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Increase ROI by Digitally Transforming Your Marketing

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Digital transformation requires evolution across all areas of the business in order to effectively engage customers at every touch point in the customer experience lifecycle. Companies that still rely on traditional marketing methods to reach customers and grow their business can’t keep up with evolving consumer behavior and the digital marketing landscape.

In our webinar, our experts discussed how to increase ROI by digitally transforming your marketing strategy and operations. They covered how to:

-Collect and leverage data to define your target market and business goals
-Acquire new customers online with an enhanced customer experience across all relevant channels
-Increase conversions and track results
-Build loyal customers and turn them into brand advocates
-Track metrics and sales funnels using CRM, marketing automation and analytics

We also covered common challenges, highlight proven strategies for success, and provide actionable ideas for some quick wins.

Published in: Technology
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Increase ROI by Digitally Transforming Your Marketing

  1. 1. WEBINAR INCREASE ROI BY DIGITALLY TRANSFORMING YOUR MARKETING 1
  2. 2. WHO IS PERFICIENT? PERFICIENT OVERVIEW 2
  3. 3. *2016 projection $500+ Million in Revenue* 1997 Founded PRFT Listed on NASDAQ 90% Repeat Business Rate Employees 2800+ N. America Locations 23 Global US, EU, China + India 3
  4. 4. 4 With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. ABOUT PERFICIENT LEADING DIGITAL TRANSFORMATION Major market locations: • Allentown • Atlanta • Ann Arbor • Boston • Charlotte • Chattanooga • Chicago • Cincinnati • Columbus • Dallas • Denver • Detroit • Fairfax • Houston • Indianapolis • Lafayette With dedicated Perficient Digital agency expertise in Ann Arbor, Atlanta, Irvine, Milwaukee, and St. Louis. • Milwaukee • Minneapolis • New York City • Northern California • Oxford (UK) • Southern California • St. Louis • Toronto
  5. 5. 5 SPEAKER INTRODUCTIONS JOHN LATHAM DIRECTOR, CUSTOMER EXPERIENCE PERFICIENT John leads strategy, sales enablement, talent development, and delivery for Perficient’s Customer Experience Practice. He focuses on client, partner and employee engagement and growth, and he is passionate about opportunities to improve lives and help businesses succeed at the intersection of data, technology and CX. NATE BAUER SENIOR DIGITAL MARKETING STRATEGIST PERFICIENT DIGITAL Nate leads strategic planning, roadmapping and execution for the Digital Marketing Strategy team. His focus is on acting as the initiator for client interaction with the digital marketing practice, the instigator for helping clients develop business and marketing goals that fulfill targeted KPIs, and the implementer of coordinated, cross-channel delivery and measurement.
  6. 6. 6 AGENDA ⟩ Backdrop: Impetus for Change ⟩ Digital Transformation Strategy ⟩ Digital Transformation Execution
  7. 7. DIGITAL TRANSFORMATION WHAT IS DIGITAL TRANSFORMATION? The realignment of, or new investment in, technology and business models to more effectively engage digital customers at every point in the customer experience lifecycle. — Altimeter 8
  8. 8. DIGITAL TRANSFORMATION WHY TRANSFORM? 9
  9. 9. 10 HISTORY/BACKDROP • Customer is in charge of the journey • CMO is a relatively new kid on the block • Emergence of marketing technologies • Change in customer expectations
  10. 10. 11 MODERN CMO FOCUS + CHALLENGES CHALLENGES: • Organizational, Digital Immaturity • Customer Experience • Data • Traditional Marketing v. Digital Marketing FOCUS: • Vision Alignment • People/Process/Technology • Organizational Effectiveness • Growth
  11. 11. 12 OKAY, BUT HOW?
  12. 12. Use customer insight to evolve digital assets and capabilities Encourage customer empathy among teams DIGITAL TRANSFORMATION CHANGING FROM THE OUTSIDE IN Transformation is a process that requires a holistic approach within your culture, processes, and technology… based on your customer. 13
  13. 13. 14 UNDERSTAND THE CUSTOMER • Customer Experience, Journey Map • Qualitative & Quantitative Research • Digital Opportunities & Gaps
  14. 14. DATA-DRIVEN APPROACH TO IMPROVING THE CUSTOMER EXPERIENCE QUANTITATIVE QUALITATIVE User Recordings Heatmaps + Funnel Tracking Surveys + Polls 15
  15. 15. 16 Desktop HOWAREYOURCUSTOMERS ENGAGING WITH YOUR BRAND? TabletMobile Apps (iOS + Android)
  16. 16. PLOTTING MOBILE MOMENTS FOR A STARBUCKS CUSTOMER FORRESTER RESEARCH -10 MINUTES OUTSIDE A STARBUCKS STANDING IN LINE AT THE REGISTER +10 MINUTES Locate nearest café Get directions Check card balance Reload card Check for reward options Browse message center Download “Pick of the Week” Redeem rewards Scan to pay Watch latest colored star filling the reward cup Send eGift to friend Add a tip LOCATE NEAREST CAFE DOWNLOAD “PICK OF THE WEEK” SCAN TO PAY Whom are we serving? A commuter What is the context? Looking for a convenient café close to their current location What is the motivation and goal? To satisfy their caffeine and snack needs as quickly as possible Whom are we serving? A commuter What is the context? Looking for a convenient café close to their current location What is the motivation and goal? To satisfy their caffeine and snack needs as quickly as possible Whom are we serving? A commuter What is the context? Looking for a convenient café close to their current location What is the motivation and goal? To satisfy their caffeine and snack needs as quickly as possible 17
  17. 17. Organizational Alignment Research, Discovery, Analysis 18 VISION&INSIGHTS STRATEGY Customer Experience Key Initiatives, Capabilities, Technologies Measurement ROADMAP Effort & Impact Resources & Timing VISION & INSIGHTS, STRATEGY + ROADMAP
  18. 18. Define your business goals and KPIs for a cohesive strategy. Then create tactical initiatives to get you there. MEET YOUR GOALS. GROW YOUR BUSINESS. BUILD BRAND INCREASE ENGAGEMENT BUILD LOYALTY GOAL Increase Social Mentions KPI Social Shares / Target: 100 Shares/Month TACTICS Add This Order Email FB Ads w/ Landing Page TOOLS Google Analytics • FB Reports • Brandwatch GOAL Increase Checkout Conversion KPI New Visitor Conversion % • Target: 15% TACTICS CRO Testing on Checkout Page • UX Surveys TOOLS Optimizely • Google Analytics GOAL Create Brand Ambassadors KPI Site Promotion Shares via Social Target 150 Shares/Month TACTICS Incentive Coupon • Repeat Order Incentive TOOLS Brandwatch • Google Analytics 19
  19. 19. • Iterative planning and delivery for measurable results. • Comprehensive strategic approach to deliver incremental, consistent lift across all digital marketing services. • Road map for internal and external alignment, budget planning, and timeline for execution. DIGITAL MARKETING STRATEGY ITERATIVE WORKFLOW Analytics Assessment Deliverable Identity Stakeholders Discovery Refine Goals/KPIs DISCOVERY OUTCOMES Initial Questionnaire Sent to Client Analytics Assessment Analytics Assessment Deliverable INITIAL PREP Client Complete Questionnaire Refine Goals/KPIs Establish Benchmarks & Measurement Standards Data Validation Strategic Planning Tactical Initiatives Roadmap & Recommendations Internal Team Meeting Align All Service to Current Roadmap Develop Team Strategy Internal Roadmap for Delivery Delivery Management Monthly Analytics Dashboard Monthly Executive Insights Monthly Client Meeting Quarterly Review/ Roadmap Planning DISCOVER PLAN DELIVER MEASURE 20
  20. 20. BUSINESS ALIGNMENT ENGAGE RETAINACQUIRE SEO DISPLAY EMAIL PPC AFFILIATE SOCIAL USER EXPERIENCE ANALYTICS CONVERSION CREATIVE DESIGN CONTENT MOBILE SOCIAL EMAIL MOBILE CONTENT MARKETING REMARKETING ADS 21
  21. 21. • Better Search Traffic • Drive Quality Traffic with ROAS • Generate More Leads • Increase Website Sales • Improve Revenue from Email • Retargeting and Remarketing • Quality Content Generation • Personalized User Experience • Maximize ROI for Each Channel • Easy-to-Understand Reporting CROSS- CHANNEL DELIVERY 22
  22. 22. 23
  23. 23. MEASUREMENT DOESN'T COME AT THE END Define Goals + Measurement Requirements Develop + Execute a Digital Tracking Strategy Monitor + Analyze Results Generate Actionable Insights to Inform Digital Strategy Collaborate Across Teams to Implement Optimizations 24
  24. 24. EXECUTIVE DASHBOARDS 25
  25. 25. CHANNEL-SPECIFIC REPORTING Over the last two years, Company Inc. has typically seen a 4% month-over-month traffic increase from January to February. However, this year it saw a 10% MOM increase. Not only did February’s organic sessions significantly outperform previous years, it also set a record for the most traffic in a single month, beating October 2015 by 782 sessions. Compared to last year, Company Inc. drove 28% more traffic (+123K) and 77% more traffic (+247K) than 2014. Based on previous trends, we expect organic growth to steadily increase until June. We’ve consistently seen a massive uptick in organic traffic ever since October 2014. This is an indirect result of our organic campaign optimizations. Year-over-year increases, however, show 27% more revenue than last year (+97K) and that revenue has more than doubled with a 139% increase (+265K) from 2014. Pages that improved the most in YOY revenue was the Company Inc. homepage (+$18K), the Company Inc. & Improvement page ($11K), the Six Company Inc. page ($5K), and the Company Inc. About page ($6K). Trends from previous years show us that revenue should dramatically decrease from January to February, which rang true again this year. In the next two months, revenue will ramp up for the second peak month of the year, April. We expect revenue to continue to outpace last year in the coming months and likely break the record for most organic revenue over April 2015 ($782K), this year. YOY Organic Traffic & Trends YOY Organic Revenue & Trends ORGANIC: YOYDATA 26
  26. 26. QUALITATIVE CONVERSION DATA 27
  27. 27. OUR WORK CATEGORY PRODUCT DISPLAY PAGE CHECKOUT +46% YOY Conversion Rate Increase +68% Revenue Per User Increase We were commissioned to conduct a conversion audit and perform conversion testing aimed to improve eCommerce revenue for an online ceiling fan and lighting retailer. More than 20 tests ran across 2014 to 2016. This data-driven growth plan helped our client get ready for an upgrade to a newer version of its enterprise eCommerce platform. All website changes were tested to mitigate loss, resulting in a 68% increase in revenue.
  28. 28. ATTRIBUTION MODELING 29
  29. 29. 30 What is your acquisition cost per channel, per persona? HOW MUCH DOES YOUR CUSTOMER REALLY COST? HOWTOGETTHERE Regular audit and calculation of the following is essential to determining ROI for marketing budget: 1. Customer Lifetime Value 2. Customer Acquisition Cost • Acquisition Cost Per Channel • Acquisition Cost Per Persona
  30. 30. AVERAGE ORDER VALUE (AOV) Total Revenue for Period $10,000 / Total # of Transactions for Period $100 Average Order Value $100 AVERAGE GROSS MARGIN PER ORDER AOV $100 - Average Cost Per Order $50 Average Gross Margin Per Order $50 RETENTION RATE (RR) # of Customers at End of Period $220 - # of New Customers Acquired During Period $70 / # of Customers at Start of Period 200 Retention Rate 75% AVERAGE CUSTOMER LIFESPAN (IN MONTHS) 1/(1-RR)/12 = 0.33 CUSTOMER LIFETIME VALUE Average Monthly Transaction Per Customer 2.00 x Average Order Value $100 x Average Gross Margin Per Order $50 x Average Customer Lifespan (in months) 0.33 Customer Lifetime Value $3,333.33 THE VALUE OF EACH OF YOUR PERSONAS CUSTOMER LIFETIME VALUE Understanding and calculating the CLV is the first step in determining how much it costs to acquire a new customer. 31
  31. 31. CUSTOMER ACQUISITION COST DETERMINE THE COST TO ACQUIRE A PAYING CUSTOMER BASIC MODEL (CAC = MCC/CA) Total Marketing Campaign Costs $5,000 / Total Customers Acquired (during time period) 100 Cost of Acquisition $50 CORRECT MODEL (CAC = MCC+W+T+PS+O/CA) Total Marketing Campaign Costs $5,000 + Wages Associated with Marketing and Sales $250 + Tools Used to Market and Sell $100 + Services Used in Marketing and Sales $100 + Other Overhead $100 / Total Customer Acquired 100 Cost of Acquisition $55.50 32
  32. 32. 33 33 GOAL FULFILLMENT REALIZING ROI FROM DIGITAL TRANSFORMATION
  33. 33. Q+A 35
  34. 34. 36 WHAT’S NEXT? CONNECT WITH US @PRFTDIGITAL Facebook.com/PerficientDigital Blogs.Perficient.com/PerficientDigital PerficientDigital.com UPCOMING WEBINAR Cloud First Series: Why Business is Better in the Cloud Thursday, October 20, 1:00 -2:00 PM CT

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