nectarOM http://www.nectarom.com the easiest marketing personalization suite possible. Fri, 21 Nov 2014 16:06:49 +0000 en-US hourly 1 http://wordpress.org/?v=364 How did one marketing hero raise over $125 million for an incurable disease? http://www.nectarom.com/marketing-hero-raise-125-million/ http://www.nectarom.com/marketing-hero-raise-125-million/#comments Thu, 20 Nov 2014 20:54:47 +0000 http://www.nectarom.com/?p=4269 An uncommon disease quickly became a philanthropy sensation, thanks to some creative marketing tactics. The ALS Ice Bucket Challenge has generated over $125 million in donations toward finding a cure for ALS in just a few months. Since the first ice bucket challenge video debuted in July 2014, more than 2.5 million people from 150 […]

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An uncommon disease quickly became a philanthropy sensation, thanks to some creative marketing tactics. The ALS Ice Bucket Challenge has generated over $125 million in donations toward finding a cure for ALS in just a few months. Since the first ice bucket challenge video debuted in July 2014, more than 2.5 million people from 150 countries have filmed videos to raise awareness for the deadly disease.

Pete Frates is the man behind the Ice Bucket Challenge. After being diagnosed with ALS in 2011, Frates decided to do something about the incurable disease. While most people would accept this diagnosis as a tragedy, Frates saw his diagnosis as his opportunity to change the world.

His initial goal was to get ALS in front of philanthropists like Bill Gates. A team of Frates’ family and friends aimed to raise awareness of the disease. Frates acts as their fearless leader. Although he is currently paralyzed, Frates communicates with eyegazer technology and is still the face of the ALS Ice Bucket Challenge.

Frates and his successful campaign can be attributed to three factors: a positive, proactive attitude; a mental toughness required to put himself out there and refusal to give up; and the mindset to go after an unacceptable situation.

Because of the ALS Ice Bucket Challenge’s undeniable success, we are naming Pete Frates this week’s Marketing Hero.

In less than a month after the first video, ALS received attention from national media, celebrities and global media. How was the Ice Bucket Challenge successful so quickly? We’ve narrowed it down to four marketing concepts.

1. Social Media

The Ice Bucket Challenge shows us the importance of using social media in marketing campaigns. In a fast-paced, technology-based world, social media in marketing is more important than ever.

Social media made the campaign sharable through multiple platforms, such as Facebook, Twitter and YouTube. Because multiple social media platforms were utilized, the campaign reached a larger audience, spreading rapidly within a relatively short amount of time.

Additionally, social media made this campaign easy for people to participate in. Only a few minutes and one technological device (a cell phone) were required to film, upload and share videos on social media platforms. People found this simplicity attractive, which is why the Challenge attracted so many participants.

2. Emotional Appeal played a big role in the Challenge’s success through its feel-good aspect. Think about it – people love feeling like they are making a difference. This campaign made it easy for participants to achieve that feeling of importance through just a small act of posting a video. Whether people poured water over their heads or donated toward a cure for ALS, participants felt like they were truly making a difference. And – to their credit – they did!

3. Make It Fun. Millions of ice bucket videos were uploaded, but people never grew tired of watching someone getting drenched with freezing water. Why? Because it’s a fun campaign and a funny concept! Participants stretched their creativity, coming up with their own original ways to do the challenge. Videos became more and more outrageous (check out this video by Bill Gates). A fun campaign attracts an audience and keeps them interested.

4. Originality. How many other marketing campaigns involve pouring ice water on your head to generate awareness? None that I’m aware of. The ALS Ice Bucket Challenge is creative. It’s new. A marketing strategy that is the first of its kind will be memorable and leaves a lasting impression on the public.

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Luxury Interactive 2014 – Our Take on Omnichannel Needs http://www.nectarom.com/luxury-interactive-2014-omnichannel/ http://www.nectarom.com/luxury-interactive-2014-omnichannel/#comments Thu, 06 Nov 2014 18:23:14 +0000 http://www.nectarom.com/?p=4216   High Fashion and Luxury Demand Omnichannel Engagement Solutions October’s Luxury Interactive conference in New York City came and went with little fanfare in Midtown Manhattan. Overshadowed during the three short days by the much larger Comic-Con across town, Luxury Interactive drew a very particular crowd: retailers needing to differentiate their brand online, and the […]

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Luxury Int

High Fashion and Luxury Demand Omnichannel Engagement Solutions

October’s Luxury Interactive conference in New York City came and went with little fanfare in Midtown Manhattan. Overshadowed during the three short days by the much larger Comic-Con across town, Luxury Interactive drew a very particular crowd: retailers needing to differentiate their brand online, and the service providers peddling solutions.

In talking to today’s marketing and ecommerce gurus from the leading fashion brands of the world, it was clear that there are two specific priorities on everyone’s wish list for 2015…

  1. A solution to execute high-touch campaigns in the omnichannel (especially for smaller, more exclusive luxury companies).
  2. A tool to efficiently curate user-generated content so that it can be repurposed as additional art while successfully excluding low quality and/or unfashionable images.

The first problem seemed to be the most pressing, whether it was an agency like Huge Inc., or a large retailer like Saks Fifth Avenue; getting that Saturday champagne and brunch shopping experience to play in the digital world is a constant struggle. Luxury brands differentiate themselves through the projection of quality, whether it is the service level delivered by associates, the décor in the store, or the quality of the actual goods, luxury depends on differentiation for that extra margin. This isn’t easy to do in the digital world.

One great example of someone doing this well is Mitchell’s stores. Mitchell’s spent two years working on its ecommerce experience. Mitchell’s is arguably the single most revered luxury retailer in America. Mitchell’s is known not only for its quality products and high-class clientele, but also for the services provided in its stores. According to a conversation I had with Bob Mitchell, company president and author of “Hug Your Customer”, the company spent two years developing its ecommerce platform because they recognized that the brand needed to survive online, and therefore the customer experience needed to replicate the service level found in stores.

They really did a great job.

For example when I log in:

  • my salesman is featured prominently
  • I have my own dashboard that includes my most recent purchases
  • a list of recommendations (from both my salesman and the computer), and a calendar of events amongst other features show up

Differentiation is the key for maintaining luxury brands online, if you go above and beyond to provide extraordinary service in-store, you must now do even more online to make sure your shopping experience differentiates itself from your down-market competition. For marketers, that means using all the customer data available to personalize and cater to customers.

 

Mitchell's Stores Does Omnichannel Well

Mitchell’s knows their omnichannel customer

 

The agencies that I spoke with tended take the Mitchell’s view of luxury ecommerce, that luxury brands need to invest in a specific customer service experience, like having access to my personal sales associate while I browse the web, rather than repurpose third party technologies popular with mid market ecommerce businesses. The luxury brands themselves were less convinced that such investments are necessary. I think we’ll find that many of these luxury brands invest in small solutions to replicate the high-touch feel and balk on larger investments in a bespoke ecommerce ecosystem.

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The DMA 2014 Experience as Told by Speakers and Attendees http://www.nectarom.com/dma-2014-experience-told-speakers-attendees/ http://www.nectarom.com/dma-2014-experience-told-speakers-attendees/#comments Wed, 05 Nov 2014 17:50:33 +0000 http://www.nectarom.com/?p=4219 Last week I attended my first Direct Marketing Association (DMA) conference in San Diego. For years I heard about this organization and how amazing the experience is. I had these images of high-profile speakers standing on brightly lit stages, after-hour networking parties with suited-up marketers, breakfast meetings on the harbor, and after dinner strolls on […]

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DMA 2014 San Diego

Last week I attended my first Direct Marketing Association (DMA) conference in San Diego. For years I heard about this organization and how amazing the experience is. I had these images of high-profile speakers standing on brightly lit stages, after-hour networking parties with suited-up marketers, breakfast meetings on the harbor, and after dinner strolls on the marina watching the waves beat against sailboats.

DMA is a different experience for each attendee. My participation was so much more interesting than I imagined, and I’ve been eager to hear what others experienced last week in San Diego.

The DMA 2014 Experience

After one hundred years of events it makes one wonder what has changed or stayed constant throughout the years. What were people dicussing, learning, and doing at DMA thirty, forty, and even eighty years ago? I think about how the DMA experience must have evolved. If only walls could talk, right?

So what did people experience at this year’s DMA conference? I’m asking attendees and speakers, and this is what they say:

“You don’t have to forgive the pun, it’s quite intentional, but this DMA was, simply put, Magic! Yep… there’s the magic of Magic Johnson and then there’s the tag line of the event: marketing together points to the heart of the partnership between content, technology and big data. It seemed like there was a general understanding that there are a lot of moving parts to the marketing apparatus and going it alone is really antithetical to getting the job done. You need partnerships, internally and externally.”
– Len Shneyder, Director of Industry Relations, Message Systems
Twitter: @LenShneyder
Website: MessageSystems.com

“I love that at DMA you can get together and talk to so many thought leaders in the industry in one place. The educational sessions are great and this year seeing offline and online being brought together was exciting.”
– Erin Levzow, DMA speaker, Director of Digital Marketing & Social Media, Wingstop
Twitter: @Playnthestrs
Website: Wingstop.com

“This year’s Direct Marketing Association (DMA) annual #DMA14 conference in San Diego was a complete ‘rethink’ for how marketing looks for many brands and companies today.

‘In years past, it always felt that the annual event had an invisible wall between offline and online marketing techniques and channels. This year, the DMA focused on the mantra, Don’t Market Alone (DMA). It acknowledged that many of us are marketing through many channels, including offline and online.

‘The choice of having DMA 2014 in San Diego was brilliant. The city offered lots to do which, in essence, drove the hallway conversations and meet-ups that are expected to occur at the event. The event is much more than just content, but networking with others to hear how our choices in marketing can be successful or detrimental to our brands.

‘The vendor floor also was a “who’s who” convention of products and services. I’ve always enjoyed walking the floor to see what new and interesting offerings are out there today. I even learned some new things from companies I’ve never heard of or even thought that a product could exist.
-Dennis Dayman, DMA speaker, Chief Privacy Officer, Return Path
Twitter: @ddayman
Website: ReturnPath.com

What is DMA?

DMA has inspired marketers for nearly a century. This organization for data-driven marketers aims to bring advocacy, networking, education, insight, and business services to its members. It has grown into one of the world’s leading marketing organizations – with members representing more than 40 countries and every segment of the marketing industry.

What was your DMA 2014 experience?

Want to share your experience? I’d love it if you did! Tweet using @nectarOM and @KRDollar using #DMA14. Or just email me at katherine@nectarom.com.

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DMA 2014 Takeaways – Goodbye San Diego http://www.nectarom.com/dma-2014-takeaways/ http://www.nectarom.com/dma-2014-takeaways/#comments Sun, 02 Nov 2014 06:32:27 +0000 http://www.nectarom.com/?p=4204 Our DMA 2014 Takeaways The San Diego Convention Center was lovely, and the weather collaborated to make a beautiful experience (especially in the back atriums and patio areas). Our only qualm – the exhibit booths weren’t on the sailboats outside. Great choice of a venue. The keynote speakers were fantastic, and you could tell by […]

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nectar booth

Our DMA 2014 Takeaways

The San Diego Convention Center was lovely, and the weather collaborated to make a beautiful experience (especially in the back atriums and patio areas). Our only qualm – the exhibit booths weren’t on the sailboats outside. Great choice of a venue.

The keynote speakers were fantastic, and you could tell by the way people packed up and crowded the main hall that excitement was in the air. Our personal favorite was Magic Johnson – “Keep trying, consistency is key”.(I may have made part of that quote up…he got me so pumped all I could think about during the keynote was, “You can do anything.”)

There were plenty of thought provoking tracks to keep marketers intrigued and actively learning. A few of the CRM tracks were phenomenal, but my personal track favorite was the short session with Google creative director Ben Jones. His ability to mix data and storytelling is something marketers need to listen carefully to. Data might tell you predictions, but storytelling is what will ultimately create brand presence and loyal followers. A point made several times from different speakers was that integrating data the right way can make all the difference when it it comes to analyzing omnichannel interaction (ready for the holidays?).

Our neighbors at 1 point mail were great – Managing Director Paul Westhorpe and team really know enterprise email and were incredibly friendly, and we were able to connect with lots of folks over our #mymarketinghero contest, which turned out to be a huge success…Our simple concept – nominate your marketing hero on twitter and win a chance to get two Apple TVs – encouraged people to engage with each other and earn some brownie points. By the end of the conference, people started calling us the marketing hero guys, which I took as a job well done.

Congrats Rick Miller on winning the contest, and nominee Brian Kurtz!

Wrapping up…

What we loved:
Magic Johnson, the focus on traditional AND digital marketing, our #mymarketinghero contest, San Diego weather, the beautiful venue, DMA’s hard work

What the people want:
Tracks clearly separated by mastery level, less vendor-led tracks (teach me, don’t pitch me), more exhibit hall traffic

We did not stay for the post-event tracks, so if anyone has thoughts on how they went, feel free to shoot me an email at daniel@nectarom.com.

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See you at DMA 2014! http://www.nectarom.com/see-dma-2014/ http://www.nectarom.com/see-dma-2014/#comments Thu, 16 Oct 2014 20:23:55 +0000 http://www.nectarom.com/?p=4172 Meet nectarOM at DMA 2014 Our team will be at DMA 2014 in San Diego from October 26th to the 29th at booth 1016, so come stop by and say hi to us when you have a chance. DMA 2014 hosts some of the best and brightest data driven marketers and offers the marketing world a chance […]

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DMA 2014

Meet nectarOM at DMA 2014

Our team will be at DMA 2014 in San Diego from October 26th to the 29th at booth 1016, so come stop by and say hi to us when you have a chance.

DMA 2014 hosts some of the best and brightest data driven marketers and offers the marketing world a chance to connect over the rapidly evolving marketing space.

Learn more about DMA 2014 at: http://www.dma14.org

Stay classy, San Diego

San Diego

 

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How to Audit Your Marketing Personalization Efforts http://www.nectarom.com/audit-marketing-personalization-efforts/ http://www.nectarom.com/audit-marketing-personalization-efforts/#comments Fri, 10 Oct 2014 17:30:47 +0000 http://www.nectarom.com/?p=4142 Climbing the personalization mountain ain’t easy. How can an audit help? You’ll face set backs, run into frustrating data issues, and find yourself confused as to why things just won’t work. With marketers juggling so many tasks these days, most simply don’t have time to take a deep breath and really untangle their technology stacks, […]

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Climbing the personalization mountain ain’t easy. How can an audit help?

You’ll face set backs, run into frustrating data issues, and find yourself confused as to why things just won’t work. With marketers juggling so many tasks these days, most simply don’t have time to take a deep breath and really untangle their technology stacks, execution points, and channels to pinpoint where marketing personalization priorities should lie.

For our clients that want to quickly pursue a path to marketing personalization, the first thing we tackle is a comprehensive audit of their customer experience through website, contact center, mobile app, and even brick & mortar to get a feel of their current personalization capabilities. The goal is to let marketers focus on what they do best while we do the analysis necessary to make marketing heroes.

Our audit allows our partners to:

  1. Have a calculated outside perspective on current customer experience
  2. Benchmark their performance against expected internal performance measures
  3. Prioritize low effort, high return personalization efforts
  4. Tackle personalization as a single entity vs. separate silos

If you’re currently personalizing, you can start doing some preliminary audits on current marketing personalization efforts by taking a step-by-step approach.

Step 1: Understand the big picture

You may be working specifically on email marketing, or managing social media, but getting a better feel of the overall picture will set the framework on your audit. It may take an email or some digging, but knowing where resources are spent, and understanding some metrics across different marketing channels will help you build a better foundation (both for your understanding of the marketing role at your company and also for this audit).

Step 2: Connect the dots

What systems integrate? How do they integrate? Are databases linked so personalization flows? You don’t necessarily need to ask an IT wizard or access systems do this. Simply take the path of a customer and engage with your brand. Sign up for your newsletter and check for personalized touches, go onto the website and see if offers change based on your behavior, and even visit a brick & mortar store to see if the cashier recognizes your loyalty sign up. Your job is to find out what connects, what doesn’t, and what level of personalization currently exists.

Step 3: Pinpoint areas in need of improvement

As mentioned in the opening paragraph, it isn’t easy to benchmark given the few companies that have attained high level personalization performance. A much less intensive method of benchmarking is to simply do a comparison side-by-side with a market leader(s). Companies like Amazon are also great to use as a standard for personalization. You can assess your competitors by taking the customer path method in step 2 and appropriating it for the other companies.

Takeaways?

It takes time to do a marketing personalization audit, but it will save you time and effort when it comes time to decide on what needs help and where you should focus your time for the next year.

If interested, we’re offering a complimentary marketing personalization audit for qualified companies.

Marketers who sign up will be presented the very same audit report we give to our partners, and even a short consultation session on specific points in the report. Our goal is to make you a hero – someone who can proudly proclaim that they’re well on their way to conquering the marketing personalization challenge.

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4 Marketing Personalization Mistakes to Avoid http://www.nectarom.com/4-marketing-personalization-mistakes-to-avoid/ http://www.nectarom.com/4-marketing-personalization-mistakes-to-avoid/#comments Wed, 01 Oct 2014 21:43:59 +0000 http://www.nectarom.com/?p=4040 We’ve posted quite a few articles on marketing personalization best practices and ways to increase value with personalization, but what we haven’t touched on are things to avoid when it comes to building momentum with marketing personalization and automation. Here are four marketing personalization mistakes you absolutely have to avoid like the plague if you […]

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girl-covering-face
We’ve posted quite a few articles on marketing personalization best practices and ways to increase value with personalization, but what we haven’t touched on are things to avoid when it comes to building momentum with marketing personalization and automation.

Here are four marketing personalization mistakes you absolutely have to avoid like the plague if you want a smooth ride(relatively) on your path to personalization.

1. Infringing on customer privacy and not protecting customer data

Don’t be manipulative when it comes to gather information from customers

All it takes is one screw up for a huge PR disaster and plenty of lost potential and current customers. Just don’t do it.

This applies to email opt ins on retailer websites, to mobile app permissions, to social log ins on websites. Be clear, respect your customers by letting them know exactly what you will be using information for, and you’ll earn their respect.

Since one of the first steps of true hyper-personalization is building an integrated data management system that can bring in multiple external and internal data sets, the inherent risk is quite clear. With all your data in one location, there must be significant care in protecting the customer gold harvested because one data breach can mean multiple streams of data are vulnerable.

Be honest with your customers about what you are taking from them, and once you have their trust, protect what you have. It’s that simple.

2. Relying on one set of data

To build a 360 degree view of your customers, you need to draw insights from various data sources. While one data source may constitute a large majority of your data analysis into your personalization platform, the more diversified your data collection points are, the more accurate your predictive analytics will be.

For instance, a big box retailer with may point to POS data and their eCommerce data as their main data feeds into a marketing personalization tool, but forgetting to integrate social media data for crucial life event data would be simply be a waste. There will be sources of data that will be more relevant than others, but finding out where to piece in and weigh each data channel is too important to ignore.

3. Neglecting testing

Testing is a pain. Multivariate testing can get very messy with hyper-segmentation, but always remember to test while executing. The closer you get to hyper-personalization, the more marketers will be tempted to skip various parts of the testing process.

Don’t fall into that trap. Just because the testing process will become more complicated doesn’t mean you should take your foot off the testing pedal. It will become even more important to your personalization journey that all your data sources, creative pieces, and messages are carefully tested to optimize your personalization efforts. Remember that a marketing personalization tool is exactly that…a tool that needs constant recalibration to make the high, consistent returns that you expect.

4. Thinking you’ve reached true hyper-personalization

Thinking that hyper-personalization is a place where you will someday reach and lay claim to is unreasonable and dangerous to long-term marketing personalization efforts.

Algorithms can be update and tweaked, new sources of data can be added, execution points can be refined and tested.

Knowing your customer 100% and predicting their needs exactly won’t happen without having Jedi mind reading powers, but you can always keep moving in the right direction.

Nobody said personalization was easy, which is why very few have figured out the right path towards marketing personalization. With these tips in mind, you’ll save yourself a lot of time and money while consistently moving and accelerating in the right direction.

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Who are the Winners in Omnichannel Marketing? http://www.nectarom.com/winners-omnichannel-marketing/ http://www.nectarom.com/winners-omnichannel-marketing/#comments Wed, 24 Sep 2014 22:16:33 +0000 http://www.nectarom.com/?p=3948 If you are a marketer or are in an industry/company where marketing is a key strategy component, you have probably heard the term “omnichannel” one or two times (or twenty… or fifty…). It’s the buzzword that seems to be redefining the way consumer facing companies conduct business. Omnichannel marketing means reaching customers seamlessly across multiple […]

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If you are a marketer or are in an industry/company where marketing is a key strategy component, you have probably heard the term “omnichannel” one or two times (or twenty… or fifty…). It’s the buzzword that seems to be redefining the way consumer facing companies conduct business. Omnichannel marketing means reaching customers seamlessly across multiple channels from digital channels such as website and email to physical channels such as in-store and direct mail.

Consumers should be provided with the opportunity to connect with the company on various levels, and the brand or company should have the foresight to recognize the consumer as one and the same amongst these layers. Consistency across every channel is key; if the consumer purchases a product on the retailer’s ecommerce site, he/she should be able to return it at the physical store. The channels should essentially co-exist and be complementary in nature.

Here are some examples of A+ omnichannel experiences:

Sephora

Omnichannel marketing SephoraBuy in store, receive an email asking for a review. I recently purchased foundation from Sephora at one of their mall locations and received this email a few days later.

I am an avid Sephora fan and have been a Beauty Insider member (their version of a rewards card) for many years. It’s intriguing that Sephora was one of the first retailers to embrace omnichannel marketing by pushing customers through to their website from an in-store experience.

As a result, Sephora now contains 1000s of reviews across a wide variety of products and is essentially the Amazon.com for make-up reviews. Sephora has also installed screens in their physical stores which gives access to customer reviews and prices. Just recently I received a few samples of various creams, and the store associate was able to print out a little “how-to” receipt with the average rating of the item and insert it into my sample bag. It is ingenious and quite frankly so very convenient.

While Sephora is making strides toward omnichannel marketing, they have not yet adopted pick up at store and have kept ecommerce and in-store purchases separate (a pain point for some). However, needless to say, Sephora has invested the time and effort into making the in-store purchasing process integrated with their digital presence, making the in store purchasing experience delightful and easy.

Nordstrom

Omnichannel marketing Nordstrom

Nordstrom’s mobile app makes recommendations in the app based on the consumer’s previous search history.

Nordstrom has always been ahead of its time and continues to surprise and delight their customers with their seamless shopping experience. In fact, the large retailer was one of the first department stores to truly invest in their ecommerce platform while other traditional department store retailers lagged far behind.

The results speak for themselves, as web sales in 2014 grew 33% in the first quarter of 2014, and web sales accounted for 14.2% of all sales, up from 9% in 2012 (source).

Not only has Nordstrom invested in their flagship Nordstrom product, they have invested heavily in Nordstrom Rack’s ecommerce platform, using their 2011 HauteLook acquisition as a model. In May 2014, Nordstrom launched their ecommerce platform on NordstromRack.com along with a mobile app.

Hautelook members are able to sign in with their member IDs and passwords, and any purchases made on nordstromrack.com can be returned in store, making the omnichannel experience truly seamless.omnichannel marketing nordstrom rack

Nordstrom executive VP and Chief Financial Officer Mike Koppel has said Nordstrom “plan[s] to invest $3.9 billion in capital over the next five years as we focus on serving more customers through store and online growth.”

As Nordstrom’s omnichannel marketing investments grow, we will see an even better consumer shopping experience.

Target

Although the massive data breach severely drove a bullet hole in the reputation of the big box retailer and revealed their severe lack of security coordination, Target has been the leader in omnichannel for big box retailers. In fact, Target has been so good at predicting customer behavior, a father got upset that his teen daughter was receiving coupons for expectant mothers, not realizing she was indeed pregnant.

omnichannel marketing targetTarget’s omnichannel experience consists of ship-to-store, pick-up at store, ship-to-home, an ecommerce website, and a mobile app. Target’s mobile app allows for customers to pinpoint exactly where items are located in the store, down to the precise aisle of where they reside. Other features of the mobile app include adding items to your virtual cart and selecting pick up in store, a map of the store layout, a coupon/savings section, shopping list, registry list, and wish list among others.

It’s clear that Target is using its mobile app as their central HQ for the omnichannel experience, as multiple channels are integrated into one, making marketing extremely easy. Cartwheel is a coupon service which integrates with Facebook to offer coupons on things the consumer already buys. In exchange for coupons, consumers are handing over their social data which Target can then use to send targeted offers.

Retailers are moving towards this direction of the omnichannel experience, but there are some retailers who took the plunge well ahead of their competitors, adapting to the desires of their consumers. It’s these companies that will continue to thrive in the battle between ecommerce and traditional commerce.

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What is Marketing Personalization? http://www.nectarom.com/what-is-marketing-personalization/ http://www.nectarom.com/what-is-marketing-personalization/#comments Fri, 19 Sep 2014 16:59:57 +0000 http://www.nectarom.com/?p=3929 At nectarOM, we mention the phrase marketing personalization quite a bit. In fact, we mention it so frequently we have decided to write a blog post about it just to make sure you’re completely clear on what it is. The short definition is that marketing personalization is the process of sending targeted personalized messages to […]

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what is marketing personalization? (girl with questions over her head)

At nectarOM, we mention the phrase marketing personalization quite a bit. In fact, we mention it so frequently we have decided to write a blog post about it just to make sure you’re completely clear on what it is.

The short definition is that marketing personalization is the process of sending targeted personalized messages to individuals based on consumer data acquired from various sources or channels.

In short, makes marketing much more relevant to your customer base by using existing customer data.

When we talk about implementing marketing personalization at a company, we assume that:

1) Your company already has a customer database. You may not be quite sure how to segment and target these individuals, but you have the list, which is the most important step. Marketing personalization does not assume that you want to acquire customers, rather, you want to be able to analyze your customer data more efficiently in order to send personalized messages.

2) You have data, but it’s scattered. You have data sitting in so many different places you have not the slightest clue on how to bring it all together to make recommendations. You have your standard customer data (name, email address), your customer transaction data, and your customer’s social data sitting in all these different places. Ideally, your marketing personalization is able to aggregate this data into one platform, like we do in our suite.

Personalization means that you are able to tailor targeted communications, whether it’s by email, text message, call center, or mobile app to your customers in a relevant way that will induce a higher probability of purchase.

So now you’re asking, so what? Who cares if my customers see relevant messages? I want to know what it does for my bottom line. Well I’ll give you an example. Let’s say you are an online hotel retailer and your customer is looking at multiple hotels in the New York City area. She has looked at several hotels in Manhattan but hasn’t actually made a booking yet. Based on click tracking information and searches, this online hotel retailer has configured trigger personalized emails to display NYC hotels in her price range to send a couple of days after she conducted her search. After seeing a great hotel deal in the email, she is inspired to make the booking.

The above is an example of how a potential could turn into a guaranteed revenue purchase. Just a simple email pushed the customer through the funnel from evaluation to purchase. Now imagine sending automated trigger emails to your entire consumer base. Below, we’ll do some quick math.

Assuming the following

Conversion rate: 1%
Customer base: 500,000
Customers who purchase: 500,000 * 1% = 5,000
Average Order Value: $300
Revenue: $300 * 5,000 = $1,500,000

That’s a huge chunk of change left on the table, and when your customer base is in the millions, it’s easy to see how marketing personalization can dramatically increase your bottom line.

So when someone asks you, “what is marketing personalization” you’ll be able to give them an answer with a short quantitative case study! Use your newfound understanding of marketing personalization to impress your friends and colleagues.

If you have any questions or comments, drop us a line below in the comments section.

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Evaluating High Value Customers for Marketing Personalization http://www.nectarom.com/high-value-customers/ http://www.nectarom.com/high-value-customers/#comments Thu, 11 Sep 2014 16:53:16 +0000 http://www.nectarom.com/?p=3902 The true beauty of personalization and the next generation of marketing automation is the ability to understand and build a relationship with each customer without the significant expenditure of actually “knowing” each customer on a personal level. It’s the ability to provide the mom and pop feel mostly lost in today’s digital fast lanes and […]

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Your High Value Target

The true beauty of personalization and the next generation of marketing automation is the ability to understand and build a relationship with each customer without the significant expenditure of actually “knowing” each customer on a personal level. It’s the ability to provide the mom and pop feel mostly lost in today’s digital fast lanes and large brick and mortar chains. It’s the lost ability to know exactly how to treat Mr. James, who visits your store on Thursdays, always smiles and speaks about his children at the cash register, who is loyal to a fault and goes to your store not only because he needs that product but also because he genuinely likes you and your store. Customers want that personal touch from their everyday corner store with the prices, selection, and convenience of a larger retailer, and there is nobody more important to marketers than the venerated high value customer.

In the modern digital world, how do you define a high value customer?

My favorite definition comes from an old Ad Age article that pretty much nails the definition on its head. Kevin Clancy and Peter Krieg from Copernicus Consulting use these defining characteristics to classify High-Value Customers:

 

Less Price Sensitivity – That’s right, they don’t budge from your brand if your competitors offer a discount.

Struggle with Big Problems – There’s a reason they keep coming back to you. They have a constant need to help them solve a problem. Find out that problem and how to solve it and you have their unwavering support.

Interested in New Services – These customers are always looking out for the next new thing you can offer and will often be the first buyer wave.

Willing Advocate – Customers rave to their friends and others about you. What else can you ask for?

Socially Connected – High-Value Customers often have large networks both off and on digital sources.

 

The definitions are pretty easy to understand, but the real problem is how do you use your current data sources to find out whether or not they are price sensitive or socially connected?

Before we take a dive into the ways data can help you classify High-Value Customers, I want to take the time to disagree with the above definitions (Sorry Kevin/Peter). There is a big difference between a High-Value Customer and a High-Potential Customer, the difference being that a HVC is already a proven advocate that is constantly conversion, while an HPC is a customer who interacts highly with your service but has huge room to increase basket size, upsell and cross-sell to, and generally needs more marketing bait to bite.

For instance, a customer socially connected and interested in new services can be determined by click path history, site visits, and reviews, but if they are not bringing in revenue, they are a high potential customer, not a HVC. High Potential Customers typically have high rest of market spend but low current sales. Targeting HPCs is a whole different discussion, and we’ll break into that topic at a later date.

So how do you use your data to define and evaluate High-Value Customers? HVCs can be found by evaluating loyalty program membership, recent activity, overall spend, and customer habit change.

4 Easy Ways to Evaluate High Value Customers

  1. Loyalty programs are a no-brainer, easy way to find HVCs. By integrating loyalty data into your delivery providers and personalization tools, you’ll be able to extract valuable loyalty activity and create useful, personalized touches on your other communication channels. Integration is easier said than done in some cases however, especially to make the loyalty information actionable.
  2. Recent activity can be used to temporarily classify a customer as high value until further qualified. Frequent site visits, clicks through email and website, followed by a recent big purchase basket puts a user in this bucket. Be wary of this approach, as some targets that engage in a flurry of recent activity may still be in high potential mode, so you may have to segment these customers in a different category.
  3. Overall spend is a simple enough way to classify HVCs but there are details that help add and remove people from this category. Timing is critical – if a customer has high overall spend but for the last several months they have not been interacting or buying, you may want to move them into a nurture bucket for more general marketing message or send them a re-engagement email with a big discount (you don’t want to typically discount high for HVCs).
  4. Customer habit change points to increased interest in categories outside of their normal purchase pattern. A customer buys toys from you consistently with low basket size and overall spend, not a typical High-Value Customer, but starts looking at or buying from another category such as office supplies. This change in habit can mean that they have extended their product trust into brand trust for you, prompting their movement into the HVC bucket.

There are multitudes of ways you can use data to help determine who is a HVC in your personalization tools, and it is important to note the goals of your marketing campaigns and also how you want to approach different segments of customers. As always, it’s vital to first research and validate your approaches to HVCs before moving forward. Since we touched on several ways to classify High-Value Customers, a sensible subject to move to next would be how to keep HVCs engaged. Also, I’ve written a small piece on prepping your omnichannel strategies for this holiday you might find interesting.

 

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