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The Fast and Furious World of Predictive Marketing
The document discusses predictive marketing, outlining its definition, importance, and who should act to gain a competitive advantage. It includes real-world examples from Evo, illustrating the company's marketing journey and strategic automation efforts in email marketing to enhance customer engagement. Additionally, it highlights the role of collaborative partnerships and behavioral automation in improving customer loyalty and service experiences.
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The Fast and Furious World of Predictive Marketing
- 1. The Fast andFurious World of Predictive Marketing
- 2. Nathan Decker Director ofEcommerce evo Matt Williamson Co-Founder & CEO Windsor Circle Loren McDonald Marketing Evangelist IBM Marketing Cloud
- 3. What You’ll LearnToday 1. What is “Predictive Marketing?” 2. Why Now? 3. Who Should Act to Seize Competitive Advantage? 4. Real World Examples from EVO 5. How to Get Started
- 4. 1. WHAT ISPREDICTIVE MARKETING? 4
- 5. Gartner: Five KeyTrends 1. Cross-Channel Strategy, Campaigns and Data 2. Automation to Boost Speed and Performance 3. Yearning for 1:1 Customer Relationships 4. Engagement Aligned for Daily Activities 5. More Responsibility for Digital Commerce http://www.gartner.com/smarterwithgartner/five-key-trends-in-gartners-2015-digital-marketing-hype-cycle/
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- 8. ‘Early adopters’ requiremore complete products, but move quickly to seize competitive advantage. Mainstream adoption requires completeness and convenience. Innovators willing to try early products, co-invest in development, etc.
- 12. 3. WHO SHOULDACT NOW TO SEIZE COMPETITIVE ADVANTAGE?
- 13. Who Should ActNow to Seize Competitive Advantage? Aspiring Stars Category Leaders Established Migrators Sophistication Resources
- 14. 4. REAL WORLDEXAMPLES FROM EVO
- 15. A CROSS SECTIONOF OUR CATEGORIES evo PRODUCT MIX evo curates the best of brands and products in Ski, Snowboard, Wake, Bike, Skate, and Surf – from hardgoods to apparel and accessories, sport to lifestyle. 8CATEGORIES 400+BRANDS 13,000PRODUCT STYLES
- 16. FROM PEOPLE TOSPACES, evo IS UNMISTAKABLE evo PERSONALITY We believe in making the business and our people accessible, showing the customer behind the curtains and inviting them to the evo party. Being cooler than the consumer is not a part of evo; we are open and inclusive, knowledgeable but friendly, and always excited to share the fun.
- 17. OUR SCRAPPY JOURNEYFROM HOMEGROWN AND MANUAL TO CLOUD BASED AND AUTOMATED Three Stages of Email Marketing
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- 21. evo.com Social PLADirectPaidOrganic Store Blunt Campaign Repeat PurchaseEmailSignup Welcome #1 Welcome #2 Welcome #3 Targeted Campaigns
- 22. STAGE 3: RETENTIONAUTOMATION
- 23. evo.com Social PLADirectPaidOrganic Store Blunt Campaign Repeat Purchase EmailSignup Welcome #1 Welcome #2 Welcome #3 Targeted Campaigns Post Purchase Series Behavioral Automation
- 24. EMAIL TRENDS Over10% 0% 2% 4% 6% 8% 10% 12% $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 2010 2011 2012 2013 2014 2015 Email Revenue Email as % Total
- 25. RETENTION SERIES TRIGGERED EMAILCOMMUNICATION BASED ON VISTITOR BEHAVIOR
- 26. “OMNI” CHANNEL RECREATING THERICHNESS OF THE IN STORE EXPERIENCE THROUGH DIGITAL MEDIUMS
- 27. DIGITAL PURCHASE Purchase Conversion on evo.com Fituncertainty UNCERTAINTY , GUILT AND SUBOPTIMAL INFORMATION IN CONSUMER PURCHASING HOLES IN THE PATH Research Customer researches on evo.com Shipping • Outside SEA, PDX, package ships to home. • Lost opportunity for add-on sales, service. Isolated Service • Consumer walks product into 3rd party for service. • Consumer guilt over separate purchase, point of tension. • Random traffic, often lost to local shop. Lost Communication Risk of lost contact after shipping reduces incremental sales beyond service.
- 28. Purchase Conversion on evo.com PROVIDINGA SEAMLESS PATH CLOSING THE LOOP CLOSING THE LOOP Research Customer researches on evo.com Increased Loyalty • Follow up on fit • Product use guides • Ability to suggest related products Reinforcing expertise and leadership • Delighting Customers = Higher loyalty with evo. Partnership between evo and local retailer can remove much of the consumer guilt, improve service, ramp up local traffic, and capture customer data for acquisition and increased communication. The end result is improved loyalty for evo and a new customer for the partner retailer. Shipping • Ship to partner offered to consumer • Opportunity to direct traffic to partners Service • Customer gets recommended service location • Increased consumer trust, blunts uncerttainty upfront.
- 29. “OMNI” CHANNEL RECREATING THERICHNESS OF THE IN STORE EXPERIENCE THROUGH DIGITAL • Lower tech knowledge gap • Communicate critical ownership information • Improve product experience with suggestive selling opportunities
- 30. 38% CTR RETENTION AUTOMATION –POST PURCHASE EMAILS DESIGNED TO IMPROVE THE PRODUCT EXPERIENCE 1. Guide to Trying on Your Boots OPEN RATE 67.8% Relevant Image Why this works Clear CTA
- 31. 25% CTR RETENTION AUTOMATION –POST PURCHASE EMAILS DESIGNED TO IMPROVE THE PRODUCT EXPERIENCE 2. How to Video OPEN RATE 56% Reference to first email in series Why this works Clear CTA
- 32. 8% CTR RETENTION AUTOMATION –POST PURCHASE EMAILS DESIGNED TO IMPROVE THE PRODUCT EXPERIENCE 3. Technical Ski Socks OPEN RATE 49% Fun Image Mentions First Purchase Why this works Clear CTA
- 33. RESULTS: SKI BOOTSERIES RECREATING THE RICHNESS OF THE IN STORE EXPERIENCE THROUGH DIGITAL 18.1% 58% 67.8% 56% 48.3% 2.6% 25% 38% 26% 8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Open Rate Click Rate 3.2 9.6 Times the Open Rates Times the Click Rates
- 34. POST PURCHASE FOLLOWUP SERIES Backcountry Safety Snowboard Boots Guide RECREATING THE RICHNESS OF THE IN STORE EXPERIENCE THROUGH DIGITAL
- 35. BRIDGE THE DATA& TECH GAP FIRST CONNECT THE RIGHT DATA INTO YOUR EMAIL PROGRAM, THEN POWER UP AUTOMATION • Automated • Accurate • Accessible • Nightly upload • Data translation • Over 50 fields Photo: Grant Gunderson Source: Outsideonline.com Mt. Baker Road Gap • Automated Programs
- 36. BRIDGE THE DATA& TECH GAP FIRST CONNECT THE RIGHT DATA INTO YOUR EMAIL PROGRAM, THEN POWER UP AUTOMATION Examples: WC_Purchase_History Marker The Squire Ski Bindings (110mm Brakes);Line Skis Snow Angel Skis Girls - 133 Kids;Rossignol S2 Skis Women's – 150 WC_Purchase_Category SNOWSPORTS > SKIING > SKIS WC_First_Order_Date 01/28/2013 +50 more
- 37. BEHAVIORAL AUTOMATION TRIGGERED EMAILCOMMUNICATION BASED ON VISITOR BEHAVIOR
- 38. BEHAVIORAL AUTOMATION TRIGGERED EMAILBASED ON VISITOR BEHAVIOR
- 39. 10.1% $4.75 REVENUE PER EMAIL CLICK RATE BEHAVIORAL AUTOMATION– EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION CART ABANDONMENT OPEN RATE 49.8%
- 40. 12.3% $1.83 REVENUE PER EMAIL CLICK RATE BEHAVIORAL AUTOMATION– EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION WINDOW SHOPPING OPEN RATE 57.4%
- 41. 12.3% $1.83 REVENUE PER EMAIL CLICK RATE BEHAVIORAL AUTOMATION– EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION POST PURCHASE OPEN RATE 57.4%
- 42. 14.99% $1.72 REVENUE PER EMAIL CLICK RATE BEHAVIORAL AUTOMATION– EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION PRICE DROP OPEN RATE 43.86%
- 43. BEHAVIORAL AUTOMATION –EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION RESULTS 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% Abandoned Cart Window Shopping Opens CTR
- 44. BEHAVIORAL AUTOMATION –EMAIL COMMUNICATION TRIGGERED BY WEBSITE INTERACTION RESULTS Retention Series (Windsor Circle) 3% Promotional Email (Windsor Circle + IBM) 54% Behavioral Automation (Bluecore) 34% Transactional 9% Email % Revenue
- 45. LEARN FROM OURFAILURES AND MISTAKES FAIL
- 46. INTERNAL AND EXTERNALFACTORS WE NEEDED TO OVERCOME CHALLENGES • Customer Feedback • Internal Resistance • Data Challenges • System Obstacles TECHNICALHUMAN
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- 48. QUICK WINS: LATEDAY REMINDERS Subject Line: REMINDER: $50 Off Ends at Midnight! Piggyback Creative Highly Relevant 50+% Open Rates, 5%+ CTRs New Traffic – Huge Conversion Rates (2-3x)
- 49. QUICK WINS: LATEDAY REMINDERS Late Day Reminder Sends Same Day Sends Total Total 94% 6% Reminder Revenue as % Total Email (last 30 days)
- 50. QUICK WINS: SWEEPS! EnsureMessage Gets to Intended Audience Piggyback Creative Use Previous Performance Incremental Revenue Sent 2/10 (100K) Sent 2/12 (20K)
- 51. QUICK WINS: REVIEWLOOKBACKS
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- 53. QUICK WINS: FAILS! 59% 41% Revenue Thisone is RARE. The North Face! We Screwed Up!
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- 55. 5. HOW TOGET STARTED 55
- 56. • Get theBasics Down First • Thank Customers • Reward Best Customers • Predict and Save Churning Customers • Cart Abandonment • Segmented Promotions • Then Quickly Move to More Advanced Capabilities • Replenish Items That Have Run Out • Browse Abandonment • Geo-location and store targeting Automation You Should Be Running
- 57. • Windsor Circleis IBM Smarter for Commerce Certified • IBM is a Windsor Circle Platinum Partner • Joint Capabilities • Full Integration of eCommerce Data to IBM Marketing Cloud • Pre-packaged WebSphere for Commerce Integration • Cart and Browse Abandonment • Behavioral and Predictive Marketing Automation • UBX Integration (coming soon!) IBM Marketing Cloud + Windsor Circle
- 58. Retention Marketing Survey www.WindsorCircle.com/Survey 58 In10 minutes… Help us gain key insights into the state of retention marketing Get a free copy of the results in early June when the report is published Automatically get entered to win one of two $250 Visa gift cards
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- 60. Interested in LearningMore? Silverpop.com Silverpop.com/marketing-resources www.slideshare.net/silverpop Twitter.com/silverpop Facebook.com/silverpop