Datafusion - delivering customer insight
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The application of data fusion for customer insight
Transcript of Datafusion - delivering customer insight
- 1.
- 2. Data Fusion The Final Frontier An Introduction to MARKETGEM Michael Collins BA(Hons), DipM, MCIM, FIDM Managing Consultant - Database Marketing Counsel Visiting University Lecturer in Database Marketing & CRM
- 3. The Classic Strategic Circle RESPONSE TUNE STRATEGY DATABASE COMMUNICATION ANALYSE RESPONSE
- 4. The New Strategic Circle CONTROLLED RESPONSE INTERPRET,
ANALYSE AUTOMATION DATABASE BROAD RANGE OF COMMUNICATION MEDIA
UNCONTROLLED RESPONSE, NEW DATA, INTELLIGENCE
- Demand-led business
- Corporate asset
- 5. How do you understand your customers? Behaviour Purchases Responses Queries Complaints Profile Demographics Lifestyle Personal Psychographics Attitudes Aspirations Preferences Retention Acquisition Cloning
- 6. How Do Customers Segment Themselves? Email Phone Mail Sales Visit SPECTRUM OF RELATIONSHIP I need constant contact I know where you are when I want something
- 7. Demographics
- Age
- Gender
- Marital status
- Income
- Geography
- Education
- Occupation
- 8. Lifestyles
- Individuals can share a demographic grouping but have a totally different set of interests, pursuits, hobbies, pastimes and enjoyed activities
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- Demographics
- Lifestyles
- 10. Psychographics
- Preferences
- Attitudes
- Purchases
- Response
- Attitudes
- Aspirations
- Self-view
- 11. B2B Demographics
- Sector or industry
- No. of employees
- Turnover
- Geography
- Years in business
- 12. B2B Discriminators
- Type of premises
- Location
- Customer base
- Growth/decline
- Family business or shareholders
- Subsidiary or parent
- Education level of board
- Age of board
- Acquisitive or acquirable
- 13. B2B Psychographics
- Brand
- Length of relationship
- Image
- Individual needs
- Personal view
- Price conception
- Tradition
- Referral or Viral marketing
- No-one ever got fired for buying
- 14. Psychographics Adding to your database from research
- Address the customer segments with golden questions
- Research data can be both discrete and general
- If research is discrete then it can be matched back to the subject
- This will provide specific qualification criteria for those who respond .
- . and information that can be extrapolated across other similar subjects, to fine tune the profiles
- 15. Why MarketGEM ? 360 VIEW OF THE CONTACTS The WHAT, WHEN, WHO, WHICH & HOW MUCH Customers Prospects Suspects Promotions Complaints Branches Products Campaign Response Source Quotations Referrals Lifetime Expenditure Enquiries
- 16. Why MarketGEM ? but you also want to know WHY? . and who else WILL behave in a similar way .to build a model that will identify the nuggets of opportunity just waiting to benefit your relationship with your customers
- 17. A Process of data fusion. The MarketGEM Process
- 18. Your Systems Data (Customers & Transactions) Start with your own data. The MarketGEM Process Names Addresses Postcodes Source Campaign history Response History Purchase History Enquiries Complaints Referrals Data acquired
- 19. Your Systems Data (Members & Transactions) enhancement & enrichment The MarketGEM Process External Qualification (Demographics & Classifications) Demographics Lifestyle Product Purchase Magazine Subscriptions Postcode verification
- 20. Your Systems Data External Qualification (Members & Transactions) (Demographics & Classifications) enhancement & enrichment This is the basis for a fast start - maximising available data for business decisions Define your SEGMENTS and determine your GOLDEN QUESTIONS The MarketGEM Process
- 21. The MarketGEM Process Targeted Market Research Your Systems Data External Qualification (Attitudes & Aspirations) (Members & Transactions) (Demographics & Classifications) ..add bespoke research data
- 22. The MarketGEM Process Targeted Market Research Your Systems Data External Qualification (Attitudes & Aspirations) (Members & Transactions) (Demographics & Classifications) a model is built Deliver actionable direction for immediate benefit, stage by stage
- 23. How does it work?
- Data appraisal database and all research
- Enhance member and transaction information
- Understand the Business Opportunities
- Undertake bespoke market research
- Fuse the outcome by discrete indicators or segment
- C reate the MarketGEM analysis universe
- Explore and analyse the data
- 24. Notional scenario Customer & Prospect Details &
Transactions CUSTOMER DATA MARKETING UNIVERSE Orders Sales
Campaigns Complaints
- Data Audit
- Enhancement
- INSIGHT
- Ad hoc analysis
- Segmentation
- Customer profiling
- ROI & Business case for longer term
- Cross sell / up-sell
- Research data
- External data
- 25. Application consumer markets
- Merge with Market Basket Analysis
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- Amazon - potentially interesting products
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- Beer and nappies
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- Combinations & sequence
- 26. Enhanced MBA Travel Industry
- Identify the combinations of type of travel and destination and then count the number of times each combination exists for the period
- Add MarketGEMcustomer profile data
- 27. Application - Retailing
- Clothing store chain
- From Customer Lists and Sales Records (EPOS) identify purchases from Sales and Mainline business
- Simple segmentation of sale and main-line customers
- Market Research by telephone and incentivised mail
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- Included attitudinal and demographic/lifestyle issues
- 28. Identifying the best clones
- Identify mainline shoppers
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- Identify shoppers by recency and frequency and future intention to shop main line
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- Create MarketGEM model - combine with demographic and lifestyle results - age, marital status, car ownership etc
- 29. Application - Retailing
- Next highest occupation type qualified by future intention and competitor purchase behaviour
- Age variation identified: 25-45 and 45+
- Deductions
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- Infrequent purchasers perhaps saving up for a particular item
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- Younger clones could develop into higher rank prospects as careers progress
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- Older clones remain on the brink between sale and mainline, probably more aspirational than committed
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- Application
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- Customers used to identify the demographic and consumer profile that can then be applied to the wider data universe for customer retention
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- Use the profiles and behavioural traits to drive cloning for new best customers
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- Cloning continues until either attributes become insignificant or insufficient for a viable segment
- Outcome
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- Targeted marketing based on the clone contingents generated incremental 1.25m turnover in first quarter
- 31. Application B2B
- International business publisher and event organiser
- Internal data:
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- Exhibition Visitors (registration data)
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- Stand visit records (badge swipes)
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- Exhibitors
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- Magazine subscribers
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- Magazine advertisers
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- Market Research of exhibition visitors
- Create a total view of contacts and identify best customers, potential churn and other business opportunities
- Are the best customers really as the company expects?
- 32. Application B2B Company Name Postcode Business Demographics Sector Registration Code Advertising spend Job Function Job Title Turnover Product/Service 1. Business demographics: Enhancement /verification 2. PAF data (UK & Foreign) Address verification & formatting 3. Weather/Travel Info 4. Advertising Monitoring Market share, expenditure comparison 5. Sector performance Adding External Data
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- Why were a whole contingent of visitors attending but never appearing on the stand visit records?
- Were the highest spending advertisers the best customers?
- How were the key exhibitors playing the system?
- 34. Address uppermost business imperatives Growth Effectiveness
Market Share
- Knowing more about your customers & prospects
- Protection against churn
- Product development
- Improving service
- Opportunities for cross sell and up sell
- 35. Why MarketGEM ? Maximised yield from web and brochure layout 25k+ to bottom line, risk reduction & cashflow benefits 1.25m increased turnover
- 36. Thank You www.marketgem.co.uk Data Fusion The Final Frontier An Introduction to MARKETGEM
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