turning execution into impact - five mistakes you can prevent
TRANSCRIPT
Turning Execution Into ImpactFive Mistakes You Can Prevent
Presented by Peter Vandre, SVP, Digital Analytics Practice Leader at Merkle, Inc.
Kristin Mollerus, VP Digital Marketing, Citizens Bank
Five Mistakes You Can Prevent
1. Outdated measurement
2. Focusing on the wrong stuff
3. Wrong team with wrong incentives
4. Learning too slowly
5. Failure to keep investing
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
1) Failure to Update the Measurement Approach
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
1) Failure to Update the Measurement Approach
Symptoms
• All the non-cross-channel programs look the best• Digital marketing programs are all lower funnel• Mobile and paid social “don’t work”
• Be patient yet pragmatic with cross-device & mobile measurement
• Don’t forget to measure offline impact from digital programs
• You may need new KPIs to measure mid to upper funnel
• You need a measurement roadmap
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
2) Focusing on the wrong stuff
• Keep focus after the glitz of the big launch
• Focus on scaling what works
• It is your job to make it work
Symptoms
• Lots of testing and pilots but % of budget spent in addressable digital is relatively flat
• Perpetually in beta
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
3) Wrong Team with the Wrong Incentives
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
3) Wrong Team with the Wrong Incentives
• Everything is “harder than it should be”• Still optimizing toward old metrics• Alignment to vision but not execution plan
• Right metrics only matter if people care about them
• You may need a different funding model
• Detractors take up a disproportionate amount of time
• It is everyone’s responsibility to evolve
Symptoms
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
4) Learning Too Slowly Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
• Takes a long time to get internal alignment to test something new• Constant analysis before decisions are made• Investments that are not used
• Beware of perfection
• Don’t launch a program without a solid learning agenda
• If you aren’t failing, you aren’t learning fast enough
Symptoms
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
4) Learning Too Slowly
5) Failure to Keep Investing
Just set it and forget it!
• Analytics team is spending most of their time tracking down data issues
• Database or marts keep “breaking”• Incremental solution updates take forever
• Budget for ongoing improvement
• Ensure properly resourced to keep up with change
Symptoms
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Summary
Fix measurement issues
Track progress toward scaling addressable marketing
Don’t wait to address team or incentive issues
Develop a culture of learning
Keep investing
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Does your org have any of these symptoms?
Problem SymptomsNeed to update measurement approach
• All the non-cross-channel programs look the best
• Digital marketing programs are all lower funnel
• Mobile and paid social “don’t work”
Focusing on the wrong stuff • Lots of testing and pilots but % of budget spent in addressable digital is relatively flat
• Perpetually in beta
Wrong team with wrong incentives • Everything is “harder than it should be”
• Still optimizing toward old metrics
• Alignment to vision but not execution plan
Learning too slowly • Takes a long time to get internal alignment to test something new
• Constant analysis before decisions are made
• Investments that are not used
Failure to keep investing • Analytics team is spending most of their time tracking down data issues
• Database or marts keep “breaking”
• Incremental solution updates take forever
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Our Vision- Simple, Clear, Personal
ExistingBank
CustomerIdeal
Prospect
DigitalPerson
Age 25-34Boston
Buying home
Checking
Savings
Credit Card
Most Relevant Message
Mortgage
Wealth
HELOC
LOB Focused Marketing Consumer Centric Marketing
Develop marketing programs that support our brand platform – “Simple, Clear, Personal”
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Citizens’ Customer-Centric Roadmap
Fully Integrated Customer-Centric
ExperienceFoundational
Marketing Platform &Insights Platform
DMP Solution
Phase2
Phase3
Goal
Phase1
2015Jan 2015 2016
Connected CustomerPlatform Full Channel and Media Integration
Centralized and Optimized Strategic Targeting Framework
Centralized Customer View
Centralized Program Measurement and Reporting
Integrated Customer Experience Cross-Channel
Full Attribution and Optimization
Channel Optimization
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Defining a DMP & Its Application
Citizens invested in the implementation of a DMP to improve the efficacy and ROI of digital initiatives.
The DMP serves as a warehouse for audience data and an analytics platform which provides insights to make a user’s CFG digital interactions more relevant through:
Citizens selected RocketFuel as the technology platform with analytic, targeting & execution capabilities and partnered with Merkle to manage the services
“Always-on” optimizations
Prospect vs..
Customer
1. Enhanced Audience Targeting Personalized Media & .Com
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Aligning Technology Capabilities with Business Goals
Citizens Marketing Goals The DMP Enables• Determine a path to optimize marketing
investment across online and offline channels without losing short-term business momentum
• Scaling display as a percent of acquisition budget, as ROI proves positive
• Increase the effectiveness of digital media both for acquisition and cross-sell
• Using offline CRM data to deliver relevant cross/up-sell offers and messaging
• Building lookalike models based on 1st /3rd party data to enhance reach and targeting efficiency
• Drive better economies of scale and lower CPA of digital media investment
• A centralized platform focused on managing audiences across agencies, campaigns and lines of business and delivering optimized experiences across media and channel
• Improve next-best decision recommendations cross channel to improve customer experience
• Design and execution of individual/segment level experiences (ex. cross-sell) across media and channel based on 360-degree view of the customer
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Success to Date Stems from Six Key Factors
Executive-level advocacy
A clear, prioritized roadmap
Socializing concepts with internal stakeholders
A process for collaborating across teams
Rigorous maintenance of data
Tolerance for testing new tactics & approaches
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Organizational Challenges
With the support of a strong executive sponsor, we were able to overcome hurdles like:
• Funding: Budgets set by Line of Business, and less frequently at the Enterprise Level
• Security & Privacy Concerns
• Organizational Prioritization Across Internal Functions: Support needed from IT, Compliance, Web Content Publishing and Analytics teams to establish robust DMP caused reprioritizations
• Intersection with Existing Technical Workstreams: Projects in motion intersected with the DMP’s capabilities and required re-evaluation
• Education & Expectation Setting: Not all internal or external partners understood the capabilities of the DMP or were aligned on the baselines for “returns”
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Meeting with Internal Stakeholders Drove Alignment & Partnership
By educating internal stakeholders on the technology’s features, as well as the business & marketing vision that drove it, Citizens kept focus on priorities that were important to the organization
Stakeholders DMP Will Provide… To Enable…
Digital Marketing • Collaboration & guidance on plans• Access to marketing vendors/partners/agencies
• Consistent outbound & inbound digital marketing communication, cross-product
Strategy & Analytics • Advisement on CRM data categorization • Digital audience perspective on digital marketing campaigns
Technology Services
• Collaboration on site decisioning, tagging requirements
• Reliable site personalization in support of media programs
Web Account Opening
• Collaboration on tagging requirements• Insight to conversion process (incl. upgrades) &
consumer behavior
• Increased site conversion rates;• Offsite execution (ex. remarketing, email win-
back)
Product Marketing • Product, marketplace & consumer context • Efficient media campaigns, managed at an audience level
Brand • Clear Vision of marketing plan across upper funnel and acquisition tactics; multiple agencies
• Audience insights• Media modeling and optimization
Direct Marketing • Collaboration on targeting, including data sources & audiences
• Addressable, scalable, digital media campaigns• Support of offline campaigns
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Roadmap Prioritized One Line of Business Before Expanding
The approach focuses on each line of business- with the eventual goal of including all lines of business to provide a customer centric view
Scope
Design
Implement
Launch
Optimize & Expand
Determine the business goals
and technology
relevant to the first line of business
Partner with Merkle to create a
configuration plan that
integrates with existing
technology & data
Collaborate with IT
Organization, Media & Website
vendors to deploy
necessary technology
Begin data collection- following
rigorous QA- to inform
analyses & decisioning
Based on audience
analyses & successful
implementation of the first LOB,
expand features & coverage to
additional lines of business
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Media Audience Buying Proved Efficient & Expansive
Goal: Build lookalike audience segments that outperform campaign average cost per application
Initial Result: By testing three segments built based on similarity to online applicants, we saw:
Efficient Media: Cost Per Applications 27% more efficient vs. overall ODA
More committed audiences: Users via the DMP had an Application Complete Rate that was 13% higher
Unique Audience: Audiences selected within the DMP were 80% net new reach
Campaign Total ODA Prospecting DMP Audiences $-
$50
$100
$150
$200
$250
$300
$350 YT D CPA Au d ie n ce Perf o rman ce
Cos
t Per
App
licat
ion
-17%-
27%
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
.Com Personalization via DMP Demonstrated Positive Results
Goal: Leverage CRM data to improve customer engagement by delivering a new product message on the HP while reducing the message fatigue Initial Result: By personalizing the homepage leaderboard for audiences who were customers or exposed to media, there was an uptick in CTR on the leaderboard & in conversion rates vs. BAU
July CTR
0.04%
0.25%
0.20%
HP
Traf
fic
Student Lending ODA Exposure ORChecking/Deposit
Customer
STUDENT- Loan Options
STUDENT- Savings Options
All Other Visitors Checking BAU AAC
HP/.Com Audience: A/B Message
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
To Continue the Push Toward “Simple, Clear, Personal”…
Citizens has priorities for the remainder of 2015 & into 2016, including: Expanding personalization (incl. creative development) Increasing lines of business to achieve customer-centricity Extended syndication partners to include paid social and paid search Increasing Information Ingested Partnering with Internal marketing technology
Watch this presentation in Merkle’s Performance Marketing for Financial Services
video series.
Watch this presentation in Merkle’s Performance Marketing for Financial Services video series
Get up to speed on how the industry's top-performing financial services brands are using addressable audience platforms to see great results with Real World Success with Performance Marketing. There are five presentations, each taking an in-depth look at how one brand celebrated huge wins:
• Video 1: Disruptive Marketing Trends in Financial Services
• Video 2: Transforming to Compete in the Age of the “Always Addressable Customer”—From vision to reality
• Video 3: Go Your Own Way: The many paths to addressable marketing
• Video 4: Turning Execution into Impact• Video 5: Institutionalizing the Addressable
Advantage