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Discussion around how to improve the way you engage with your customers to increase wallet share and reduce churn. The twist is to take advantage of the window of opportunity that 2 seconds when the customer is on your website, on a call, chatting with a teller.
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Presented by: Vincent Cotte, Regional Marketing Director, TIBCO Software Inc
Creating and Profiting from Loyalty
21st Century Challenge for Marketers
Mobile Connected Interactive
A Real-Time World
Personalized
Social
Emergence of Platforms
Run by Digital Natives
Creating a tidal wave of data
Agenda
Three Most Important Stepping Stones in the Journey to Loyalty
– Mark Johnston CEO, Loyalty 360
Building a Foundation for Loyalty – Brett Hannath Director of Marketing, TIBCO
MORNING TEA
Customer Retention – Dave Gooding Director Business Performance Services Advisory, KPMG
Understanding Customers, Driving Loyalty – Mark Lorion, Vice President Analytics, TIBCO
Lessons Learned: “Engagement,” “Voice of Customer,” and “Customer
Experience Management” are the Three Most Important Stepping Stones in the Journey to Loyalty
What was Engagement / Loyalty?
• The first loyalty program was started in 1896.
• S&H Green Stamps • It was the ultimate in engagement –
apriori. • What would you give for this level of
engagement? • Once issued 3 times as many stamps as
the US Post office • Once the LARGEST purchaser of
consumer products in the world. • Where is it today? Gone? • Why? • No longer engaging and did not evolve?
Customers wanted change, did they listen? No!
• Loyalty and engagement are long term journeys / processes where the roads to get there are always changing.
Definitions – Taken from Dictionary.com
Connotation: • 1. an act or instance of connoting. • 2. the associated or secondary meaning of a word or expression in addition to its
explicit or primary meaning: A possible connotation of “home” is “a place of warmth, comfort, and affection.” Compare denotation.
– What is the connotation of loyalty: points, rewards, bribing participants, one way communication? Is it static? How is it changing? Has the connotation of loyalty always been positive? Is it changing?
Denotation:
• 1. the explicit or direct meaning or set of meanings of a word or expression, as distinguished from the ideas or meanings associated with it or suggested by it; the association or set of associations that a word usually elicits for most speakers of a language, as distinguished from those elicited for any individual speaker because of personal experience. Compare connotation.
– What is Loyalty? Loyalty is bigger: All of the products, services, technologies, processes, datasets and analysis that create, engender or enhance the “bigger picture idea of engagement, CRM and CEM.” Yet it is dynamic.
Definitions – Taken from Dictionary.com
Loyalty: • 1. the state or quality of being loyal; faithfulness to commitments or obligations. What
products or services qualify for this? • 2. faithful adherence to a sovereign, government, leader, cause, etc. • 3. an example or instance of faithfulness, adherence, or the like: a man with fierce
loyalties. – How many brands are you loyal too?
Engagement: • 1. the act of engaging or the state of being engaged. • 2. an appointment or arrangement: a business engagement. • 3. a pledge; an obligation or agreement: All his time seems to be taken up with social
engagements. • 4. employment, or a period or post of employment, especially in the performing arts:
Her engagement at the nightclub will last five weeks. – Is engagement the next big idea, or is it a piece of loyalty? You are hearing it EVERYWHERE.
What are Loyalty and Engagement?
• The question I ask. • What would you rather have? • A loyal spouse or an engaged spouse? • What about both? Wouldn’t that be better. • Again, how would you know? • What would you do for both with your customers? • Too much information, too little time, too many
choices, too little satisfaction!
What They are Saying; What We are Hearing.
• “What should I do first; Foursquare, Groupon, update my Facebook page? What about Twitter?” CMO Fortune 500 B2B company
• “Loyalty is important, but we need to analyze the data, all data, in 2011, and then develop a comprehensive loyalty strategy in 2012.” – CMO ladies fashion retailer.
• “Mobile has promise, but it also has the highest ‘creepiness’ factor.” SVP Marketing top 10 US bank
New Media or New Channel?
• 25% of companies surveyed in the COLLOQUY/DMA benchmarking study said they wanted to increase loyalty and engagement from existing customers, but 28% identified building brand awareness and 19% identified customer acquisition as their top goals. – Should that be the goal? Creating a dialogue / discourse
• According to the 2010 COLLOQUY/DMA survey, two-thirds of respondents were unable to express what the most important measure of social media success would be. – Shouldn’t this be defined? Too much change too fast.
New Media or New Channel?
• According to the 2010 Cone Consumer New Media Study, more than 80% of consumers say they follow only five or fewer brands online, whether through Facebook, Twitter or an RSS feed. – How do you get to be one of those five?
• "They really only have room in their minds for less than five brands," says Mike Hollywood, Cone’s Director of New Media. "It’s a pretty exclusive club—if you think about the number of marketing messages a consumer receives daily—to be welcomed into that inner circle of brands.“ – Is choice good or is there a point where choice is bad?
• Americans are feeling less and less satisfied even as their number of choices
go up. • As Seth Godin said, “Small is the new Big.” • Americans have a more difficult time finding shared experiences with 500+
cable channels – the water cooler effect has dried up, yet for those with shared experiences it can be more engaging.
• Yet with an average of 5 brands followed and a more “loyal” following for shows like Dexter, American Idol, NFL: engagement levels have increased
• Social scientists, added options should make us better off (if we are rational), it is logically compelling, but just not true.
A Perspective
• “Surprise and delight” are the keys – unexpected free shipping and calls about new product lines create engagement.
• Do more than what is expected and always apologize when you are wrong. Doctors who spend 5 more minutes and apologize are sued less.
• Listening to the VOC feedback from your customer created brand engagement. Try to enact the recommendations (Starbucks)
• Always remain committed, execute and delivery more than what you promise. Corporate culture drives customer engagement.
Information Overload • Kroger (Woolworth’s) trip – 110 varieties of crackers (fat free, whole
grain, multi-grain, what is the difference) • 90 types of soda / pop (depending on where your are from). Question
– how many brands do you have in your house? Is there that much difference?
• 190 types of beer (this is a small Kroger) – what is your sample set? • 145 types of chips (not including pretzels or other snacks) • Typical mid sized grocery stores has 60,000 SKU’s and 20,000 new
SKU’s come out each year. • Trial has become the challenge? Loyalty? How? Easy. Listen • Recently Rite Aid (Discount Drug Stores) cut 10,000 sku’s from there
large format stores and sales went up? Less choice, more engagement and satisfaction. Consumers want more choice? No.
“Standard economics assumes that we are rational -- that we know all the pertinent information about our decisions …can calculate the value of the different options we face, and that we are cognitively unhindered in weighing the ramifications of each potential choice.
But we are far less rational in our decision making than our standard economic theory assumes. Our irrational behaviors are neither random nor senseless -- they are systematic and predictable.”
Dan Ariely Predictably Irrational Courtesy of Maritz
Communica*on for Loyalty? • Shannon and Weaver (Bell Labs in the 1940’s) argued that there
were three levels of problems for communica*on within this theory. – The technical problem: how accurately can the message be
transmiHed? – The seman*c problem: how precisely is the meaning 'conveyed'? – The effec*veness problem: how effec*vely does the received meaning
affect behavior? (Is it measureable was not even ques*oned?) • Daniel Chandler cri*ques the transmission model by sta*ng:
– It assumes communicators are isolated individuals. – No allowance for differing purposes. – No allowance for differing interpreta*ons. – No allowance for unequal power rela*ons. – No allowance for situa*onal contexts.
Understanding People
Engagement
Behavior
Courtesy of Maritz
The New Age of Media • New media users won’t hesitate to stop following companies via new media if they
aren’t satisfied with their experiences. Reasons include • 58% The company or brand acted irresponsibly either toward me or its other
consumers, and I am no longer a fan of it • 58% The company or brand over-communicates with me (e.g., I get too many
messages from it, there is too much content to sift through, it sends out spam) • 53% The content the company or brand provides is not relevant to me • 36% The company or brand doesn’t communicate with or engage me enough (e.g., it
doesn’t respond to my comments, the content is seldom refreshed, it doesn’t provide me with incentives, its content is boring)
• 28%The company or brand censors the content I, or other consumers, post on its new media channels (e.g., it deletes negative wall posts or blog comments)
• Source 2010 Cone Consumer New Media Survey
The New Age of Media – Participants Want?
• When deciding whether to engage with companies or brands via new media, users look for the following types of company/brand interactions: – 77% - Offer me incentives (e.g., free products or services, coupons,
discounts) – 46% - Solve my problems/provide product or service information
(e.g., customer service) – 39% - Solicit my feedback on products and services – 28% -Entertain me (e.g., provide access to premium content) – 26% - Develop new ways for me to interact with their brands (e.g.,
widgets, mobile applications, online games, contests) – 21% - Market to me (e.g., banner ads, targeted ads)
• Source 2010 Cone Consumer New Media Survey
The New Age of Media – Participants Want?
• Companies and brands can benefit from engaging with new media users: • I am more aware of a company or brand if I can interact with it in a new
media environment – 63% • I am more likely to share information about a company or brand across my
own new media channels if I can interact with it in a new media environment – 62%
• I feel a stronger connection with a brand if I can interact with it in a new media environment -61%
• I feel better served by companies when I can have a conversation with them in a new media environment -60%
• I am more likely to purchase a company’s or brand’s products or services if I can interact with it in a new media environment -59%
• If I follow a company or brand on one of its new media channels, I am more likely to follow the company or brand on its other new media channels – 59%
• Source 2010 Cone Consumer New Media Survey
Consumer Purchase Decisions
Access to digital Information
Trust in brand-sponsored advertising
Comfort buying online
Trust in friends, family, trusted connections
Rely on own experience to make decisions
1.0 2.0
Courtesy of RewardStream
Confiden*al & Proprietary Informa*on
42% of Millennials make purchase decisions based
on recommendations from friends.
More than 72% of women decide what products or services to buy by seeking some kind of help, but are 3X more likely to seek advice from family and friends than to go online.
Harbinger Women and Word-‐of-‐Mouth Study 9/2010
Graphic from “Millennial Inc. What your company will look like when Millennial’s call the shots” by Mr. Youth and Intrepid
Where is Loyalty Going? • Deep analysis and expansion of loyalty platforms
• A defined and prolonged shift from acquisition to engagement, customer experience, CRM, retention and LOYALTY
• A commitment to operations - Focusing on Customer
• Retail organizations’ appetite for data/information exponentially increasing
• A need for new models that incorporate and make actionable all data sources.
• Enterprise Loyalty efforts now taking center stage
• Establishing a “genuine relationship” with customers now more important than ever
• Loyalty now impacts the whole C-Suite
The Loyalty Challenge How do we identify our best customers and create an ongoing dialogue that creates engagement Different people have different needs and expectations – treat them accordingly How do we better understand their needs? Only by listening and engaging in a pro-active dialogue. How do you create the same level of loyalty and engagement to your product as to you sports team. How do we build relationships with our mavens and connectors? We need to leverage them and It needs to be beneficial to them and your organization.
Join Us to answer these questions • Loyalty 360 – www.loyalty360.org
• markjohnson@loyalty360.org • 513-290-5147
Presented by: Brett Hannath Director of Marketing, TIBCO Software Inc
Building a Foundation for Loyalty
Compelling results across a wide range of customers
30-100% higher revenue per customer
3-15% higher retention rate
10-60% lower promotional spend with existing customers
5-50% more interactions per customer
10-40% more visits
3-15% higher average order value
More sales per retained customer
More retained customers
Less promotional spend
More engaged customers
More customer frequency
More spend per visit
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1-800-Contacts Member 1-800-Flowers Fresh Rewards 1-800-flowers .com Member 1-800-petmeds Member 6pm.com Promotions 7 For All Mankind Member 7-Eleven Visa Card 99 Cents Only Email 99 Restaurants eClub A Pea In The Pod Email A&P Supermarket Bonus Savings Club A&P Supermarket Live Better Wellness Club A. T. Cross Email A.C. Moore Store Specials a365 Offers AAA - Show Your Card & Save AARP Membership ABC Shop Rewards Abercrombie & Fitch Email Abode eNewsletter Absolutely Gorgeous VIP Academy Email Updates Academy Rewards Visa Platinum Accor Advantage Plus Asia-Pacific Accor A|Club Accor A|Club Gold Accor A|Club Platinum Accor A|Club Silver Ace Hardware Email Ace Hardware Rewards ACLens.com Activa Email Active Skin Active Points Adairs Linen Lovers Club Adams Offers Adidas Email Adobe Email Adore Beauty Email Adorne Me Rewards ADT Premium Advance Auto Parts Email Aeropostale Email List Aerosoles Email Aesop Mailing List AETV Email AFL Rewards AirMiles Albertsons Preferred Savings Card Aldi eNewsletter Aldi eNewsletter USA Aldo Email Alex & Co Newsletter Alexander McQueen Email Alfresco Emporium Email Ali Baba Rewards Club Ali Baba VIP Customer Card
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1866 Source: Perkler
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Applebee's Email Appleseed's Rewards Credit Card Aqua Shop Loyalty Membership Aquascutum Registration Aquila Select Arbor Salon & Spa Loyalty Club Arby's Extras ARC - Show Your Card & Save Arden B Email Arden B. B. Rewarded Ark Restaurants M*Card Armani Exchange Insider Account Art Select Special Offers Artful Home Email ASDA Reward Credit Card AT&T Wireless Online Account Management Auntie Anne's Pretzel Perks Austin Reed Newsletter Australian Ballet Subscriber Card Australian Geographic eNewsletter Australian Geographic Society Autograph VIP AutoZone Rewards Avenue Credit Avenue Email Signup Avon A-List Avon Email Signup Axis eNews Azamara Cruises Captain's Club Classic Azamara Cruises Captain's Club Elite Azamara Cruises Captain's Club Select Babar Cafe & Bar Frequent Coffee Card Baby Boots Email Baby Center Store Offers Baby Express VIP Club Baby Giftbox Rewards Baby Universe Coupon Savings BabyBuds Buddy Babyco Loyalty Rewards Back to Basics Toys Special Offers Backcountry Email Bad Backs Email Bagels Cafe Frequent Coffee Card Bagsbuy.com Frequent Shopper Bahama Breeze Island Insiders Baja Fresh eClub Bakers B Card Bakers Delight Reward Yourself Bakers Footwear B Card Bakpakka Club Balenciaga Email Banana Republic BananaCard Banana Republic Email Banana Republic Visa Card Bank of Queensland Blue No Annual Fee Visa
280,000 Source: Perkler
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Ali Baba VIP Customer Card Alloy Newsletter AllPhones Webclub Alpine Sports Store Card Amazon.com Daily Deals Amcal Club American Airlines - TRAAVEL Perks American Airlines Aadvantage Executive Platinum American Airlines Aadvantage Gold American Airlines AAdvantage (Base) American Airlines AAdvantage - Classic American Airlines Aadvantage Platinum American Apparel Newsletter American Eagle AE REWARDS American Express ASCENT "add on" - Australia American Express Blue Sky Credit Card - Australia American Express Business Accelerator Card American Express Business Card American Express Card - Australia American Express Gold Business Card American Express Gold Card - Australia American Express Gold Choices Credit Card - Australia American Express Gold SkyMiles Card American Express Platinum Business Card American Express Platinum Card - Australia American Express Platinum Credit Card - Australia American Express Platinum SkyMiles Card American Express Qantas Corporate Card American Express Rewards CHOICES "add on" - Australia American Express Selects - Australia American Express Velocity Gold Card AMF Roller Anaconda Adventure Club Anchor Blue Email Angus and Robertson A&R Rewards Ann Harvey Offers Ann Taylor Email Ann Taylor LOFT Style Rewards Anna's Linens Email Signup ANZ Balance Visa Rewards ANZ eDine "add-on" ANZ First Visa ANZ Frequent Flyer American Express ANZ Frequent Flyer Gold American Express ANZ Frequent Flyer Platinum American Express ANZ Frequent Flyer Visa ANZ Frequent Flyer Visa Gold ANZ Frequent Flyer Visa Platinum ANZ Gold Visa ANZ Rewards American Express ANZ Rewards American Express Platinum ANZ Rewards Visa ANZ Rewards Visa Platinum ANZ Smarty Pig Apple Store Juniper Visa Card
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18+ Source: Colloquy
1-800-Contacts Member 1-800-Flowers Fresh Rewards 1-800-flowers .com Member 1-800-petmeds Member 6pm.com Promotions 7 For All Mankind Member 7-Eleven Visa Card 99 Cents Only Email 99 Restaurants eClub A Pea In The Pod Email A&P Supermarket Bonus Savings Club A&P Supermarket Live Better Wellness Club A. T. Cross Email A.C. Moore Store Specials a365 Offers AAA - Show Your Card & Save AARP Membership ABC Shop Rewards Abercrombie & Fitch Email Abode eNewsletter Absolutely Gorgeous VIP Academy Email Updates Academy Rewards Visa Platinum Accor Advantage Plus Asia-Pacific Accor A|Club Accor A|Club Gold Accor A|Club Platinum Accor A|Club Silver Ace Hardware Email Ace Hardware Rewards ACLens.com Activa Email Active Skin Active Points Adairs Linen Lovers Club Adams Offers Adidas Email Adobe Email Adore Beauty Email Adorne Me Rewards ADT Premium Advance Auto Parts Email Aeropostale Email List Aerosoles Email Aesop Mailing List AETV Email AFL Rewards AirMiles Albertsons Preferred Savings Card Aldi eNewsletter Aldi eNewsletter USA Aldo Email Alex & Co Newsletter Alexander McQueen Email Alfresco Emporium Email Ali Baba Rewards Club Ali Baba VIP Customer Card
Ali Baba VIP Customer Card Alloy Newsletter AllPhones Webclub Alpine Sports Store Card Amazon.com Daily Deals Amcal Club American Airlines - TRAAVEL Perks American Airlines Aadvantage Executive Platinum American Airlines Aadvantage Gold American Airlines AAdvantage (Base) American Airlines AAdvantage - Classic American Airlines Aadvantage Platinum American Apparel Newsletter American Eagle AE REWARDS American Express ASCENT "add on" - Australia American Express Blue Sky Credit Card - Australia American Express Business Accelerator Card American Express Business Card American Express Card - Australia American Express Gold Business Card American Express Gold Card - Australia American Express Gold Choices Credit Card - Australia American Express Gold SkyMiles Card American Express Platinum Business Card American Express Platinum Card - Australia American Express Platinum Credit Card - Australia American Express Platinum SkyMiles Card American Express Qantas Corporate Card American Express Rewards CHOICES "add on" - Australia American Express Selects - Australia American Express Velocity Gold Card AMF Roller Anaconda Adventure Club Anchor Blue Email Angus and Robertson A&R Rewards Ann Harvey Offers Ann Taylor Email Ann Taylor LOFT Style Rewards Anna's Linens Email Signup ANZ Balance Visa Rewards ANZ eDine "add-on" ANZ First Visa ANZ Frequent Flyer American Express ANZ Frequent Flyer Gold American Express ANZ Frequent Flyer Platinum American Express ANZ Frequent Flyer Visa ANZ Frequent Flyer Visa Gold ANZ Frequent Flyer Visa Platinum ANZ Gold Visa ANZ Rewards American Express ANZ Rewards American Express Platinum ANZ Rewards Visa ANZ Rewards Visa Platinum ANZ Smarty Pig Apple Store Juniper Visa Card
Applebee's Email Appleseed's Rewards Credit Card Aqua Shop Loyalty Membership Aquascutum Registration Aquila Select Arbor Salon & Spa Loyalty Club Arby's Extras ARC - Show Your Card & Save Arden B Email Arden B. B. Rewarded Ark Restaurants M*Card Armani Exchange Insider Account Art Select Special Offers Artful Home Email ASDA Reward Credit Card AT&T Wireless Online Account Management Auntie Anne's Pretzel Perks Austin Reed Newsletter Australian Ballet Subscriber Card Australian Geographic eNewsletter Australian Geographic Society Autograph VIP AutoZone Rewards Avenue Credit Avenue Email Signup Avon A-List Avon Email Signup Axis eNews Azamara Cruises Captain's Club Classic Azamara Cruises Captain's Club Elite Azamara Cruises Captain's Club Select Babar Cafe & Bar Frequent Coffee Card Baby Boots Email Baby Center Store Offers Baby Express VIP Club Baby Giftbox Rewards Baby Universe Coupon Savings BabyBuds Buddy Babyco Loyalty Rewards Back to Basics Toys Special Offers Backcountry Email Bad Backs Email Bagels Cafe Frequent Coffee Card Bagsbuy.com Frequent Shopper Bahama Breeze Island Insiders Baja Fresh eClub Bakers B Card Bakers Delight Reward Yourself Bakers Footwear B Card Bakpakka Club Balenciaga Email Banana Republic BananaCard Banana Republic Email Banana Republic Visa Card Bank of Queensland Blue No Annual Fee Visa
8+ Source: Colloquy
Understanding the Customer
Who they are • Single View • Product Ownership • Relationships
What they do • Spending Pattern • Social Behaviour • Influence and Advocacy
Data Matching
• Finding, matching, and linking data is hard • Data is never “perfect” – and never can be
First Last DOB Address City State Height Hair color etc
Rec 1 Jason Fitzgerlad 12/1/1971 200 Classen St. Paul MN 5’10” Brown
Rec 2 2000 N Classon Fitzgerland Jasoz Saint Paul MN 5-11 Brawn
Matching Engine Result
(0.80) 0.90 0.82 -1 0.87 0.85 1.0 0.95 1.0
Machine Learning Engine Result
Overall score / classification 0.93 Intelligent combination of field scores
California Department of Public Health Prenatal Genetic Screening Program
• Matching Platform evaluation and implementation • CDPH benchmarked TIBCO and a competitor
– After 3 weeks competitor reached 79% accuracy – After 1 day TIBCO topped 97%
• Two phase project undertaken • First - cleaning the CDHP database (get clean)
– 5.5 million record reference database of at risk women – 2.3 million duplicate records identified - representing 1 million unique women – 1.3 million duplicates eliminated – leaving reference database of 4.2 million unique women
• Then – automate matching of incoming test results (stay clean) – Before TIBCO – 65% automated match rate – After TIBCO – 95%+ automated match rate
• Overall results – Greatly improved levels of automation – Earlier identification/treatment/counseling for possible problems – Bottom line - Better quality care for at risk women and their unborn
Source Policy Name Address 1 Address 2 City/State Date of Birth SSN Description
1 Term Life Cathy Parks 101 Main Newton, Ma 12/08/1959 020-51-3421 20 Yr Term
2 Annuity C. Parks Parks Family Trst 101 N. Main St Newtown, MA. 12/8/59 020-15-3421 10 Yr Fxd
3 Auto Carl Parks Parks & Assoc. 101 Main Ave. Newton, MA June 11, 1958 021-24-8745 Commercial
3 Auto Kathy Parks 110 Main Street Newton, Mass December 8, 1959 020-51-3421 Personal
Policy Holder Policies
Customer # 126072 20 Year Term Life
Ms. Cathy Parks 10 Year Fixed Annuity
Parks Family Trust Personal Auto
101 N. Main St.
Newton, MA 02106
DOB 12/08/1959
SSN 020-51-3421
Policy Holder Policies
Customer #126941 Commercial Auto
Mr. Carl Parks
Parks & Associates
101 N. Main St.
Newton, MA 02106
DOB 6/11/1958
SSN 021-24-8745
Household Link
Data Quality Fix, Standardize and Enrich Your Data
Source customer data
Corrected data Corrected data
Loyalty Through Intimacy
Challenges • Independent, autonomous sales and marke*ng teams • Data collected at mul*ple points by franchisees / dealers • Different levels of data maturity, mul*ple data formats • Protec*ve in sharing own data • Mul*ple data versions for the same customer
Solu*on • Single common customer database • Single version of truth • Standardized data format mapped to individual CRM systems
Benefits • Customer in*macy through a comprehensive view of customer behavior across LOBs • Increased opportuni*es through up-‐selling and cross-‐selling customers in real *me • BeHer customer service through proac*ve no*fica*on and alerts • Analy*cal tool to segment data • Transforma*on to a customer-‐centric organiza*on through the use of customer lifecycle knowledge for product porcolio planning
Tractor Automotive
Real Estate IT
Travel Finance
Tractor Automotive Travel Real Estate Finance IT
Engaging the Customer
Be relevant • Apply understanding • Offer “before they know” • Apply context
Be in the moment • Interact in Real-Time • Across all channels • Be social
Gamification of Loyalty
• >100% increase in social sharing
• 1/3 increase in commenting
• 1/3 increase in pages read
Real-time and Long-term Relationship Marketing
Contextual Offer Management Repeatedly exceeding expectations in the moment
Incremental brands and share
Deeper consumer view and richer offer stream
Proactively manage negative events
Relationship Management Cultivating the primary relationship over the long term
Increase sales
Higher advocacy
Reduced promotional marketing
• The leading provider of loyalty and customer retention technology solutions
• Extensive client base in retail, travel, telecom, automotive and consumer brands
• SaaS delivery model provides superior access, scalability and performance
• Deep program design and management experience
Integration and Data Collection
Real-time connectivity
CPG code redemption
Point-of-sale data mapping
Social network bridge
Campaign Management
Dynamic segmentation
Targeting and profiling
List management
Integrated offers and promotions
Email and Microsites
Triggered messaging
Response measurement
Deep personalization and dynamic content
Hosted websites
Loyalty Management
Point programs
Tiers and Affinity clubs
Reward catalog and fulfillment
Offers and promotions
Social & Mobile
Social authentication wallet
Interaction tracking and rewarding
Smartphone apps
Widgets and FB apps
Reporting and Analytic Services
Deep analytics
ROI modeling
Single view of the customer
Standard and ad hoc reporting
Over 180 million customer records managed 9M offers delivered a week
Add/Modify Consumer Offers in 5 Minutes
1. Define an Event 2. Define Eligibility
4. Approve and Deploy 3. Define Qualification & Award
• 25% more revenue per customer from members vs. non-members • 20% of members don’t live in cities served by the airline • 40% membership growth in one year
Exceeded expectations for enrollment and participation 9:1 NPS of Thrivent Choice vs. Thrivent Financial
Inbound Data Flows
Segmentation Inputs
Recognition, Motivators & Rewards
Outbound Engagement
Sample of Loyalty Lab Partners and Affiliated Technologies
Over 50 agency and reward partners and integrated technologies
Marketers Desktop
Response Tracking
Reporting, Analysis & Insights
Deep Data Aggregation
Real-Time & Batch
Web
Social
Community
Direct Mail
Data Model & Configured
Business Rules
Rational & Emotional
Engagement & Motivation
Engines
Mobile
Customers
Email, Social & Mobile Interactions
Transactions
Customer Retention
Identify Risk • What causes CHURN? • Small Window for Correction
Prevent Problems Before They Occur
• Automated Response • Proactive Intervention
Reliance Communications
• Mumbai, India HQ • 128M Subscribers
– Growing 2M+ subscribers / month
• 1.9 billion calls / day – 12 million value-added service events / day
• Personalized promotions reach customers within seconds of their completing a mobile recharge
• Re-charge reward of MP3 download, Extra Talk-Time for Free SMS
82 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Agenda
1. Loyalty economic framework
2. Some definitions
3. The leaky bucket
4. Some real numbers
5. 12 key lessons
83 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
All significantly impact business value …
Stay Longer Buy More
Recommend to Others
Provide Valuable Feedback
Tenure
Recommend /
Detract
Roll-Overs
Cross / Up Sales
Complaints
Feedback
Loyalty Economic Framework
Stay Longer
84 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Persistency and Retention
Persistency - Products not retained for expected term
• % of policies remaining in force after 1,2,3 or 4+ years
• % of assets transferring out
• % of premiums being paid up
• Variance of actual to expected
Retention - Retention of Customers
• Same product / increments
• Replacement products
• Same lifestage
• Next lifestage
• Rollovers
85 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
The Leaky Bucket
Mid-Term New Business
$
$
$ $ $
$ $ $ $
$
86 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Some Numbers
£70m
0
£25m + £9m 56% and 9% 5X
51%, 15% and 4%
87 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Size of the Problem
£70m … value of business exiting in one year above “plan”
£70m … value of business lost in excess of new business written
$0 … difference between value of new and value lost business
£25m + £9m … the value of business going off in one year and impact on NPV of new business in year 2
5X … amount by which lost assets exceed contractual payments
10% and 50% … share of customer base actively served by a planner and estimated share of assets managed by the company
77% … proportion of lost business controlled by <1/3 of the company’s advisers
88 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Size of the Prize
56% and 9% … proportion of previously lost premiums saved in 1st month of save centre operations and of premium saved from explicit cancellation requests
$18.9m … value of premiums saved in 2 years of save business operation
$68.4m … the value of funds saved in the first 2 years of operation
$2m, $9m, $17m … annual, 5 and 10yr NPV of 1% improvement in FUM retained
1.3% and $5m … annual additional profit from improving lapse rates by this amount (approx 10%)
51% and 15% … proportions of total sales and lapses generated by just 4% of a company’s adviser base
89 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
What have we learned?
• Operating models focus on new sales / customers
• We have trained customers to be deal driven
• Retention is everyone’s responsibility
• Functions are not aligned and often siloed
• Not understanding customer value is dangerous
• Prevention is best
• Understanding root causes is key – complaints are valuable
• Look hard at business policies
• Broken processes and poor communications are major drivers
• Facts and useable data beat inspired guesswork
• Price is not the same as value
• Focus on customer retention rather than product
© 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International).
Liability limited by a scheme approved under Professional Standards Legislation.
Thank you for staying with me!
91 © 2011 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation.
Presented by: Mark Lorion Vice President of Analytics, TIBCO Software Inc
Understanding Customers, Driving Loyalty
So where do you begin?
There are known knowns; there are things we know we know.
We also know there are known unknowns;
that is to say we know there are some things we do not know.
But there are also unknown unknowns – the ones we don't know we don't know.
Former United States Secretary of Defense Donald Rumsfeld
Loyalty Programs
CRM
Customer Service
Social Media
Customer Sentiment
Econ Pricing
Unlock Insights From any data source…
ü Data visualization
ü Ad hoc data discovery
ü Analytic dashboards
ü Predictive analytics & modeling
ü Market Segmenta*on ü Churn Analysis ü Customer Sen*ment ü Campaign & Program
Planning ü Up-‐sell Cross-‐sell ü Brand & Product
Performance ü Product Op*miza*on ü Forecast & Pipeline
AHainment ü Sales Rep Produc*vity ü Customer Cloning
ü Ad hoc anything!
Unlock Insights For any application…
Helping today’s top organizations Unlock Opportunities. “…ROI of approximately 200-300%...”
“ I don’t trust data unless I see it in Spotfire.”
“ We’re no longer flying blind…Spotfire has performed beyond our wildest expectations…”
Large Retailer -‐ Challenges
• Increase market basket through targeted upsell campaigns • Encourage shoppers to patronize departments other than
their “home” department • Drive engagement across channels, in store, online, catalog • U*lize shopper behavior and append demographic data to
personalize offers
WHO ? WHAT ? WHAT ELSE ?
• Iden*fy Customer with High Propensity to Spend but Low Spend in Various Product Categories
• Clone “Perfect Customers” • Predic*ve Analysis Based on Buying Behavior, Spend Demographics for each Product Category
Real-‐*me Predic*ve Customer Offers, Op*mizing Cross-‐Sell and Customer Experience
WHO ? WHAT ? WHAT ELSE ?
• Iden*fy Customer with High Propensity to Spend but Low Spend in Various Product Categories
• Clone “Perfect Customers” • Predic*ve Analysis Based on Buying Behavior, Spend Demographics for each Product Category
• For Targeted Customers, Iden*fy Items Most Likely to Purchase Based on Historical and Predicted Buying Behavior & Demographics
• Or, Start with Business Unit Objec*ves and Iden*fy Customer to Target with Offers Based on Various Business Drivers:
• Excess Inventory • New Product Introduc*ons • Seasonality • Local Promo*ons • Etc.
• Iden*fy Product with Strong Associa*ons Based on Buying Behavior and Spend Demographics
• Product Associa*on Analysis • Create Offers that Increase Spend and/or Improve Customer Experience:
• Instant / On-‐Spot Incen*ves • Increase Market Basket • Accelerated Incen*ves • Impulse Buys • Etc.
Real-‐Time Predic*ve Customer Offers -‐ Solu*on Flow
Customer & Product Scoring
Customers / Products
Buying PaUern
InteracVons
Real-‐Time, Dynamic Offers & Rules Engine
3
Measuring Results & Performance Dashboard
5
7
2 Customer /Product Analysis
Customer Buying Behavior Product AssociaVons
Customer SegmentaVon
Customer Behavior
Customer Interac*ons
By Individual / Segment
Customer Scoring
Product Scoring
Customer Offers
Create Customer Offers 4
Customer Data 1
Common View of Customer Across All Business Units Forward & Rear Looking
Cross-‐Channel InteracVons
Business ObjecVves
PredicVve AnalyVcal Rules
Update Rules 8
Personalized Real-‐Vme Offers
6
Increase Market Basket!
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