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Data Driven Marketing Strategies & Innovation Track Speaker: Thad Kahlow, CEO, BusinessOnline Can you truly tell the marketing ROI for every channel and every program? It’s a new age for Marketers where this is possible – but how to get started, and which attribution model is right for you? Today’s Modern Marketers face big attribution challenges. You have a myriad of online and offline channels – and just as many databases. And maybe you have a high-consideration product, with a long complex sales cycle, that requires buy-in from multiple people. Join this session to learn the top 3 company-level attribution models and how you can identify the best one for you, how to uncover real values by uniting many interactions and many data systems and what to expect from a cost, staffing, time and energy standpoint, and how to get started.
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Winning with BIG DATA Drive Marketing ROI across all Channels & Campaigns
@tkahlow @BOLoptimized
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Why Big Data? Why now?
Pace of change… + Companies: Large and small… + Industries: Old & young + Customers: b2b, b2c, male or female, rich or poor… + Change, big change…
Greatest Company Asset…
Customer Relationship
Enterprise Value Paradigm
Not Product
Not IP
Not Brand
Age of the Customer “Empowered buyers, disruptive digital
innovations…erase traditional competitive advantages…the next wave will come from deep
customer knowledge, engagement tied to the buyer's timing, and actions based on an obsessive desire to deliver what your customers want before
your nearest competitor does.”
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I’m Thad Kahlow @Tkahlow
+ CEO BusinessOnline
+ 14 years Digital Marketing
+ B2B/B2C High Consideration- lead to sale
+ B2B Magazine Interactive Agency year
+ Top Agency: 3 Consecutive years…
+ Thrilled to be here today!
Allow me to
Digress…
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CEOs operate in a substantially more
“volatile, uncertain and complex world”
-IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide.
CEO: New normal
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Re-Invent Customer Relationships: +Adopt new channels to engage & stay connected with
customers. +Draw more insight from data…make customer intimacy
priority #1
Solution
CEO
“CEOs believe #1 goal is to get closer to customer”
-IBM Study, face-to-face conversations with more than 1,500 CEO’s worldwide.
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Deliver Value to Empower Customers + Digital revolution- forever changed
balance of power between individual & institution
Foster Lasting Connections +Cultivate meaningful
relationships…throughout life cycle Capture Value, Measure Results +Justify financial results
Solution
CMO
Simplify please…
Why Data?
Why now?
Because…
Customers have control & fundamentals
have changed…
Barriers to entry are minimal,
competition can enter and win quickly…
Customer Relationships become our largest asset
Data is introduction,
enabler & insight
Win with Data
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Programs that efficiently and
effectively generate leads that turn into
sales…
Majority of marketers do not
know which programs produce the leads that turn
into sales.
The Primary
Marketing Challenge
yet
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Customer Journey
Validated Score
Attribute
Personalize
Close the Loop
Close the Loop
Attribute Success
Drive Business
Performance
More Effective
Sales
Strategy Starts
Data Framework
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Collect & Connect Data throughout
Company Buying Journey
“Great marketers focus on people… their needs, behaviors, intentions, wants… Avoiding
the shiny temptations of marketing solely to things – like devices, channels, technologies.
Never been more critical… Staying focused on the people and motivations…marketers can catch an incredible wave of opportunity.”
Close the Loop Step 1
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Awareness
Engagement
Conversion
SALE
Awareness: PPC , SEO, Display, Social, Email…
Usage Engagement: Bounce, Page Views, Visits, Frequency
Content Engagement:
Newsletters, Blogs, Videos, Webcasts, product pages
Conversion: Request a quote, contact, dealer locator,
initiated lead, completed lead, registration, #800
Measured in isolation: -Single Channel to Lead : CPL
-Silo Engagement: Avg page views
Common
Approach to Measurement
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Close the Loop
w/ Connected Common Key
Web Analytics
+ Marketing Automation + CRM
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Connected Marketing Technology Integration
Web Analytics Business Systems Channel Data
Customer Intelligence
Exact Target
“…companies are seeing an average 15-18% Lift in Revenue…
As result of implementing closed-loop & Optimizing”
- Tina Moffett, Attribution Analysts Forrester Research
Attribute Success Step 2
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Type
Approach
Single Touch Assigns 100% credit to the last or first exposure First/Last Touch
100%
Rules-Based Assigns credit to each interaction based on specific business rules
Even Weights Custom Weights Time Decay Positioned Based
Display E-Mail Search
33% 33% 33%
Statistically Driven Assigns credit to each interaction based on a data driven model
Regression Model Probabilistic Model “Validated Engagement
Factors”
Display E-Mail Search
27% 49% 24%
Basic Advanced
Primary
Attribution Model Types
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Type
Pitfall
Single Touch
Ignores the bulk of the customer journey, overvaluing the first or last touch
Undervalues other influencers (and interactions), including sales efforts
100%
Rules-based
Assigns arbitrary values
to each specific marketing tactic
Subjective and lacks analytics rigor to determine weights
Display E-Mail Search
33% 33% 33%
Basic Advanced
Model
Pitfalls
Statistically Driven
Can be more complex
& costly to execute Some Marketers feel
uncomfortable with an algorithmic, “black box” approach
Display E-Mail Search
27% 49% 24%
Validated Engagement Factors (Statistically modeled)
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VEF
“Historical (validated) review of past behavior… to improve future outcomes”
Validated Engagement Factor
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Five Steps Validated Engagement Factors
3. Aggregate past (50+) clients- create statistically significant = validated
Path to Success
2. Determine path to success: what did prospects do before they became clients?
1. Close the Loop: Data house in order: web activity + marketing automation + CRM (sale) in Data Warehouse
Closed Loop
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4. Normalize Connected Data: + Time: Analyze engagement activity over time (12mos) + Normalize: Create a Normalized engagement score across all
customers = 100 (mean) + Analyze for Statistically Relevant Insights: Lead engagement
scores > 100 Score = + “demonstrating higher likelihood to buy”
5. Turn Insights into Business Opportunities
+ Content personalization + Remarket + Click to chat + Sales alerts/out reach
Validated Engagement Factors Five Steps (Cont)
Company Attribution
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+ Typically measured @ individual level -YET-
+ KNOW B2B has multiple influencers in buying journey
+ For Every known lead, we can have 10+ unknown visitors + Measure, analyze and optimize opportunities at the
company level
Company Attribution
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7 vs. 173 = +24x More successful
Example
Individual vs. Company
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0
200
400
600
800
1000
1200
1400
1600
1800
Month 1 Mo. 2 Mo. 3 Mo. 4 Mo. 5 Mo. 6
Analysts
Marketing
IT Team
C-Level
Engagement Score
Most of these stakeholders were anonymous
B2B Sales Funnel
Stakeholders in Buying Process
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General experience Personal experience Convert Increase sales
SALE
+ Someone in your role + In your industry + At this stage of buying journey + Looking for to solve this specific problem + Has found this piece of information valuable + All based on past success events
Personalize to role/need Amazon for B2B/ B2C High Consideration
Drive Business Performance Step 3
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From Data Derive Business Insights
+ Identify insights from multiple data sources across the enterprise
+ Clearly communicate performance at the channel, campaign, and content level
+ Focus on business decisions instead of wading through low-level marketing analytics data
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Right Business Questions Answer the
+What is our marketing conversion rate? +What is our sales conversion rate? +What is our lead quality from digital? +What is our return on ad spends? +What are customers engaging with?
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Digital and Business Metrics Measure Key
+ Shift your conversations from impressions and clicks to revenue and ROI
+ Focus on customer activities
that sell and refine programs + Clearly demonstrate the impact
of marketing to the bottom line
266,773 Visitors
4,027 Leads [1.5%]
208 Buy [5.3%]
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+ Targeted Impressions: ~6M-9M + CTR 1%–3% + CPC: Avg $1.01 + Qualified Visitors: 100ks + Lead Conversion: Avg ~6% + Cost Per Lead: $20 CPL + Lead to Sale: ~6%
+ Cost Per (offline) Sale:
+ ~$600 cost/sale (p/unit) + $20M Sales/ $1M Cost
+ ROI: 1,000+%
Digital & Business Key Metrics Example
A mature digital presence with full customer journey attribution can yield:
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Future…
Predictive Modeling
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Effectiveness Sales
+ Give sales the right information to close more business in less time
+ Sales alerts + Predict who will buy
in the future + validated
engagement scoring +
Establishes predictable, efficient sales path that takes less time
SALE
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Thank You
Data Education
+ Data Maturity Model
+ White Paper: Closed Loop Marketing Attribution
+ Webinar: Close the Sales & Marketing Loop
@tkahlow
@BOLoptimized
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