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Learn how Room & Board, a leading home furnishings retailer, increased customer loyalty and sales using advanced analytics and Experian Marketing Services’ data. By layering deeper insights such as life event triggers that may stimulate new furniture purchases across their CRM database, Room & Board was able to refine their customer segmentation profiles and drive more effective marketing retention and acquisition strategies. Join the session and discover how customer data and predictive analytic techniques can power your customer development and growth strategies. David Williams, Senior Marketing Analyst, Room & Board Bill Schneider, Solutions Support Consultant, Experian Marketing Services
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#inspire14
Furnish a Room Full of New and Loyal Customers w/ Consumer Insights & AnalyticsBill SchneiderSolutions Support ConsultantExperian Marketing Services
Dave WilliamsSenior Marketing AnalystRoom & Board
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Get to know …
• National retailer of modern American-made home furnishings and accessories
• Founded in 1980 with a passion to help customers furnish homes they love
• Philosophy: Great design should be beautiful, affordable and long-lasting
• Core Values: American made, sustainable design, natural materials, value and exceptional customer service
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Get to know …
• 12 store locations
• 2 additional stores opening this year in Boston, MA and New York City
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Best customer
Engage them in their preferred channels
Identify and profile your best customer
Find more of them
Get to know …
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The evolution of marketing analytics
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Before …
“Back of the card” statistics• Hits• Batting Average• Homeruns• RBIs
The evolution of marketing analytics
After …
Uses Sabermetrics• OPS• WAR• VORP• Runs Created
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The evolution of marketing analytics
TB x (H + BB)Runs
Created (AB + BB)
=
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1. When to grow?
2. How to grow?
3. Who to grow?
4. Where to grow?
The application of marketing analytics
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When to Grow?
Plan marketing initiatives around your customers’ lives
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When to Grow?
Analytics objective:
Introduce consumers to the Room & Board brand during key times in the buying cycle when they are most likely to be in the market for a furniture purchase
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What you don’t know can hurt you
When to Grow?
• How do life events correlate with furniture purchases?
• How can we use data to identify an impending furniture purchase?
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Before …
Marketing messages are randomly delivered
• Hopeful of timely arrival
When to Grow?
After …
Marketing messages are synchronized• Optimally timed• Pre-cognizant
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How to Grow?
Be committed to a truly analytical approach to customer acquisition
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How to Grow?
Analytics objective:
Increase market share through adata-driven targeting and customer acquisition strategy
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Fish where the fish are
How to Grow?
Customer acquisition is an iterative process:
• Segment your preferred audiences
• Learn everything you can about each audience
• Incorporate a multi-channel and multi-touch marketing perspective
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What kind of fish are you?
… (1) Corral reef or (2) open sea?
… (1) Fast-paced or (2) laid back?
… (1) Attack first and ask questions later or (2) negotiate my way out of danger?
… (1) Day person or (2) night person?
… (1) Hang out with friends or (2) cruise on my own?
How to Grow?
#inspire14#inspire14
What kind of fish are you?
… (1) Corral reef or (2) open sea?
… (1) Fast-paced or (2) laid back?
… (1) Attack first and ask questions later or (2) negotiate my way out of danger?
… (1) Day person or (2) night person?
… (1) Hang out with friends or (2) cruise on my own?
How to Grow?
SEA OTTER
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Before …
Undifferentiated approach where everybody looks the same
How to Grow?
After …
We know who we are looking for, and the best way to attract them
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Who to Grow?
Understand how the marketplace is changing and where future sales are likely to come from
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Who to Grow?
Analytics objective:
Extend the Room & Board targetaudience by introducing the brand to a“next generation” consumer
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Questions to ask …
Who to Grow?
• Who is my future consumer?• What do they look like?• Where are they located?• How can I reach them?
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Who to Grow?
Ideal “next generation”customers …
• Young
• College Degree
• Living in urban markets
• Single/Newly Married
• Generations X & Y
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The importance of Millennials …
Who to Grow?
• Age 18 to 30 years• Account for 15% of U.S.
consumers• Grew up during and after
internet, social media, & mobile became the norm
• By 2020, they will account for nearly one-third of total spending
• Despite economic pains, spending has grown by 3% a year (past five years)
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Who to Grow?
Translation to Mosaic® USA• F22: Fast Track Couples
• F23: Families Matter Most
• G24: Status Seeking Singles
• G25: Urban Edge
• K37: Wired for SuccessActive, young, upper middle-class suburban couples and families living upwardly-mobile lifestyles
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Who to Grow?
Translation to Mosaic® USA• F22: Fast Track Couples
• F23: Families Matter Most
• G24: Status Seeking Singles
• G25: Urban Edge
• K37: Wired for SuccessYounger, upwardly-mobile singles living in mid-scale metro areas while balancing work and leisure lifestyles
#inspire14#inspire14
Who to Grow?
Translation to Mosaic® USA• F22: Fast Track Couples
• F23: Families Matter Most
• G24: Status Seeking Singles
• G25: Urban Edge
• K37: Wired for SuccessYounger, up-and-coming singles living big city lifestyles located within top CBSA markets
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Ideal “next generation”customers …
• Young
• College Degree
• Living in urban markets
• Single/Newly Married
• Generations X & Y
Who to Grow?
Strategy …
• Target young professionals,early in career to “come growwith us”
• Price sensitive messaging with emphasis on living space considerations and furnituredesign elements
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Before …
Ride the current customer wave until it crashes – which we don’t know when will happen
Who to Grow?
After …
Ride a series of waves with foresight as to what may happen next – have resources on the lookout for the next big wave
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Where to Grow?
Align your customer acquisition and development strategy with retail expansion goals
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Where to Grow?
Analytics objective:
Identify metro markets that are most desirable for future expansion
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When the growing gets tough, the tough get growing
Where to Grow?
Many analytical factors play into retail expansion decision making …
• Incorporate your customer acquisition and retention strategy into the market planning process
• Utilize CRM data to gain insights into the characteristics of customers within proximity to new site locations
• Layering attributes onto customers using Alteryx
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Before …
Real estate parameters primarily drive store location decisions
Where to Grow?
After …
Customer data and insights play a key role when evaluating new store locations
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• Go beyond “Back of the card” statistics
• Leverage analytics to identify trigger events
• Upgrade and polish your market segmentation strategy
• Look ahead to target the “next generation” customer
• Customer insights are key to market planning initiatives
Summary
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THANK YOU!