Kevin Hillstrom's Merit Direct 2009 PresentationMineThatData
1. The document discusses micro-channels, which are combinations of physical and advertising channels that customers use to place orders. Understanding micro-channels can help predict customer behavior and improve marketing strategies.
2. It provides examples of assigning micro-channels based on different customer interactions with catalogs, emails, websites, phone calls, and more. Tracking micro-channels and how they influence each other can help segment customers.
3. Analyzing micro-channels allows reducing marketing like catalogs to some customers while maintaining sales. Savings can be reinvested in new customer acquisition. Understanding micro-channels helps optimize marketing and improve profitability.
Kevin hillstrom mine_thatdata_catalogu2015Sarah Fletcher
What a great Pub Talk! If you haven't had the pleasure of listening to Kevin Hillstrom, you're in for a treat. If you are already familiar with Kevin and his Mine That Data blog, sit back and enjoy, this is well worth your time.
The Funny changing world of catalogs
Using his remarkable career with companies like Lands' End, Eddie Bauer and Nordstroms, Kevin starts off with a cartoon strewn review of the major shifts in the industry, from the heyday of catalogs through the advent of the internet, co-ops and the demographic disconnect we are seeing today.
Different Paths
When marketers look at E-commerce versus catalogs they sometimes miss the inherent differences that shape the selling space and customers for each channel. Kevin presents the different paths each takes and the different outcomes that result from the different paths. It's an eye opener.
Trend #1 = Merchandise Productivity
Merchandising forensics have taught Kevin that the number one threat to catalogers is the decline of merchandise productivity. He explains both the short term results and the longterm impact of reduced merchandise productivity and offers a fun way for merchants, marketers and creative to compete together in a tournament of success.
Trend #2 = How will We Acquire a New Customer in 2020?
Did you know that Buzzed is getting 37% of it's traffic through Facebook? Snapchat is another 21%. That is an enormous shift from 10 or even 5 years ago. With such an ever-changing landscape of customer focus how can merchants stay relevant? Kevin offers his view into the future and lays out several ways to look at which direction different companies should be heading.
Trend #3 = How will We Avoid Paying Tolls?
Tolls, (aka expenses) are killing catalogs. How can you reduce those tolls? First you have to know where they are and what they cost. The smartest companies identify low-cost customer acquisition programs that bypass the toll collecting process. Kevin offers some benchmarking to see if you're paying too much and shows how understanding your customer can show you where to focus your toll reducing efforts. He offers ten tips to help you bypass some of those costs.
This is one of our favorite Pub Talks so far. Let us know what you think and if you have any questions for Kevin he'd love to hear from you as well.
Customer Acquisition Best Practices in E-Commerce from DRS, 7.28.14Digiday
This document provides best practices for customer acquisition in e-commerce. It discusses that product-market fit is essential before acquisition marketing. It defines key metrics like CPC, CPM, CPA, LTV. It recommends building virality into the product from day one. The lifecycle of acquisitions depends on the business stage from pre-launch to growth to optimization. Tactics include paid acquisition, referral programs, events, engagement emails. The document also provides tips on naming, seeding social accounts, pre-launch outreach, and top acquisition channels like Facebook targeting and content marketing.
Hillstrom presents a unified commerce ecosystem model that segments customers into three generations - Judy, Jennifer, and Jasmine - and maps their preferences and likely behaviors across marketing channels. The key elements of the model include branding, algorithms, people, urban vs. suburban vs. rural influences, and the changing roles of various channels as customers age. Hillstrom argues that executives must choose which customer generation to target, as a one-size-fits-all approach will not be effective.
White space. White space. White space. White space. White space. White space. White space. White space. White space. White space. White space. White space.
5 B2B Content Marketing Hacks to Drive More LeadsDemandWave
Discover how to revamp your B2B content marketing strategy to drive more sales-qualified leads. This is a no-frills tutorial dedicated to delivering actionable tips to grow a stronger pipeline with great content.
Lifecycle Loop - The New Ecommerce Sales FunnelHubSpot
The document discusses how consumer behavior has changed to expect immediacy, and how this impacts eCommerce marketing and sales funnels. It introduces the concept of a "Lifecycle Loop" where potential customers move through different phases from awareness to advocacy. This loop replaces the traditional linear sales funnel model. The key is engaging customers earlier through content to increase lifetime value rather than just focusing on the sale. Marketers need metrics for each phase and to calculate the ratio of customer lifetime value to cost of customer acquisition.
Why Car Dealers Should Choose Display Advertising Versus Paid Search AdvertisingRalph Paglia
Paid search advertising will not replace display advertising because:
1) Paid search inventory is limited to small pools of keywords relevant to few advertisers, while display advertising reaches thousands more brands.
2) Large advertisers require reaching customers at every stage of the purchase funnel, from awareness to purchase, and paid search only addresses later stages.
3) Most advertiser budgets are too large to allocate solely to paid search given its limited inventory. Display advertising allows spreading spending across many more brands and platforms.
Kevin Hillstrom's Merit Direct 2009 PresentationMineThatData
1. The document discusses micro-channels, which are combinations of physical and advertising channels that customers use to place orders. Understanding micro-channels can help predict customer behavior and improve marketing strategies.
2. It provides examples of assigning micro-channels based on different customer interactions with catalogs, emails, websites, phone calls, and more. Tracking micro-channels and how they influence each other can help segment customers.
3. Analyzing micro-channels allows reducing marketing like catalogs to some customers while maintaining sales. Savings can be reinvested in new customer acquisition. Understanding micro-channels helps optimize marketing and improve profitability.
Kevin hillstrom mine_thatdata_catalogu2015Sarah Fletcher
What a great Pub Talk! If you haven't had the pleasure of listening to Kevin Hillstrom, you're in for a treat. If you are already familiar with Kevin and his Mine That Data blog, sit back and enjoy, this is well worth your time.
The Funny changing world of catalogs
Using his remarkable career with companies like Lands' End, Eddie Bauer and Nordstroms, Kevin starts off with a cartoon strewn review of the major shifts in the industry, from the heyday of catalogs through the advent of the internet, co-ops and the demographic disconnect we are seeing today.
Different Paths
When marketers look at E-commerce versus catalogs they sometimes miss the inherent differences that shape the selling space and customers for each channel. Kevin presents the different paths each takes and the different outcomes that result from the different paths. It's an eye opener.
Trend #1 = Merchandise Productivity
Merchandising forensics have taught Kevin that the number one threat to catalogers is the decline of merchandise productivity. He explains both the short term results and the longterm impact of reduced merchandise productivity and offers a fun way for merchants, marketers and creative to compete together in a tournament of success.
Trend #2 = How will We Acquire a New Customer in 2020?
Did you know that Buzzed is getting 37% of it's traffic through Facebook? Snapchat is another 21%. That is an enormous shift from 10 or even 5 years ago. With such an ever-changing landscape of customer focus how can merchants stay relevant? Kevin offers his view into the future and lays out several ways to look at which direction different companies should be heading.
Trend #3 = How will We Avoid Paying Tolls?
Tolls, (aka expenses) are killing catalogs. How can you reduce those tolls? First you have to know where they are and what they cost. The smartest companies identify low-cost customer acquisition programs that bypass the toll collecting process. Kevin offers some benchmarking to see if you're paying too much and shows how understanding your customer can show you where to focus your toll reducing efforts. He offers ten tips to help you bypass some of those costs.
This is one of our favorite Pub Talks so far. Let us know what you think and if you have any questions for Kevin he'd love to hear from you as well.
Customer Acquisition Best Practices in E-Commerce from DRS, 7.28.14Digiday
This document provides best practices for customer acquisition in e-commerce. It discusses that product-market fit is essential before acquisition marketing. It defines key metrics like CPC, CPM, CPA, LTV. It recommends building virality into the product from day one. The lifecycle of acquisitions depends on the business stage from pre-launch to growth to optimization. Tactics include paid acquisition, referral programs, events, engagement emails. The document also provides tips on naming, seeding social accounts, pre-launch outreach, and top acquisition channels like Facebook targeting and content marketing.
Hillstrom presents a unified commerce ecosystem model that segments customers into three generations - Judy, Jennifer, and Jasmine - and maps their preferences and likely behaviors across marketing channels. The key elements of the model include branding, algorithms, people, urban vs. suburban vs. rural influences, and the changing roles of various channels as customers age. Hillstrom argues that executives must choose which customer generation to target, as a one-size-fits-all approach will not be effective.
White space. White space. White space. White space. White space. White space. White space. White space. White space. White space. White space. White space.
5 B2B Content Marketing Hacks to Drive More LeadsDemandWave
Discover how to revamp your B2B content marketing strategy to drive more sales-qualified leads. This is a no-frills tutorial dedicated to delivering actionable tips to grow a stronger pipeline with great content.
Lifecycle Loop - The New Ecommerce Sales FunnelHubSpot
The document discusses how consumer behavior has changed to expect immediacy, and how this impacts eCommerce marketing and sales funnels. It introduces the concept of a "Lifecycle Loop" where potential customers move through different phases from awareness to advocacy. This loop replaces the traditional linear sales funnel model. The key is engaging customers earlier through content to increase lifetime value rather than just focusing on the sale. Marketers need metrics for each phase and to calculate the ratio of customer lifetime value to cost of customer acquisition.
Why Car Dealers Should Choose Display Advertising Versus Paid Search AdvertisingRalph Paglia
Paid search advertising will not replace display advertising because:
1) Paid search inventory is limited to small pools of keywords relevant to few advertisers, while display advertising reaches thousands more brands.
2) Large advertisers require reaching customers at every stage of the purchase funnel, from awareness to purchase, and paid search only addresses later stages.
3) Most advertiser budgets are too large to allocate solely to paid search given its limited inventory. Display advertising allows spreading spending across many more brands and platforms.
The document provides best practices for creating effective landing pages that persuade visitors to convert into sales leads. It recommends using relevant and scan-able copy tailored to the target audience, identifying what customers want through market research, grabbing visitors' attention within the first 8 seconds with compelling content, and testing landing pages to ensure they are optimised for conversions.
This document defines key terms and phrases related to ecommerce and online retailing. It provides definitions for over 30 common terms including abandonment, affiliate marketing, Amazon, API, blog, brick and mortar, business to business, call to action, cash on delivery, conversion, conversion funnel, cost per click, customer experience, crowdfunding, dropshipping, fulfillment, Google Analytics, inventory, keywords, landing page, and metrics. The document serves as an ecommerce dictionary to help online retailers understand common terminology in digital marketing and online business.
CommerceHub surveyed our 10,000+ strong network of Brands and suppliers to understand how they plan to take on the sea changes reshaping omnichannel retail. Here are findings from our Brand Insights Study.
The document discusses best practices for mobile marketing and commerce for retailers during Black Friday, Cyber Monday, and holidays. It recommends retailers focus on optimizing the mobile customer experience through features like one-click checkout, customized SMS and email campaigns, mobile-specific merchandising like hot deals, and building a loyal mobile customer base through SMS signup and loyalty programs. Retailers who fail to optimize for mobile are missing out on significant sales, as mobile now accounts for over half of all online visits and 16% of 2013 holiday sales.
This document discusses how brands can improve personalization and reduce spam by understanding the context of customers' visits. It introduces the concept of contextual personalization, which uses historical and real-time data like purchase history, location, device and weather to send personalized messages that are relevant to the customer's current context. An example is given of a woman browsing shoes on her phone on a rainy day being offered a deal on wellies, a recommendation tailored to her context. Downloading a whitepaper is suggested to learn more about how contextual personalization can enhance customer engagement for brands.
The document discusses the growth of e-commerce in India and why it makes sense for retailers to establish an online presence. It outlines how e-commerce has grown significantly in India over the past decade. It then highlights the benefits of e-commerce for retailers, including access to over 100 million internet users, opportunities to engage existing offline customers online, and examples of mid-sized retailers finding success through e-commerce. The document also provides a case study of one retailer who launched an online store and fulfillment process that led to increased sales and brand reach.
Three Small Changes that Yield Big Results in Marketing | Torrence BooneTorrence Boone
Three small marketing changes that can yield big results are:
1) Implementing the "gift effect" by marketing products as ideal gifts to tap into people's sense of urgency and increase brand loyalty.
2) Revisiting creative imagery to quickly engage audiences and ensure visuals fit with target audiences.
3) Considering changing coupon systems if they confuse online shoppers and cause cart abandonment, such as less intrusive coupon marketing.
7 Key Paid Search Plays for B2B MarketersDemandWave
71% of B2B marketers use paid search, but only 44% say it results in revenue. Check out our presentation to learn the paid search playbook we use to help clients drive more qualified leads and revenue.
Get the Most out of Your Traffic: Smart Strategies to Increase ConversionPedram Farsaii, MBA
Marketers are projected to spend over $67 BILLION in digital campaigns by the end of 2016…WOW. With that type of spending, there are seemingly no limits to driving traffic to your site. But, how do we take these visitors and better convert them in the rapidly evolving digital landscape? It’s time to re-think the traditional view of the conversion funnel:
- Why every door into your website can lead to important conversion insights.
- Better leveraging data to pinpoint weak spots of your website.
- Proven testing tactics that can help you drive more conversions!
Using CRM Data to Activate Shoppers at Retail
Elizabeth Tung, Group Manager, National Shopper Marketing, The Clorox Company
Jonathan Treiber, CEO & Co-Founder, RevTrax
Sales are all-important when it comes to the world of ecommerce; and there are many different ways to increase them. We’ve collated a handful of some handy tips to ensure you are making the most of your ecommerce site.
eCommerce for Everyone: What to Expect in 2017 - State of SearchElizabeth Marsten
eCommerce partnerships, new ad units and where to concentrate your efforts in 2017 to be successful in paid search. Given at State of Search, Dallas, TX November 15, 2016
This document summarizes current trends in B2B marketing. It finds that B2B marketers are increasingly focusing on individual customers rather than businesses, using personalized digital content and data. Specifically, more marketers are using video, social media, and mobile marketing to engage customers throughout the purchasing process. There is also a greater emphasis on creating emotional connections and communicating in a less formal, more human tone.
Download a full version of the report at:
www.psfk.com/report/future-of-retail-2016
Built on a robust study of trends and patterns in the market, the 6th edition of PSFK Labs’ Future of Retail report offers a directional playbook for brands and retailers – defining 10 pillars to build a modern and engaging shopper experience strategy and go beyond expectations to create an enhanced shopper experience and therefore, build value, drive sales, and boost loyalty.
Featured within the 80+ page report, readers can find:
- 10 actions every retailer can adapt to redefine the shopper experience
- 20 key trends driving change in the marketplace
- Future service concepts for top brands
- Perspectives from leading retail experts across the globe
If you are interested in seeing a presentation of this report or would like to understand how PSFK can help your team ideate new possibilities for your brand, contact us at sales@psfk.com
Vol. 6 | Published November 2015
All rights reserved. No parts of this publication may be reproduced without the written permission of PSFK Labs.
Customers Abandoning Their Shopping Carts? Don't Get Mad. Get Remarketing!Webtrends
Fact: Abandoned shopping carts account for $18 billion in missed revenue opportunities a year.*
Fact: Every cart abandonment email sent delivers over $6 in revenue.**
Embrace a new perspective on consumers who abandon your shopping cart, and use your insight to target them with an email remarketing campaign. Learn how email remarketing can bring consumers back, and turn them into high-value customers.
Our slideshare tells you how to do it, plus explains:
Why email remarketing is an effective way to bring abandoners back to your site
What makes cart abandoners a valuable group to target
How Webtrends technology enhances your email remarketing
* Forrester Research
** SalesCycle, 2013
The document discusses three essentials for omni-channel commerce: gain insights, engage, and fulfill. It argues that companies need visibility into customer behavior to deliver personalized experiences, align actions to business objectives, and understand cross-channel behavior. It also stresses the importance of engagement through optimized brand experiences across channels and mobile-optimized stores/apps. Finally, it addresses the need for flexible fulfillment options and streamlined order execution to eliminate barriers between channels.
This document provides a marketing plan to increase Grainger's sales of Bosch power tools by 10% on its website. It analyzes Grainger's business model, online presence, customers, and competition. It defines 3 scenarios based on the customer journey and identifies goals to improve brand awareness, grow loyalty, and reposition Grainger's brand. Key metrics like click-through rate and cost per acquisition are analyzed. Strategies for display ads and email campaigns are proposed for each scenario. The document recommends improving Grainger's content strategy and repositioning its brand as a time-and money-saving online retailer.
The document describes a proposed universal discount card called the Universal Savings Card. The card would allow customers to receive discounts at all participating retailers. It would be accessed using magnetic strips like a credit card and track customer purchase data to provide personalized discounts. The company hopes to partner with existing retailers to offer the card as a service and gain customer data insights to benefit both customers and partners.
The document provides best practices for creating effective landing pages that persuade visitors to convert into sales leads. It recommends using relevant and scan-able copy tailored to the target audience, identifying what customers want through market research, grabbing visitors' attention within the first 8 seconds with compelling content, and testing landing pages to ensure they are optimised for conversions.
This document defines key terms and phrases related to ecommerce and online retailing. It provides definitions for over 30 common terms including abandonment, affiliate marketing, Amazon, API, blog, brick and mortar, business to business, call to action, cash on delivery, conversion, conversion funnel, cost per click, customer experience, crowdfunding, dropshipping, fulfillment, Google Analytics, inventory, keywords, landing page, and metrics. The document serves as an ecommerce dictionary to help online retailers understand common terminology in digital marketing and online business.
CommerceHub surveyed our 10,000+ strong network of Brands and suppliers to understand how they plan to take on the sea changes reshaping omnichannel retail. Here are findings from our Brand Insights Study.
The document discusses best practices for mobile marketing and commerce for retailers during Black Friday, Cyber Monday, and holidays. It recommends retailers focus on optimizing the mobile customer experience through features like one-click checkout, customized SMS and email campaigns, mobile-specific merchandising like hot deals, and building a loyal mobile customer base through SMS signup and loyalty programs. Retailers who fail to optimize for mobile are missing out on significant sales, as mobile now accounts for over half of all online visits and 16% of 2013 holiday sales.
This document discusses how brands can improve personalization and reduce spam by understanding the context of customers' visits. It introduces the concept of contextual personalization, which uses historical and real-time data like purchase history, location, device and weather to send personalized messages that are relevant to the customer's current context. An example is given of a woman browsing shoes on her phone on a rainy day being offered a deal on wellies, a recommendation tailored to her context. Downloading a whitepaper is suggested to learn more about how contextual personalization can enhance customer engagement for brands.
The document discusses the growth of e-commerce in India and why it makes sense for retailers to establish an online presence. It outlines how e-commerce has grown significantly in India over the past decade. It then highlights the benefits of e-commerce for retailers, including access to over 100 million internet users, opportunities to engage existing offline customers online, and examples of mid-sized retailers finding success through e-commerce. The document also provides a case study of one retailer who launched an online store and fulfillment process that led to increased sales and brand reach.
Three Small Changes that Yield Big Results in Marketing | Torrence BooneTorrence Boone
Three small marketing changes that can yield big results are:
1) Implementing the "gift effect" by marketing products as ideal gifts to tap into people's sense of urgency and increase brand loyalty.
2) Revisiting creative imagery to quickly engage audiences and ensure visuals fit with target audiences.
3) Considering changing coupon systems if they confuse online shoppers and cause cart abandonment, such as less intrusive coupon marketing.
7 Key Paid Search Plays for B2B MarketersDemandWave
71% of B2B marketers use paid search, but only 44% say it results in revenue. Check out our presentation to learn the paid search playbook we use to help clients drive more qualified leads and revenue.
Get the Most out of Your Traffic: Smart Strategies to Increase ConversionPedram Farsaii, MBA
Marketers are projected to spend over $67 BILLION in digital campaigns by the end of 2016…WOW. With that type of spending, there are seemingly no limits to driving traffic to your site. But, how do we take these visitors and better convert them in the rapidly evolving digital landscape? It’s time to re-think the traditional view of the conversion funnel:
- Why every door into your website can lead to important conversion insights.
- Better leveraging data to pinpoint weak spots of your website.
- Proven testing tactics that can help you drive more conversions!
Using CRM Data to Activate Shoppers at Retail
Elizabeth Tung, Group Manager, National Shopper Marketing, The Clorox Company
Jonathan Treiber, CEO & Co-Founder, RevTrax
Sales are all-important when it comes to the world of ecommerce; and there are many different ways to increase them. We’ve collated a handful of some handy tips to ensure you are making the most of your ecommerce site.
eCommerce for Everyone: What to Expect in 2017 - State of SearchElizabeth Marsten
eCommerce partnerships, new ad units and where to concentrate your efforts in 2017 to be successful in paid search. Given at State of Search, Dallas, TX November 15, 2016
This document summarizes current trends in B2B marketing. It finds that B2B marketers are increasingly focusing on individual customers rather than businesses, using personalized digital content and data. Specifically, more marketers are using video, social media, and mobile marketing to engage customers throughout the purchasing process. There is also a greater emphasis on creating emotional connections and communicating in a less formal, more human tone.
Download a full version of the report at:
www.psfk.com/report/future-of-retail-2016
Built on a robust study of trends and patterns in the market, the 6th edition of PSFK Labs’ Future of Retail report offers a directional playbook for brands and retailers – defining 10 pillars to build a modern and engaging shopper experience strategy and go beyond expectations to create an enhanced shopper experience and therefore, build value, drive sales, and boost loyalty.
Featured within the 80+ page report, readers can find:
- 10 actions every retailer can adapt to redefine the shopper experience
- 20 key trends driving change in the marketplace
- Future service concepts for top brands
- Perspectives from leading retail experts across the globe
If you are interested in seeing a presentation of this report or would like to understand how PSFK can help your team ideate new possibilities for your brand, contact us at sales@psfk.com
Vol. 6 | Published November 2015
All rights reserved. No parts of this publication may be reproduced without the written permission of PSFK Labs.
Customers Abandoning Their Shopping Carts? Don't Get Mad. Get Remarketing!Webtrends
Fact: Abandoned shopping carts account for $18 billion in missed revenue opportunities a year.*
Fact: Every cart abandonment email sent delivers over $6 in revenue.**
Embrace a new perspective on consumers who abandon your shopping cart, and use your insight to target them with an email remarketing campaign. Learn how email remarketing can bring consumers back, and turn them into high-value customers.
Our slideshare tells you how to do it, plus explains:
Why email remarketing is an effective way to bring abandoners back to your site
What makes cart abandoners a valuable group to target
How Webtrends technology enhances your email remarketing
* Forrester Research
** SalesCycle, 2013
The document discusses three essentials for omni-channel commerce: gain insights, engage, and fulfill. It argues that companies need visibility into customer behavior to deliver personalized experiences, align actions to business objectives, and understand cross-channel behavior. It also stresses the importance of engagement through optimized brand experiences across channels and mobile-optimized stores/apps. Finally, it addresses the need for flexible fulfillment options and streamlined order execution to eliminate barriers between channels.
This document provides a marketing plan to increase Grainger's sales of Bosch power tools by 10% on its website. It analyzes Grainger's business model, online presence, customers, and competition. It defines 3 scenarios based on the customer journey and identifies goals to improve brand awareness, grow loyalty, and reposition Grainger's brand. Key metrics like click-through rate and cost per acquisition are analyzed. Strategies for display ads and email campaigns are proposed for each scenario. The document recommends improving Grainger's content strategy and repositioning its brand as a time-and money-saving online retailer.
The document describes a proposed universal discount card called the Universal Savings Card. The card would allow customers to receive discounts at all participating retailers. It would be accessed using magnetic strips like a credit card and track customer purchase data to provide personalized discounts. The company hopes to partner with existing retailers to offer the card as a service and gain customer data insights to benefit both customers and partners.
The full toolkit is available only for our Growth Team Members.
To date we have published toolkits for: Merger & Acquisition, Geographic Expansion, New Product Development, New Product Launch, Competitive Strategy, Distribution Channel Optimization, and Vertical Market Expansion, Strategic Partnerships, and Customer Strategy.*
The document discusses how retailers can create competitive advantage by leveraging big data. It notes that today's shoppers generate vast amounts of data through their online and in-store activities. It then outlines three key reasons why retailers should focus on big data: (1) the amount of data being generated is huge and growing rapidly, (2) big data can significantly increase retailer profits and productivity, and (3) big data analytics has become critical to competition between retailers. The document then introduces McKinsey's Consumer Marketing Analytics Center (CMAC), which helps retailers integrate diverse data sources, generate insights from big data, and embed these insights into decision-making.
RIS November tech solutions guide - analyticsiinside
Through precise location analytics, retailers now can monitor the entire path to purchase. With this data, marketers better understand what led to the purchase providing the ability to move beyond the traditional blanketed “campaign” to a year-round interaction based on consumer behavior. Customers “opt-in” by mobile app to receive highly-targeted promotions, information about merchandise they may have “visited” but didn’t purchase, and discounts for major events – based on correlations like visits, dwell and intent – to drive sales like never before.
Through precise location analytics, retailers now can monitor the entire path to purchase. With this data, marketers better understand what led to the purchase providing the ability to move beyond the traditional blanketed “campaign” to a year-round interaction based on consumer behavior. Customers “opt-in” by mobile app to receive highly-targeted promotions, information about merchandise they may have “visited” but didn’t purchase, and discounts for major events – based on correlations like visits, dwell and intent – to drive sales like never before.
Data mining for the online retail industryATUL SHARMA
This document discusses using data mining techniques for customer segmentation in the online retail industry. It presents a case study of a UK-based online retailer that analyzed customer transaction data using RFM (Recency, Frequency, Monetary) modeling. The analysis identified clusters of customers based on how recently they purchased, how often, and how much they spent. This allowed the retailer to better understand customer purchasing behaviors and identify their most and least valuable groups to improve targeting and growth strategies.
Omnichannel Customer Experience. Companies such as Amazon, Facebook, Google, Apple already know that the future of user experience is automated interface creation depending on customer needs.
Consumer Behavior People In The Marketplace PascaMrirfan
The document discusses how marketing is adapting to the new digital economy. It identifies four major drivers of the new economy: digitization, disintermediation, customization, and industry convergence. Examples are given of how companies are using technologies like customization websites and online marketplaces to adapt. The differences between old and new economy marketing approaches are outlined.
1) Big data is defined as large volumes of structured and unstructured data that is growing exponentially. It can be analyzed to provide more accurate insights and better decision making.
2) The key aspects of big data are volume, velocity, variety, and variability of data from multiple sources.
3) Companies that effectively analyze big data can improve marketing ROI by 15-20% and increase productivity and profits by 5-6% over peers.
The document provides information on how to get customers and activate them. It discusses acquisition channels like search engine marketing, social/display ads, search engine optimization, content marketing, email marketing, influencer marketing, affiliate marketing, existing platforms, and community building. It then covers customer activation, including coming soon pages, homepage vs landing pages, and how to make great landing pages through techniques like using an awesome headline, clear value proposition, big images, credibility signals, and relevant forms.
This whitepaper discusses the challenges of accurate marketing attribution and analyzes different attribution models. It notes that while analytics spending is rising, many brands still rely on simplistic rules-based attribution models that likely distort the true value of marketing tactics. These models make broad assumptions rather than being evidence-based. The whitepaper argues effective attribution requires a custom, algorithmic approach based on analyzing clean, high-quality data to understand causality across marketing events and customer characteristics.
Sales & marketing- marketing to consumers one at a timeeTailing India
Consumers have evolved a lot. Business models are following the consumer evolution. Few disruptions that have happened are internet penetration and mobile phones. Most of the users have multi-screen behavior. From browsing products to compare prices, there are more choices available for users. These have led to an impulsive behavior which has given rise to new marketing challenges. Marketing has evolved where digital marketing is working along with traditional media.
Creating One Customer Journey Ecosystem that Meets All Banking NeedsCognizant
The ability to aggregate and analyze customer data in one place rather than in silos empowers banks to apply forensic and predictive analytics with a lens across the entire institution.
This document discusses a two-way micropayment solution that allows users to both spend and receive small payments. It aims to solve pricing and convenience issues that have prevented micropayments from being widely adopted. The system provides users benefits like receiving money from viewing ads that can then be used to purchase content. Content providers, advertisers, and the platform also benefit through market data sharing and transaction fees. The goal is to make low-value digital transactions economically viable through this new micropayment model.
Growth Hacking with Cassie Lancellotti-YoungMattan Griffel
Cassie Lancellotti-Young discusses key startup metrics for evaluating marketing performance including acquisition, activation, retention, referral, and revenue. She emphasizes the importance of granular user data and tracking metrics across email, website, and revenue to understand the customer journey. Highlighting lessons from her experience, she stresses the value of optimization, testing assumptions, and focusing on the core user experience to drive engagement and growth.
Presentation by Herman Kienhuis (Curiosity VC) on Investing in AI for ABS Alu...Herman Kienhuis
Presentation by Herman Kienhuis (Curiosity VC) on developments in AI, the venture capital investment landscape and Curiosity VC's approach to investing, at the alumni event of Amsterdam Business School (University of Amsterdam) on June 13, 2024 in Amsterdam.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
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Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...
Multichannel Forensics Projects For Catalogers: 2009
1. A Typical Multichannel Forensics Project
A CEO’s Guide To Reducing Expenses
And Increasing Profit
Kevin Hillstrom
President, MineThatData
kevinh@minethatdata.com
http://minethatdata.blogspot.com
Kevin Hillstrom, President: MineThatData
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2. A Project … Requested By A CEO
Multichannel Forensics projects have evolved since
analyzing internet customer behavior at Eddie Bauer in the
late 1990s.
Today, a typical Multichannel Forensics project focuses on a
series of objectives designed to identify customers who will
continue to generate sales if advertising is reduced.
We begin with at least five years of purchase history, and
an enthusiastic desire to learn about customer behavior!
Kevin Hillstrom, President: MineThatData
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3. The Data
We create a file that has one row for every item a customer
has ever purchased.
We want key attributes like household_id, order_date,
price, quantity, fulfillment information, purchase_channel,
zip_code, the advertising channel that drove the purchase
(search, e-mail, catalogs), and the advertising channel that
influenced the purchase (i.e. matchback information), sku,
merchandise category/department/division.
With this information, we can run our analysis!
Kevin Hillstrom, President: MineThatData
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4. Micro-Channels
A typical project focuses on “micro-channels”,
combinations of advertising and physical channels that
customers use to purchase merchandise.
For instance, a customer who orders online after clicking
through an e-mail campaign that was matched-back to a
catalog mailing is a customer who utilizes a “micro-
channel”.
Micro-Channel = E-Mail / Catalog.
Kevin Hillstrom, President: MineThatData
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5. Micro-Channels
Most business-to-consumer and business-to-business
brands have between ten and twenty popular micro-
channels that customers use.
Our goal is to understand how customers repurchase after
buying from a specific micro-channel. What does the
customer do next?
Let’s look at an example: 2008 repurchase activity for
customers who in 2007 shopped via e-mail without a
catalog matched-back to the order.
Kevin Hillstrom, President: MineThatData
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6. E-Mail Alone
Our first job is to look at the repurchase
rate for this segment … in this case,
29.8%.
Repurchase Rates:
• 60%+ = Retention Mode.
• 40% - 59% = Hybrid Mode.
• 0% to 39% = Acquisition Mode.
The mode dictates the marketing
strategy.
Kevin Hillstrom, President: MineThatData
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7. E-Mail Alone
Next, we look at the “rebuy index”.
• 0% to 19% = Isolation Mode.
• 20% to 49% = Equilibrium Mode.
• 50%+ = Transfer Mode.
Equilibrium Mode means that customers
are willing to try a different micro-
channel. Transfer Mode means that
customers are leaving for another micro-
channel.
Kevin Hillstrom, President: MineThatData
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8. E-Mail Alone
Customers who shopped via e-mail
(without catalog assistance) are likely to
shop online via a catalog, through e-mail
via a catalog, and to shop on the
internet without the aid of advertising.
These are the micro-channels that a
customer is likely to migrate to after
purchasing via e-mail alone. We
probably cannot force the customer to
shop other micro-channels.
Kevin Hillstrom, President: MineThatData
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9. The Micro-Channel Ecosystem
Most business-to-consumer
Kevin Hillstrom, President: MineThatData
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10. The Micro-Channel Ecosystem
Notice that this brand acquires customers in traditional
ways (often via catalog marketing).
Over time, the customer evolves, migrating to e-mail
marketing.
Other customers come in via online marketing channels.
Eventually, many customers buy online, and do not need
advertising to place an order. This is a good thing!!!!
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
11. The Micro-Channel Ecosystem
Most micro-channel ecosystems illustrate a path that
customers take as they move from being advertising-
dependent to generating organic demand.
Many customers prefer catalog advertising.
Many customers prefer e-mail marketing, or paid search.
Some customers will shop regardless whether they are
marketed to, or not.
Kevin Hillstrom, President: MineThatData
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12. Putting The Information To Use
In most of my projects, I have to identify the customers
who are most likely to require advertising in the future,
and identify customers who are less likely to require
advertising in the future.
Three distinct models are built to score every single
customer in your database.
Here are the models!
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
13. Response Model
I use Logistic Regression to predict the likelihood of a
customer purchasing again during the next twelve months.
Traditional variables (recency, frequency, monetary value),
geographic variables (zip code forensics), micro-channel
metrics, and merchandise preferences are entered into the
equation.
Each customer is given a predicted (29.4%) likelihood of
buying again in the next twelve months.
Kevin Hillstrom, President: MineThatData
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14. Spending Model
I use Ordinary Least Squares Regression to predict how
much a customer will spend if the customer purchases
again in the next twelve months.
Traditional variables (recency, frequency, monetary value),
geographic variables (zip code forensics), micro-channel
metrics, and merchandise preferences are entered into the
equation.
Each customer is assigned a spending prediction ($150) for
the next twelve months, if the customer does purchase.
Kevin Hillstrom, President: MineThatData
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15. Organic Model
Variants of regression (probit, hyperbolic tangent
transformation) are used to predict the percentage of
demand that will be generated without the aid of
advertising.
We really focus on micro-channels at this stage of
modeling.
Each customer receives a prediction (20%) of demand that
will be “organic”, not caused by advertising, in the next
twelve months.
Kevin Hillstrom, President: MineThatData
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16. Advertising Value
Our predictions are multiplied together, to determine the
demand that will be driven by advertising:
• Response Prediction = 29.4%.
• Spending Prediction = $150.00.
• Organic Prediction = 20.0%.
• Prediction = 0.294 * 150.00 * (1 – 0.20) = $8.82.
This customer will spend $8.82 in the next twelve months if
the customer is advertised to. Now let’s review how we
will use this value to determine a contact strategy.
Kevin Hillstrom, President: MineThatData
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17. Contact Strategy
We use a
relationship that
Demand By Advertising Level
15
simulates
14
13
Advertising Demand
diminishing returns.
12
11
10
9
8
7
Alternatively,
6
5
4
testing data can be
3
2
used to determine
1
0
0 1 2 3 4 5 6 7 8 9 10 11 12
this relationship.
Number of Catalogs
Kevin Hillstrom, President: MineThatData
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18. Optimal Contact Strategy
Given our relationships,
we can estimate how
many catalogs are “right”
for any individual
customer.
In this case, profit is
maximized at two catalog
mailings, not the six that
this customer would
normally receive.
Kevin Hillstrom, President: MineThatData
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19. The Future: A Five Year Sales Plan
Kevin Hillstrom, President: MineThatData
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20. The Future: A Five Year Sales Plan
The CEO will thoroughly understand the anticipated five
year sales trajectory, by channel.
The CEO will thoroughly understand how customer
retention, customer acquisition, and marketing spend
interact to drive the business forward.
With this data, the CEO will be able to craft a strategy to
grow sales and profit, or will be able to trim expense in the
least damaging way.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
21. E-Mail Marketing Strategy
Many folks are looking to develop a “targeted” e-mail
marketing strategy --- one that is not terribly complicated,
one that is easy to implement, one that is human driven ---
not driven by automated algorithms.
So, many projects have an e-mail component --- one where
each customer is assigned to a “merchandise preference”,
so that the marketer can match an individual customer to a
unique version of an e-mail campaign.
Merchandise purchases are very important here!
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
22. E-Mail Segmentation
I’ll assign customers into one of nine segments, for
instance, based on how many merchandise divisions the
customer buys from, and their merchandise preference.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
23. E-Mail Marketing Strategy
Once we assign customers into one of nine different e-mail
marketing segments, we match customers to the version of
an e-mail campaign that is most similar to their interests.
A womens merchandise customer who only buys womens
merchandise should probably receive … womens
merchandise!
A mens merchandise customer who buys from many
merchandise divisions could receive just about anything
and be productive --- test and measure!!!
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
24. Multichannel Forensics And Profit
Most of the Multichannel Forensics projects I work on
require a reduction in advertising expense coupled with
demand maximization.
We do this by analyzing micro-channels, reducing catalogs
to customers who generate demand organically.
We also do this by matching e-mail marketing campaigns to
customers who have specific merchandise preferences.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
25. Project Cost
Projects are based on the number of buyers who
purchased from your business in the past twelve months.
• 10,000 buyers = $8,500.
• 100,000 buyers = $15,300.
• 1,000,000 buyers = $27,300.
• 10,000,000 buyers = $49,000.
Many larger companies have the resources to do this work
on their own. About three dozen brands have worked with
me on Multichannel Forensics projects of this nature
during the past two years.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
26. Too Expensive? How Does Free Sound?
For some folks, a
Multichannel
Forensics project
is too expensive.
So why not
leverage a free
tool?
Zip Code Forensics is a free tool that allows you to target
customers dedicated to e-commerce or catalog marketing.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com
27. Interested?
Most projects take about four weeks to complete, once
data is received.
Multichannel Forensics projects have been completed for
more than thirty marketers … from $10,000,000 online
businesses to $50,000,000 catalogers to multi-billion dollar
retail multi-channel brands. You get the benefit of this
aggregated learning by working on a project.
Send me an e-mail (kevinh@minethatdata.com) for project
details, timelines, costs, and requirements.
Kevin Hillstrom, President: MineThatData
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http://minethatdata.blogspot.com