It's Not the Product - The Customer is King (ProductCamp Nashville 2011)

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It's Not the Product - The Customer is King (ProductCamp Nashville 2011)

  1. 1. IT’S NOT THE PRODUCT –THE CUSTOMER IS KING Michael Lummus Product Manager Acxiom Marketing Database Services ®
  2. 2. Just 8% of their customers agreeSource - Bain
  3. 3. INTERBRAND FINDINGS> TODAY’S BRANDS CAN’T HIDE ANYTHING FROM CONSUMERS> NOW CUSTOMERS CAN LET THE WORLD KNOW HOW THEY FEEL> TRUST AND CUSTOMER LOYALTY: IN TODAY’S MARKETPLACE, THESE ARE THE WORDS THAT MATTER MOST
  4. 4. COCA-COLA: A 124-YEAR-OLDBRAND STAYS RELEVANT “Now information flows in many directions, consumer touch points have multiplied, and the old, one-size-fits-all approach has given way to precision marketing and one-to- one communications.” Joe Tripodi Chief Marketing and Commercial Officer Coca-Cola Company
  5. 5. FORD: USING CUSTOMERFEEDBACK TO MAKE ABRAND COMEBACK“As a best-case model for how to use socialmedia effectively, Ford isn’t just solicitingcustomer feedback, it is responding to it.”Interbrand’s Best Global Brands
  6. 6. KEY TRENDSThe rise of the consumerThe demise of the mass marketThe loyalty paradox
  7. 7. KEY CONCEPTSCustomer Segmentation The Customer Lifecycle Personalization of the Experience
  8. 8. SEGMENTATION
  9. 9. IDENTIFYING SEGMENTS: CLOTHING RETAILER •Female •Ages 45-64 $500•Male $450•Holiday Shopper $400 Friends Avg. Spend per Visit $350 and Loyal $300 Family Shoppers $250 $200 $150 $100 Up and $50 Coming $- •Female 0 2 4 •Ages 25-44 6 8 10 Visits last 12 months
  10. 10. CUSTOMER SEGMENTS:CLOTHING RETAILER Product Offers: • New seasonal launches Loyal Shoppers • Gift with purchase offers Preferred Channels: All Talking Points: • Financial Incentives (percent or dollar off) Up and Coming • Lower priced, entry level product line Preferred Channels: Online Talking points: Friends & • Holidays reminder campaigns • Online gift selector tool Family • Gift packaging offers 11
  11. 11. CUSTOMER LIFECYCLE
  12. 12. THE CUSTOMER LIFECYCLE>Describes an ongoing relationship>Forces us to shift to the customer’s point of view>Matches consumer activities with relevant products and communications>Addresses the bias toward new customer acquisition activities
  13. 13. OPPORTUNITIES ACROSS THE CUSTOMER LIFECYCLE: New Customer Incliner Maturity Decliner Inactive ReactivateCustomer Value Customer Life High-Potential Driving New Migrate 80/20 Managing Outgrowing the Winback Prospecting Occasions Performance Attrition Segment
  14. 14. PERSONALIZED EXPERIENCE
  15. 15. PERSONALIZED SHOPPING EXPERIENCE
  16. 16. EXTREME CONFIGURATION
  17. 17. USER GENERATED CONTENT
  18. 18. MASS CUSTOMIZATION
  19. 19. PREFERENCE CENTERS
  20. 20. THANK YOU. Questions?Linkedin.com/in/mlummus Twitter.com/lummusm

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