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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 Jennifer.Bunner@outsell.com. Agenda. Consumer Expectations The Importance of B eing Relevant Irrelevance How to be Relevant
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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 Jennifer.Bunner@outsell.com
Agenda • Consumer Expectations • The Importance of Being Relevant • Irrelevance • How to be Relevant • Big Data • Predictive Analytics • What’s the solution? • Relevance Done Well • Questions and Answers
Modern Consumers Expect: • An engaging brand experience • On their own terms • Via any and all of their devices
Industry Challenge OEM Dealers Sales Department Service Department Parts Department F&I Department PRINT OPERATIONS AGENCY OF RECORD CORPORATE MARKETING MEDIA BUYER MARKETING SERVICE PROVIDERS PRINT OPERATIONS LOCAL MARKETING AGENCY
Addressable Media and Channels Media or channels that allow communications to consumers at an individual level
More Channels are Becoming Addressable Direct Online Newspapers Inbound Phone Search Magazines DRTV Banner Ads Telemarketing Web Sites Radio Face-To-Face Mobile Outdoor Direct Mail TV Blogs Social Networks Email Kiosks Mass
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.
Relevance Matters 2X $$$ 60% Not Relevant 50% Disengage Source: DM News
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 can Brands be more relevant to Consumers? • Put DATAin the drivers seat!
Big Data • VOLUME • VELOCITY • VARIETY • VALUE • The most important dimension of “Big Data” is how you derive profits from it
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? Shop Discover Bond Advocate Own Buy
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?
Step 1: Get Your Data in Order Weblog Video Blogs Social CRM Mobile Chat DMS Click • Multi-channel • Online and offline • Behavioral
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)
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.”
THANK YOU! Dr. Jeni Bunner Director of Insight; Outsell, LLC Jennifer.Bunner@outsell.com