Five Key Messages from the Henry Stewart Marketing Analytics Conference

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Nov 18, 2011

Henry Stewart held its second annual Customer and Marketing Analytics conference in downtown Boston last week from November 10-11. The theme of this year’s conference was “The Strategies, Plans, and Execution Techniques for Aligning Performance with Corporate Goals”. Throughout day one of the event, marketing experts and technology representatives spoke of their experiences, mistakes, and solutions that have brought them success. Five key messages stood out.

Leverage existing content for free marketing. Tony Fraizier, VP of GeoEye, spoke about effective marketing by leveraging existing content or products. The example he gave was how the New York Times overlaid two of GeoEye’s maps to create a before and after graphic of Joplin, Missouri which was damaged by a tornado earlier this year.  Another example was presented which showed photos of Japan before and after the earthquake and tsunami that also occurred earlier this year. These graphics provide GeoEye with free marketing and unveils their capabilities to a broader audience. Fraizier also noted that geospatial data can be used for research, to help predict events, assist disaster response, and can even be leveraged for risk management.

Align business goals with analytics to optimize marketing efforts. Dr. Rex Davis from dunnhumbyUSA spoke about when to leverage four key marketing metrics to align marketing with corporate goals; Customer Loyalty, Satisfaction, Campaign Lift, and Net Promoter Score.  The Net Promoter Score is particularly interesting lately, and has gained traction from the increased adoption of social media. It’s designed to rate customer loyalty by identifying brand promoters and brand detractors.

A company calculates its Net Promoter Score simply by asking its customers on a scale from 1 to 10 how likely is it that they would recommend the business to their colleagues. The NPS is then simply calculated by taking the percentage of Promoters (respondents who answered 9 or 10) and subtracting from it the percentage of users who are Detractors (respondents who answered 0 to 6. Response scores in the 7 to 8 range are categorized as neutral and do not factor into the equation).

Davis pointed out that one of the biggest mistakes he has seen is the lack of agreement on how success is defined and how it will be measured.   He emphasized the need for company goals to focus on the customer for any expectation of success.

Dr. Rex Davis, Vice President of dunnhumbyUSA

Measuring and analyzing customers in a multichannel world. David Hastings from Teradata (the company that purchased aprimo last year) spoke about creating the 360 degree view of the customer by integrating online and offline behaviors. Hastings pointed out that Web data has become traditional, and should only be used as a starting point. Creating a 360 degree view of the customer involves looking at multiple data sources including data from social media, mobile, location/geospatial, and even data from Kiosks (these elements make up what is being known as “Big Data”) in order to enable better analysis of customer behavior. Understanding how customers leverage multi-channel information uncovers opportunities such as influential customers, higher revenue and better operations in areas such as store management, shipping, and customer service.

The value of data-driven marketing. Ozgur Dogan from Merkle discussed how marketing efforts should evolve to be more customer-centric. As consumers are more connected today, the amount of data associated with their behaviors can be unmanageable. There is a need to cut through this clutter of data to uncover the relevant information for better marketing to the customer. Dogan recommends engaging in Analytical Data Sourcing which focuses on integrating marketing data content with an aim at finding the right data for specific business needs. Unlike traditional data sourcing, analytical data sourcing is more results driven and its incentive is to increase performance by reducing data costs instead of simply increasing list volumes.

Rediscovering customers and their preferences. Many marketers understand that it’s less expensive to retain an existing customer than it is to gain a new one, and should be doing so by upselling and cross-selling existing customers. Analyzing preferences and behavioral data from marketing campaigns enables them to do so. Scott Groenendal from IBM’s SPSS group, which focuses on software for predictive analytics, emphasized the need for institutions to rediscover who their customers are and understand their media preferences so marketers know where to look for information. The number of media and marketing consumption devices had introduced a need to understand how customer preferences have changed to ensure they’re being reached in the most optimized way.

After Adobe’s planned restructuring to align its resources to focus on growth opportunities in digital media and digital marketing, as well as its announcement that analytics and reporting are a key initiative for the company going forward, it is clear that analytics has evolved beyond being just a trend for marketers and the technology companies that support them. It has become an integral part of effective, multi-channel marketing, and those who expect success are leveraging strategies and solutions that make information from data transparent and usable in order to drive marketing efforts that will help realize corporate goals.

P.S. For our European counterparts, Henry Stewart is also hosting this conference in London on December 5-6th. More information regarding this conference can be found at: www.hsmarketinganalytics.com/uk2011 or message me and I can put you in touch with the conference coordinator. Next year’s Henry Stewart Marketing Analytics conference is being planned, but no date has been chosen yet.

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