Transcript Big Data - DrivingSales Executive Summit

Big Data and Analytics: How can they help you
be more relevant to your customers and drive
significant profits?
Dr. Jeni Bunner
Director of Insight; Outsell, LLC
[email protected]
Agenda
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Consumer Expectations
The Importance of Being Relevant
Irrelevance
How to be Relevant
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Big Data
Predictive Analytics
What’s the solution?
Relevance Done Well
Questions and Answers
CONSUMER EXPECTATIONS
Modern Consumers Expect:
• An engaging brand experience
• On their own terms
• Via any and all of their devices
Industry Challenge
OEM
Dealers
Sales
Department
AGENCY OF
RECORD
CORPORATE
MARKETING
PRINT
OPERATIONS
MEDIA
BUYER
Service
Department
MARKETING
SERVICE
PROVIDERS
Parts
Department
PRINT
OPERATIONS
F&I
Department
LOCAL
MARKETING
AGENCY
Addressable Media and Channels
Media or channels that allow
communications to consumers at an
individual level
More Channels are Becoming Addressable
Mass
Direct
Online
Newspapers
Inbound Phone
Search
Magazines
DRTV
Telemarketing
Banner Ads
Face-To-Face
Mobile
Direct Mail
Blogs
Social Networks
Radio
Outdoor
TV
Web Sites
Email
Kiosks
Age of the Customer
jksdfhkds
Source: Forrester Research, Inc.
Be Relevant!!!
“In the future, only companies that understand and
anticipate their customer’s needs and can
consistently deliver unique, tailored customer
experiences will be able to attract and retain loyal
customer revenue streams.”
Source: Forrester Research, Inc.
Source: Forrester Research, Inc.
THE IMPORTANCE OF BEING
RELEVANT
Consumer Engagement is Elusive
Relevance Matters
2X
60%
50%
$$$
Not
Disengage
Relevant
Source: DM News
IRRELEVANCE…
The 40 yr. old woman with the
18 yr. old boy gene
Dear Ford,
Seriously? I own a Mustang. You know I do. I follow Mustang on Twitter and liked
it on Facebook. I've clicked through emails you've sent me to go search your site
for Mustang paraphernalia and badges, check out the current model, and
"customize" my dream Mustang (three times!). I've clicked through Mustang ads
(and Camaro ads, not that you'd know that). I've never once expressed any
interest in an SUV. Why on earth would you email me about the Escape? It may
be all new, with cool features and whatever, but clearly I'm interested in sports
cars, not sports utility vehicles. You may want to reconsider your segmentation
strategy. Thanks for thinking of me, though.
?
Source: DM News
HOW TO BE RELEVANT
How can Brands be more relevant to
Consumers?
Put
DATA
in the drivers seat!
Big Data
The most important dimension of “Big Data” is how
you derive profits from it
Auto Dealership “Big Data”
The power of your Big Data
• Collectively dealers
maintain more customer
data than parent OEMs
• Dealer data is rich but
underutilized
What Does Your Big Data Tell you?
Multi-channel targeted
communications
Predictive Analytics
The analysis of
current and
historical facts to
make predictions
about future
events
Predictive Analytics Examples
• Which consumers will
purchase in the next 30
days?
• Who are my most valuable
consumers?
• Where is each consumer in
their lifecycle (shop, buy,
own)- segmentation
• What vehicle is a consumer
most likely to purchase?
WHAT’S THE SOLUTION
4 Steps to Relevance
Get
Personal
Segment
and Test
Build Your
Database
Target Even
Smarter
Step 1: Get Your Data in Order
Weblog
• Multi-channel
• Online and offline
• Behavioral
Video
Social
CRM
Blogs
Chat Mobile
DMS
Click
Step 2: Segment and Test
Relevant Messages
• Start small
• Segment consumers
• Determine what's
working
• Make incremental
improvements
Step 3: Personalized Marketing
• Real-time responses
• Driven by
consumers’ actions
(or lack of)
• On their terms
• Personalized to
each and every
consumer
Step 4: Get Smarter With
Predictive Analytics
• Gold standard for
driving relevance
• Requires a specialized
skillset
• Could double your
incremental sales lift
(uplift from Marketing)
RELEVANCE DONE WELL
The “pregnancy–predictor” Model
“My daughter got this in the mail!” he said. “She’s still in high school,
and you’re sending her coupons for baby clothes and cribs? Are you
trying to encourage her to get pregnant?”
The manager didn’t have any idea what the man was talking about. He
looked at the mailer. Sure enough, it was addressed to the man’s
daughter and contained advertisements for maternity clothing, nursery
furniture and pictures of smiling infants. The manager apologized and
then called a few days later to apologize again.
On the phone, though, the father was somewhat abashed. “I had a talk
with my daughter,” he said. “It turns out there’s been some activities in
my house I haven’t been completely aware of. She’s due in August. I
owe you an apology.”
QUESTIONS AND ANSWERS
THANK YOU!
Dr. Jeni Bunner
Director of Insight; Outsell, LLC
[email protected]