUR = 12 210 000 EUR1 100 000 x 6,5 % x 185 EUR = 13 227 500 EUR+ 1 017 500 EUR
    25. 25. BERGHS SCHOOL OF COMMUNICATIONWhat is a good conversion rate?25
    26. 26. BERGHS SCHOOL OF COMMUNICATIONIt is not all about the site…26
    27. 27. BERGHS SCHOOL OF COMMUNICATIONHow to improve your conversionrate?27
    28. 28. BERGHS SCHOOL OF COMMUNICATIONHow do you see that you canimplement an ongoing process forimproving your conversion rate?28
    29. 29. BERGHS SCHOOL OF COMMUNICATIONPersonalization as a core business strategy.Instead of treating personalization as a one-time or ad hoc effort, use personalization asa core business strategy and support personalization efforts with:+ Well-defined and detailed performance goals+ A structured performance monitoring system+ A dynamic road map for continuous optimization+ Automation across all stages of the personalization lifecycle promotional emails29
    30. 30. BERGHS SCHOOL OF COMMUNICATIONCan you help your organizationmake personalization as part yourcore business strategy?How can you help your organization collect customer data?How can other parts of your organization use these insights to create a morepersonalized experience?30
    31. 31. BERGHS SCHOOL OF COMMUNICATION31Thank you!Sincerely yours Mikael Jacobsson | @jacobssonmicke| +46702899244 | mjacobsson@sapient.com |se.linkedin.com/in/mikaeljacobsson&berghs.se, 08-57 550 00 | info@berghs.se |@Berghs | facebook.com/berghssoc | berghs.se

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