Get What You Need: How to Build a #IRCE17 Winning …...(high bounce rates, cart abandonment) •...
Transcript of Get What You Need: How to Build a #IRCE17 Winning …...(high bounce rates, cart abandonment) •...
#IRCE17
ECOMMERCE TECHNOLOGY WORKSHOPJune 6, 2017
Get What You Need: How to Build a Winning Business Case and Budget for Technology & Innovation
#IRCE17Get What You Need: How to Build a Winning Business Case and Budget for Technology & Innovation
IRCE 2017 Tech Workshop 2
Brian ThompsonDirector of eCommerce
Marta DaltonDirector of eCommerce
#IRCE17What is Needed to Make a Case for Technology Investments?
30%
64%
6%
A Well‐Defined Problem that Management Recognizees
Proof that a Solution Will Address the Issue, Deliver Results
We Don't Create Structured Business Cases for Investments
Answers
Answers
Building a strong business case for technology investments is key to overcoming many of the obstacles retailers are facing.
48.2%
4IRCE 2017 Tech Workshop How to Build a Winning Business Case and Budget for Technology & Innovation
Companies are seeing the merge of these two once distinctly different marketing paths.
Fundamentals and Best Practices in Building a Business Case
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“COMPANIES ARE SPENDING MORE ON MARKETING TECHNOLOGY (MARTECH) THAN ON ADVERTISING”
source: chiefmartec.com
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Digital Marketing Infrastructure
33%of marketing budgets go
to technology
28%of that isspent on
infrastructure
It’s not just about marketing programs any more….
Servers Networks Storage CloudHosting
source: gartner.com/digitalmarketing
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Marketing is Not a Cost
Center but a Profit Center
• Not all leadership teams are convinced
• Accountable for every dollar spent
• Projected return on spend is required
…in comes the business case
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A Marketing Technology business case can be confusing and hard to sell to executive leadership.
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Goals to consider
• Make it thought‐provoking
• Keep it brief, share only what’s needed
• Don’t use jargon, assume they know nothing
• Clearly lay out vision
• Provide business value
Five Key Sections
Options2
Implementation3
Recommendations4
ROI5
The Problem1
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…let’s review each one individually
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…We’ll start with “The Problem”
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1 The Problem
• Wasted time on tasks(compiling customer information)
• Website KPI’s under performing(high bounce rates, cart abandonment)
• Increased email unsubscribes
• Significant custom development hours
Source: https://www.snapapp.com/
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…There has to be supported “Options”
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1 The Problem Options2• Wasted time on tasks
(compiling customer information)
• Website KPI’s under performing(high bounce rates, cart abandonment)
• Increased email unsubscribes
• Significant custom development hours
• What happens if we do nothing
• Are there multiple solutions
• Always provide a recommendation and justification
Source: https://www.snapapp.com/
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… “Implementation” can lead to many questions
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1 The Problem 3 ImplementationOptions2• Wasted time on tasks
(compiling customer information)
• Website KPI’s under performing(high bounce rates, cart abandonment)
• Increased email unsubscribes
• Significant custom development hours
• How does it fit with my current stack
• Do we have the people to implement
• Onboarding / Training
• Long term support
• What happens if we do nothing
• Are there multiple solutions
• Always provide a recommendation and justification
Source: https://www.snapapp.com/
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…Recommendations
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1 The Problem
4 Recommendation
3 ImplementationOptions2• Wasted time on tasks
(compiling customer information)
• Website KPI’s under performing(high bounce rates, cart abandonment)
• Increased email unsubscribes
• Significant custom development hours
• Describe what marketing could be with the new technology
• Talk about the efficiencies this could deliver
• Describe any long term cost savings
• Include all relevant details
• How does it fit with my current stack
• Do we have the people to implement
• Onboarding / Training
• Long term support
• What happens if we do nothing
• Are there multiple solutions
• Always provide a recommendation and justification
Source: https://www.snapapp.com/
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…Finally, what is my “ROI”
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1 The Problem
4 Recommendation
3 Implementation
5 ROI
Options2• Wasted time on tasks
(compiling customer information)
• Website KPI’s under performing(high bounce rates, cart abandonment)
• Increased email unsubscribes
• Significant custom development hours
• Describe what marketing could be with the new technology
• Talk about the efficiencies this could deliver
• Describe any long term cost savings
• Include all relevant details
• How does it fit with my current stack
• Do we have the people to implement
• Onboarding / Training
• Long term support
• What happens if we do nothing
• Are there multiple solutions
• Always provide a recommendation and justification
• Time savings
• Lead Generation
• Site Conversion
• Most technology vendors have an ROI breakdown to share
Source: https://www.snapapp.com/
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…without a strong ROI, you’re doomed
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So what has worked?
• Lay out a timeline of anticipated milestones
• Commit to your financial deliverables
• Setting an ROI projection
• Calculate the efficiencies
• Demonstrate multi‐channel metric improvement
Remember, it’s OK to “share metrics” across your marketing technology.
…Close out strong
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Present the hard sell, next
steps and questions
• Remind them what they will get when approving this business case• Cost Savings• Revenue Generation• Increased MQLs
• Present clearly defined next steps• Let them know when you will get back to them
• Ask for buy in• Are we prepared to move forward?• It’s your idea, if you believe strongly, don’t be afraid to ask for the money
Average Order Value
Unique Visitors
Conversion RateCost to Serve
THE REVENUE RECIPE
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BUILD YOUR CASE
Your own data Industry Data
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EXAMPLE #1
Enhancement
Dynamic cross‐sell & up‐sell
Primary Metric
Average Order Value
Data Source
Industry ORA/B
Industry Data• Cross‐sell lift 0.2% to 1.5%• Up‐sell lift 2% to 4%
A/B• No cross‐sell/up‐sell• Manual cross‐sell/upsell
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EXAMPLE #2
Enhancement
Creating a mobile app
Primary Metric
Conversion Rate
Data Source
Proof of Concept & Voice of the Customer
Proof of Concept• Responsive website• Include same features as full
site• Track most used features in GA
Voice of the Customer• Surveys via email• Use of mobile at location• Most needed features
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EXAMPLE #3
Enhancement
Additional website languages
Primary Metric
Unique Visitors
Data Source
Web Analytics
Web Analytics• Create country users as advanced segment• Track negative metrics such as exit %, abandoned searches, non‐
converting products, zero results internal search, etc• Provide feedback boxes on site or post checkout
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PRIORITIZING
MUST COULD NOPESHOULD
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1. Business critical2. Next in line3. Pretty important4. Strong contender5. Proposed by the Boss’s son
TWO DATA SOURCES
A) STRATEGIC PRIORITIESB) REVENUE & EFFICIENCY
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BUILDING YOUR BUDGET
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BEST ROI TECHNOLOGIES
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Marta Dalton
MyCoke.com
madalton@coca‐cola.com
Brian Thompson
Winston Brands
For additional questions:
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