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Marketing's Methods that Improve Retention & Experience
The document outlines the importance of customer retention and experience, highlighting how Oracle Marketing Cloud's solutions help marketers create better customer interactions and loyalty. It emphasizes the correlation between improved customer experience and revenue growth while noting challenges organizations face in adopting effective customer success strategies. Key findings indicate that loyal customers drive significant revenue and that effective marketing methods can significantly aid customer success efforts.
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Marketing's Methods that Improve Retention & Experience
- 1. PRODUCED BY Marketing's MethodsThat Improve Retention & Experience
- 2. PRODUCED BY Principal TransformationAdvisor at Oracle Marketing Cloud Previously • VP Research, Customer Success at TSIA • Director of Customer Success at BMC Software • Director of Premier Support at Eloqua • Customer Success Architect at CA Technologies Oracle Marketing Cloud offers a suite of powerful solutions that provides marketers with a comprehensive view of customer interactions, orchestration of the right experience for each customer, and the ability to attract ideal customers who spend more, stay loyal, and become brand advocates.
- 3. PRODUCED BY The futuremasters of technology will have to be light- hearted and intelligent. The machine easily masters the grim and the dumb. Marshall McLuhan, 1969
- 4. PRODUCED BY A coupleof board metrics • Customer Retention • Customer Growth
- 5. PRODUCED BYPRODUCED BY Retention= Superior Value + Trust + High Switching Cost Boston Consulting Group • Can you make this equation work for your customers?
- 6. PRODUCED BY Growth =Superior Value + Trust + High Switching Cost + Business Need Peter Armaly • Get the first part of the equation right and the other variable depends on your ability to match your solution with the customer’s needs
- 7. PRODUCED BYPRODUCED BY Customerexperience matters • Improved customer experience can grow revenue by five to 10% — and cost 15 to 20% less—over a span of 3 years. VisionCritical – June 2016 • 97% of global consumers cite customer service as important in their brand choice and loyalty. VisionCritical – June 2016 • US banks would improve their NPS score by an average of 12% if they reached the level of mobile and online banking usage of their counterparts in the Netherlands, which adopted digital channels years ago. Bain & Co.; Running the Business through Your Customer's Eyes, Feb 2017 • Loyal customers drive 80% of revenue. Surprising Facts about Customer Loyalty Marketing, www.marketingprofs.com
- 8. PRODUCED BYPRODUCED BY Sowhy is it so hard?
- 9. PRODUCED BYPRODUCED BY Only37.5% of organizations have a formal adoption framework TSIA - 2017 Customer Success Technology Stack Research Report
- 10. PRODUCED BY You knowwho’s good at this stuff? Ø Marketing
- 11. PRODUCED BYPRODUCED BY Somevariables to consider • Product complexity • Product pricing • Product quality • Customer apathy • Customer skills • Competing customer priorities • Vendor/client relationship • Vendor Support • Customer Success efficacy
- 12. PRODUCED BYPRODUCED BY Marketing’sStrengths Customer Success’ Struggles Scale Scale Why buyers buy Awareness of buyer’s motivations Personalization Intimate knowledge of customer preferences Data science, predictive analytics Data science, predictive analytics Qualifying and nurturing leads Nurturing renewal and growth leads Lead Scoring Contact Scoring Storytelling; Content Management; Dynamic Content Content creation; Programmatic content delivery Driving business through advocates Driving business through advocates
- 13. PRODUCED BYPRODUCED BY Marketingmethods that could help Customer Success • Lead Management • Profile Management • Personalization • Content Management
- 14. PRODUCED BYPRODUCED BY LeadManagement for Marketers Lead Management processes take in unqualified contacts and opportunities from a variety of sources, which may include: • web campaigns • direct-mail campaigns • email marketing campaigns • multichannel campaigns • database marketing • third-party leased lists • social media • trade shows
- 15. PRODUCED BYPRODUCED BY LeadManagement for Customer Success adoption efforts A whole lot easier since you already know who the leads are. It’s like the pre-sales funnel but much narrower. You just need to: • Identify adoption milestones in the customer’s post-sales journey (Product Management should lead on this point) • Determine appropriate messaging for each • Build corresponding content (repurpose from Marketing, Product Management, Support) • Automate nurturing to guide customer to higher levels of adoption and eventually renewal • Gauge propensity for further investment • Pass to Sales
- 16. PRODUCED BYPRODUCED BY ProfileManagement for Customer Success Enhance the existing account record in your Customer Success tool with these signals. These can be considered as milestones in the post-sales journey: • Onboarding status • First email • First ticket opened • Ticket opened for x days • Projects statuses • QBRs • Education/Training consumed • Renewals • Additional investment
- 17. PRODUCED BYPRODUCED BY ContactPersonalization for Customer Success Enhance contact record in the CRM: • Role • Whitepaper downloads • Website visits • Help Center/Product page visits • Videos viewed • Training/certification • Sentiment (NPS, social, etc) • Community platform participation • Offline activities (Meetups, conferences, etc)
- 18. PRODUCED BYPRODUCED BY ContentManagement for Customer Success Messaging for each point in journey compiled from Profiles and Personalization efforts. • Videos • How-to posts • Links to community articles • Support pages • Product marketing pages
- 19. PRODUCED BYPRODUCED BY OracleRetention Results • Small segment of Oracle Marketing Cloud’s customer base - 1200 unique customers served; 90% still customers • 50% less churn (annualized churn rate versus customers not targeted by enhanced services) • 9% higher retention rate for customers targeted vs overall
- 20. PRODUCED BYPRODUCED BY OracleEngagement Results • 66% increase in Participating Users • 70% increase in Active Users
- 21. PRODUCED BYPRODUCED BY Take-away/LessonsLearned • What were the most surprising lessons? • The higher than expected effect it had on retention and customer sat • What do you think is the most important lesson? • Focus on customer’s perception of quality and relevance • What would you do differently if you could do it again? • Be more aggressive with the scope of the effort
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