tag:econsultancy.com,2008:/topics/ecrm Latest CRM & loyalty programs content from Econsultancy 2016-07-28T12:43:06+01:00 tag:econsultancy.com,2008:BlogPost/68093 2016-07-28T12:43:06+01:00 2016-07-28T12:43:06+01:00 Three surefire ways to maximize your CRM’s effectiveness Shaun Haase <p>While some features are overly complex or not fit for every business, there are key components that can deliver tremendous value if you can get your sales team over the initial learning curve.</p> <h3>Create automated actions </h3> <p>Automated actions allow you to easily set up, assign and manage tasks for your sales team.</p> <p>These simple actions can help streamline the collaboration between different team members while eliminating the tedious process of checking in throughout the day for status updates. Rather than having every team member update the system manually, a CRM can help automate these actions to create a more seamless workflow.</p> <p>In addition to internal task management, sales teams also engage in external communications when liaising with customers or partners. One critical part of this process is the follow-up.  </p> <p>With task automation, team leads can set reminders that will ensure that these follow-ups take place at exactly the right time – but in a way that’s not overly distracting.</p> <p>During times when everything seems like a priority, sales teams have to juggle multiple tasks. To prevent them from dropping the ball, team leaders can help by creating reminders for each step of the process to better organize and prioritize tasks.  </p> <p>A few examples of rules to set for your sales team may include:</p> <ul> <li>Reminders to send out collateral materials to a customer after speaking on the phone;</li> <li>Scheduling an in-person meeting after communicating with a lead more than three times; or </li> <li>Following up to make sure everything is OK if the lead goes silent for a week.  </li> </ul> <p>You can set up tasks and reminders for every step in the sales cycle that would automatically initiate the action that you want your team to take.</p> <p><img src="https://assets.econsultancy.com/images/0007/7538/Screen_Shot_2016-07-28_at_12.29.14.png" alt="reminder" width="450"></p> <h3>Use tags to quickly retrieve information</h3> <p>Tags are custom labels that can be applied to CRM contacts and sales leads. You can add as many tags as you wish to an entry, and the goal is to make it easier to search for and retrieve contacts based on a specific filter such as regional leads, future opportunities or top customers.</p> <p>If location plays a big role in your sales and marketing strategy, you can add tags like: Southwest, Northeast, Midwest, etc.</p> <p>For instance, a sales manager working in a swimsuit business might find value in being able to extract a list of existing or potential customers based in the Southwest region to better target them during the fall.</p> <p>Alternatively, if you’re in a highly saturated industry where competition is high, your CRM can help identify opportunities where the stakes are lower. By using your CRM to help focus resources on lead generation, you’ll be able to convert more customers and make more sales.</p> <p>Top customers can also be labeled with appropriate tags such as “VIP”, “power user” or “early adopter”. These tags can come in handy when trying to quickly identify customers who may be inclined to beta test your newest feature update or take an early look at an upcoming product release. </p> <p><img src="https://assets.econsultancy.com/images/0007/7539/tags.jpeg" alt="tags" width="225" height="225"></p> <h3>Manage customer inquiries with the sales pipeline feature</h3> <p>A sales pipeline can be great for tracking new or open deals. Alternatively, it can also be used to manage inbound inquiries and requests by customers or partners.</p> <p>If a customer sends in a detailed product inquiry, you can easily input it into the CRM and assign it to a new sales pipeline.</p> <p>Rather than going through your typical sales oriented stages, you can add relevant milestones such as “under investigation”, “responded” and “resolved”.</p> <p>As part of a sales team, you’ll likely also receive requests from customers about new product features that they want and could help improve their business. With a CRM, you can treat these requests as you would a new business opportunity.</p> <p>If enough customers request similar types of features, you can add this to a development pipeline to take action that will support the development of the requested feature or product. </p> <p>Finally, it’s inevitable that your customer will switch to one of your competitors. If this can be identified early on using a CRM, team leads can build in a strategy for retaining customers and rewarding them for their loyalty. </p> <p><img src="https://assets.econsultancy.com/images/0007/7540/pipe.jpeg" alt="pipeline" width="259" height="194"></p> <h3>In conclusion...</h3> <p>CRMs provide a wealth of features that can optimize the operation of your team.</p> <p>While these features may seem overwhelming at first, sales teams who can commit to learning will reap the benefits that come with organization and foresight. </p> <p><em>More CRM implementation tips:</em></p> <ul> <li> <a href="https://econsultancy.com/blog/64905-crm-implementation-tips-from-the-experts-part-one">CRM implementation tips from the experts: part one</a> </li> <li> <a href="https://econsultancy.com/blog/64910-crm-implementation-tips-from-the-experts-part-two">CRM implementation tips from the experts: part two</a> </li> </ul> tag:econsultancy.com,2008:Report/3008 2016-07-21T11:30:00+01:00 2016-07-21T11:30:00+01:00 Internet Statistics Compendium Econsultancy <p>Econsultancy’s <strong>Internet Statistics Compendium</strong> is a collection of the most recent statistics and market data publicly available on online marketing, ecommerce, the internet and related digital media. </p> <p><strong>The compendium is available as 11 main reports (in addition to a B2B report) across the following topics:</strong></p> <ul> <li><strong><a href="http://econsultancy.com/reports/advertising-media-statistics">Advertising</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/content-statistics">Content</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/customer-experience-statistics">Customer Experience</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/web-analytics-statistics">Data and Analytics</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/demographics-technology-adoption">Demographics and Technology Adoption</a></strong></li> <li><strong><a href="http://econsultancy.com/uk/reports/ecommerce-statistics">Ecommerce</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/email-ecrm-statistics">Email and eCRM</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/mobile-statistics">Mobile</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/search-marketing-statistics">Search</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/social-media-statistics">Social</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/strategy-and-operations-statistics">Strategy and Operations</a></strong></li> <li><strong><a title="B2B Internet Statistics Compendium" href="http://econsultancy.com/reports/b2b-internet-statistics-compendium">B2B</a></strong></li> </ul> <p>Updated monthly, each document is a comprehensive compilation of internet, statistics and online market research with data, facts, charts and figures.The reports have been collated from information available to the public, which we have aggregated together in one place to help you quickly find the internet statistics you need, to help make your pitch or internal report up to date.</p> <p>There are all sorts of internet statistics which you can slot into your next presentation, report or client pitch.</p> <p><strong>Those looking for B2B-specific data should consult our <a title="B2B Internet Statistics Compendium" href="http://econsultancy.com/reports/b2b-internet-statistics-compendium">B2B Internet Statistics Compendium</a>.</strong></p> <p> <strong>Regions covered in each document (where available) are:</strong></p> <ul> <li><strong>Global</strong></li> <li><strong>UK</strong></li> <li><strong>North America</strong></li> <li><strong>Asia</strong></li> <li><strong>Australia and New Zealand</strong></li> <li><strong>Europe</strong></li> <li><strong>Latin America</strong></li> <li><strong>MENA</strong></li> </ul> <p>A sample of the Internet Statistics Compendium is available for free, with various statistics included and a full table of contents, to show you what you're missing.</p> tag:econsultancy.com,2008:BlogPost/68058 2016-07-12T14:51:07+01:00 2016-07-12T14:51:07+01:00 Has Amazon Prime Day 2016 made up for 2015’s #PrimeDayFail? Nikki Gilliland <p>Despite some initial fanfare, social media was soon flooded with complaints about laughable discounts and naff products, with consumers gleefully using the hashtag #primedayfail to highlight everything that went wrong.</p> <p>Today, the sales event is back, with Amazon promising even more bargains to tempt consumers.  </p> <p>But has Amazon learnt from its mistakes? Here’s the situation so far…</p> <h3>Who’s eligible?</h3> <p>The clue is in the name. The biggest and best deals are only available to Prime members. </p> <p>With last year’s event resulting in the most Prime sign-ups in a single day (and a subsequent 19m US subscribers since) – the event is clearly just a vehicle to grow Amazon's member base.</p> <p>For regular consumers, this has the power to repel rather than pull people in, especially since the retailer has been intent on hammering home the ‘exclusive’ message on all its main email, website and social media copy.</p> <p><img src="https://assets.econsultancy.com/images/0007/6950/exclusive.PNG" alt="" width="700" height="218"></p> <p>It has to be said, there are <em>some</em> deals accessible to all, but they are extremely limited and very hard to find.</p> <p>It took a good few minutes for me to figure out that the ‘Featured Prime Day’ savings were eligible to me (a non-member).</p> <p>And let’s be honest, they’re far from exciting. (Unless vitamins and minerals are your thing...)</p> <p><img src="https://assets.econsultancy.com/images/0007/6942/prime_day_deals.PNG" alt="" width="780" height="243"></p> <p>Ironically, if you’re not a Prime member, you’re the consumer that Amazon probably cares about the most today.</p> <p>However, its heavy-handed targeting means that you might feel more inclined to avoid the whole thing rather than tempted to sign up. </p> <h3>Social promotion</h3> <p>If you follow Amazon on any of its main social media channels, you’ll have seen its attempts at building excitement around the event. </p> <p>A series of countdown tweets and Facebook posts means that the event has been well signposted and cleverly executed.</p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Only 5 days to go!<a href="https://t.co/pRdR7iWm6z">https://t.co/pRdR7iWm6z</a> <a href="https://t.co/6O9TMNVmmD">pic.twitter.com/6O9TMNVmmD</a></p> — Amazon.co.uk (@AmazonUK) <a href="https://twitter.com/AmazonUK/status/751113558352691200">July 7, 2016</a> </blockquote> <p>While the Facebook ads are slick and well-designed (with a simple and effective call-to-action for a free trial on the main site), the fact that it's so heavily geared around exclusivity surely means that non-Prime members are likely to ignore it.</p> <p><img src="https://assets.econsultancy.com/images/0007/6945/facebook_prime_day.png" alt="" width="550" height="588"></p> <p>In terms of emails, I only received one on the morning of the event itself.</p> <p><img src="https://assets.econsultancy.com/images/0007/6946/Amazon_email.PNG" alt="" width="780" height="522"></p> <p>Instead of promoting the discounts, I did find it slightly off-putting that it only showcased the products – an obvious attempt to get consumers to click through to learn more.</p> <p><img src="https://assets.econsultancy.com/images/0007/6947/Amazon_email_deals.PNG" alt="" width="600" height="772"></p> <p>Whether or not that click converts to a purchase, again, probably depends on Prime membership status.</p> <h3>The discounts</h3> <p>One of the biggest complaints from consumers last year was that the biggest discounts were not properly promoted on the site.</p> <p>Eventually, it emerged that Amazon used a broad algorithm to select the deals, leading to a lot of random items such as tupperware and dishwasher detergent.</p> <p>This year, it’s not entirely clear how it’s been set up, but according to a company spokesperson, Amazon has ‘increased the number of deals and at the same time, increased the volume of inventory behind those deals.’</p> <p>With a dedicated homepage, showcasing a variety of categories and filter options, there is a clear attempt to give the user greater direction.</p> <p>Navigation is simple, with good signposts to point customers in the direction of 'deals ending soon' and 'recommended deals'.</p> <p><img src="https://assets.econsultancy.com/images/0007/6949/amazon_homepage.PNG" alt="" width="780" height="654"></p> <p>In terms of savings, there does appear to be a decent amount of products on offer, with the best being discounts being on electronics and home appliances.</p> <p><img src="https://assets.econsultancy.com/images/0007/6939/prime_day_deals_tech.PNG" alt="" width="780" height="481"></p> <p>However that algorithm must be working its evil magic again... I also spied far too many irrelevant items for my liking.</p> <p><img src="https://assets.econsultancy.com/images/0007/6941/Amazon_deals.PNG" alt="" width="780" height="510"></p> <h3>In conclusion...</h3> <p>It’s probably too early to say for sure if this year’s Prime Day has been any more successful than the last.</p> <p>While clearly an attempt to bag even more Prime memberships, what the retailer fails to realise is that the hype might do more to put people off than draw them in. </p> <p>Similarly, there's already an amusing amount of social media backlash, so Amazon clearly hasn't done much to sort out that algorithm issue.</p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Thanks <a href="https://twitter.com/amazon">@amazon</a>! This is just what I needed! <a href="https://twitter.com/hashtag/PrimeDayFail?src=hash">#PrimeDayFail</a> <a href="https://t.co/mIiNUs4l6u">pic.twitter.com/mIiNUs4l6u</a></p> — Martin Untrojb (@MEUntrojb) <a href="https://twitter.com/MEUntrojb/status/752805002884898820">July 12, 2016</a> </blockquote> tag:econsultancy.com,2008:BlogPost/68041 2016-07-11T10:21:35+01:00 2016-07-11T10:21:35+01:00 Nectar MD, Will Shuckburgh, on loyalty in a mobile-first world Ben Davis <h3>Mobile has fundamentally changed loyalty.</h3> <p>Mobile has fundamentally changed the dynamics of Nectar's service.</p> <p>Will explains:</p> <p>"Instead of the old model with Nectar where we used to push out paper mailing giving people offers, telling them what is available three times a year (with an average of 10 offers per mailing), we’ve built a program totally designed around the customer, where they can access it wherever they want it.</p> <p>"And we enable them to access between 100 and 150 offers per week, personalised to them. </p> <p>"But the important thing is that’s on the customer’s terms - the volume and value is totally different, and all when they want it."</p> <p><em>Nectar's mobile app</em></p> <p><img src="https://assets.econsultancy.com/images/0007/6838/nectar_1.jpeg" alt="nectar" width="300">  <img src="https://assets.econsultancy.com/images/0007/6839/nectar_2.jpeg" alt="nectar" width="300"> </p> <h3>Marketing is changing. Brands need to have more respect.</h3> <p>Will frequently used the word 'respect'. His view is that customer enablement through mobile is part of a wider revolution in customer-centric marketing.</p> <p>"The whole marketing industry is going through a period of change... The fundamental driver is that the balance of power between brands and consumers has structurally changed.</p> <p>"Customers can very easily compare brands, compare choices, understand what their options are. So, brands across the industry need to change how they build relationships. Customers want... brands who respect them and reward them for their long term choices.</p> <p>"The typical marketing from the '70s, '80s, '90s, early '00s, was brands telling customers how to behave, what they should do, what offers were available.... [Now] there’s a need to enable customers, to respect their power."</p> <h3>Promotional rewards are just the tip of the loyalty iceberg.</h3> <p>"Customers are savvy," Will continues, "they understand where short-term promotions are just trying to win business. That doesn’t mean those brands will fall into the consideration set over a longer period of time.</p> <p>"Recognising people on an ongoing basis is about appealing to a base human instinct.</p> <p>"Who are the friends you interact with the most? They’re the ones that have been around the longest, have been most respectful, and make the effort to know you well."</p> <p>This idea of a business getting to know its customers is central to Nectar's platform. The more customers use its offers, the more the platform 'gets to know them'.</p> <p>Will argues this is "letting consumers shape the experience themselves, to make it even more personal."</p> <p>It's not just transactions that Nectar seeks to understand when doing this. Will explained how Nectar has sought to "widen the relationship", with other ways of earning rewards, similar to <a href="https://econsultancy.com/blog/67930-12-outstanding-mobile-customer-experiences/">Walgreens loyalty and its Fitbit integration</a>.</p> <p><em>Walgreens' Balance Rewards</em></p> <p><img src="https://assets.econsultancy.com/images/0007/6837/Screen_Shot_2016-07-07_at_12.25.30.png" alt="walgreens balance rewards" width="615" height="211"></p> <p>"We’re always trying to explore how we can partner with brands in ways that customers find useful and isn’t just about spending money to get points."</p> <p>Over the past few years, Nectar has explored partnerships to encourage exercise (via Fitbug and through local council gyms), recycling, reviewing of products, healthy food purchases etc. </p> <p>Will admitted that Nectar will "...continue to try more in that area, and when customers like them, we’ll roll them out at scale."</p> <h3>Tech must meet customer needs (not be implemented just because it can be).</h3> <p>Nectar's mobile app fundamentally meets the customer need of those that download it, as Will concludes from looking at engagement and satisfaction.</p> <p>"People who engage with the app earn more points and have much better knowledge of the programme. We have the highest NPS we’ve ever had. </p> <p>"It’s an illustration of where businesses need to be today - the customer is front and centre, with tech driven by customer needs."</p> <p>But Will also highlights the danger of tech for tech's sake when it comes to new developments such as iBeacons.</p> <p><em>iBeacons used by the MLB</em></p> <p><img src="https://assets.econsultancy.com/images/0005/0762/MBL_ibeacon.jpg" alt="ibeacons" width="515" height="450"></p> <p>"iBeacons are a great example - we’ve had a massive focus on building up our innovation capability over the last couple of years, [within our] Nectar Beta department.</p> <p>"iBeacons are one of a number of interesting bits of tech - but because it’s there <a href="https://econsultancy.com/blog/65221-ibeacon-trials-13-brands-trying-to-find-a-use-case/">doesn’t mean we should use it</a>. We need to think about how we can be useful to real customers in real situations.</p> <p>"Which messages do they appreciate, which do they not? How does that change by customer and by brand?</p> <p>"We see potential - but we want to see how it helps customers before we roll it out." </p> <h3>Psychographics are more important than demographics.</h3> <p>Facebook's <a href="https://econsultancy.com/blog/67970-how-to-integrate-search-social-it-s-all-about-curating-audiences/"><em>psychographic</em> targeting</a> of ads has brought the term into more popular use recently.</p> <p>Will explains what psychographics means when it comes to profiling customers through their data: </p> <p>"One of our partners has a lot of data and previously they used to target customers for acquisition based on their demographics. They profiled the perfect customer.</p> <p>"But we understood that demographics weren’t the key factor, it was actually the psychographics - what they felt was important, how they reacted to things etc.</p> <p>"For that particular brand, the perfect customers were people who were deal seekers. Far more than any other demographic, this made them the perfect customer. </p> <p>"That’s a simple example but it makes perfect sense. If you pick 10 pieces of info about yourself, that doesn’t give you the depth of colour about who you are, what choices you will make, what’s important to you etc.</p> <p>"That’s where we’re trying to get to. We’ve got a lot of factual information and enough experience to know that there’s a huge amount to do to understand personalities.</p> <p>"If you’re really customer-centric as a business, you have to make sure you're catching that depth where possible. We’re only at the beginning of that journey."</p> <p>Will adds that getting this perfect profile of customers also entails "asking them to help shape their experience as well."</p> <h3>Brands can differentiate themselves on more than just price.</h3> <p>I took the opportunity to ask about supermarket price wars, in the wake of <a href="https://econsultancy.com/blog/68001-how-will-brexit-impact-digital-businesses-and-marketers/">the Brexit vote</a>.</p> <p>"We’ve actually run a campaign called savvy shopper for quite a while," Will said. "We ask people to share their tips on how they get the most out of their spending. That’s given us a real understanding of how savvy customers in the UK are.</p> <p>"People are smart - some people will always search out the best short-term financial deals, but all across the world with Aimia our parent company, we see brands that invest in long-term customer relationships are winning.</p> <p>"Underneath, customers are savvy - the brands they will always consider are the ones that treat them with respect and thank them for the choices they make.</p> <p>"Price has always played a big role in people's decisions. Price competition continues to get more intense in most sectors, but more and more brands are looking to differentiate on more than just price."</p> <p><strong><em>July is Data Month at Econsultancy. Go <a href="http://hello.econsultancy.com/datamonth/?utm_source=econsultancy&amp;utm_medium=blog&amp;utm_campaign=econblog">here</a> to see all our related blog posts and reports.</em></strong></p> tag:econsultancy.com,2008:BlogPost/67926 2016-06-09T00:00:00+01:00 2016-06-09T00:00:00+01:00 Increasing customer loyalty: Strategies from Shanghai Jeff Rajeck <p>To find out, Econsultancy invited dozens of client-side marketers in Shanghai to discuss this and other <a href="https://econsultancy.com/reports/customer-experience-statistics/">customer experience</a> (CX) topics over roundtable discussions.</p> <p>The roundtables were moderated by volunteer client-side marketers and subject matter experts from Econsultancy and our event sponsor Epsilon.</p> <p>Below is a summary of what was said throughout the day at the table entitled: <strong>Cultivating Loyalty - When Experiences Develop Advocacy.</strong></p> <p><img src="https://assets.econsultancy.com/images/0007/5742/4__Custom_.jpg" alt="" width="800" height="533"></p> <h3>Customer loyalty vs. advocacy</h3> <p>The table first tackled the difference between customer loyalty and advocacy. </p> <p>Whereas a customer can be loyal through repeatedly purchasing products, there is no guarantee that they will become an advocate.</p> <p>Additionally, you can cultivate advocacy from customers who may not be considered 'loyal' by any other measure.</p> <p>Participants agreed, though, that<strong> a well-designed loyalty programme will encourage advocacy too</strong>, so most of the remaining discussions were about the things companies do to increase customer loyalty.</p> <h3>Steps to increasing customer loyalty</h3> <h4>1. Collect data</h4> <p>Attendees noted that in order to have an effective loyalty programme, it is necessary to collect customer data.  </p> <p>One brand marketer said that simply finding out a customer's birthday and sending them a 'happy birthday' email is a great way to start building longer term loyalty.</p> <p>Another participant said that marketers should try hard to get the 'right' data. <strong>Mobile phone numbers, for example, are among the most important customer data points.</strong>  </p> <p>Your customers' email addresses change periodically, but many people use the same mobile number for many years.</p> <p>Marketers also need strategies for getting customers to hand over their data.  </p> <p>One attendee advised that <strong>ecommerce sites should not make 'guest checkout' too easy</strong>. Encouraging customer to register when purchasing something is the perfect opportunity for brands to get the data needed for an effective loyalty programme.</p> <p>Customer surveys can also help in this area, especially for companies who don't have ready access to customer data, such as B2B companies who use distributors to reach consumers.</p> <h4>2. Understand customer journey and lifecycle</h4> <p>Participants also agreed that in order to encourage loyalty, marketers need to understand the customer journey. </p> <p>Knowing the steps that their customers take to purchase helps marketers find new opportunities to encourage existing customers to buy again, say with offers or other incentives.</p> <p>One attendee noted that <strong>marketers should also know the customer 'lifecycle'</strong> as well. That is, someone who buys a beauty product may become a repeat customer within weeks, whereas someone who buys a car will not be in the market again for three years.</p> <p>Understanding the lifecycles across different products and markets can also help marketers find opportunities to <a href="https://econsultancy.com/blog/11051-21-ways-online-retailers-can-improve-customer-retention-rates/">encourage customer loyalty</a>.</p> <p><img src="https://assets.econsultancy.com/images/0007/5741/5__Custom_.jpg" alt="" width="800" height="533"></p> <h4>3. Collaborate for insights</h4> <p>In addition to collecting the right customer data and understanding the customer journey and lifecycle, marketers must also collaborate with other teams in order to gain insights.</p> <p>Delegates reported that working with customer relationship managment (CRM) specialists, business intelligence (BI) specialists, and sales people has helped them improve their understanding of their customers to a great extent.</p> <p>Working on a common project, such as mapping the customer journey, is a great way to start this collaboration, according to one participant.</p> <h4>4. Plan loyalty programmes</h4> <p>Once the loyalty project team is assembled, the data collected, and the customer journey is understood, planning the loyalty programme is the next step.</p> <p>Attendees came up with three main loyalty strategies:</p> <ul> <li><strong>Special offers</strong></li> </ul> <p>One of the easiest ways to encourage loyalty is to<strong> offer your existing customers something in return for repeat business</strong>. These offers do not always have to be discounts, either.</p> <p>Companies can also offer more efficient service or an improved 'VIP' experience. Offers should, however, be targeted at particular audience segments to be more effective.</p> <ul> <li><strong>Loyalty card</strong></li> </ul> <p>Another way many brands encourage loyalty is by having some sort of loyalty point programme. One participant from a large retailer said that<strong> its points programme had been very effective.</strong></p> <p>The delegate also noted that making it paperless and fast to activate was key to success.</p> <p>Another attendee pointed out that such schemes only work when customers buy from you frequently, otherwise consumers forget the programme and the effort is wasted.</p> <ul> <li> <p><strong>Education</strong></p> </li> </ul> <p>Another attendee pointed out that a continuous delivery of material which will educate your existing customers is key.</p> <p>Additionally, a regular flow of interesting information will keep your brand at top-of-mind and encourage future loyalty.</p> <p><strong>Other suggestions</strong></p> <p>Apart from any specific strategy, though, participants said that making small efforts to increase customer loyalty make a big difference.</p> <p><strong>Loyalty programmes should also be easy, fast and fun.</strong> Customers will make an effort to follow programmes if the reward is high enough (e.g. collect air miles), but if the programme has side benefits than the monetary reward does not need to be quite as high.</p> <p>Finally, the loyalty programme should offer something that customers cannot get elsewhere.  </p> <p>One example given was Amazon's Dash device which allows customers to re-order products with the click of a button.  </p> <p>Such convenience is not available from any of its competitors, and so customer loyalty comes naturally.</p> <p><img src="https://assets.econsultancy.com/images/0007/5744/3__Custom_.jpg" alt="" width="800" height="533"></p> <h4>5. Measure success</h4> <p>Even the most successful programme, advised one delegate, will be hard to sustain unless marketers measure and report successful numbers upwards.</p> <p>What this means is that before launching a loyalty programme, <strong>marketers should agree on key performance indicators (KPIs) with senior management</strong>.  </p> <p>Then once the programme is under way, marketers know what they should be working on to improve on and management will understand improvements.</p> <p>One participant noted that KPIs for loyalty can be completely different from those used for digital marketing.  </p> <p>Instead of click-through rates (CTRs) and cost-per-acquisition (CPA), loyalty programme KPIs can be metrics such as 'points accumulated' or 'redemption rate' or even 'net promoter score' (NPS) depending on the programme.</p> <p>Regardless of what you use, ensure that what is being measured indicates that you will have more repeat business.</p> <p>There is no point in improving customer loyalty unless it ultimately improves the bottom line, one attendee pointed out.</p> <h3>A word of thanks</h3> <p>Econsultancy would like to thank the client-side marketers who participated on the day and our sponsor for the event, Epsilon.</p> <p>We would like to extend a special thanks to our moderator for the Cultivating Loyalty table, <strong>Cedric Delzenne, Director at Founder Institute.</strong></p> <p>We truly appreciate all of the effort participants put into making this an educational day for everyone and we hope to see you at future Econsultancy events!</p> <p><img src="https://assets.econsultancy.com/images/0007/5743/6__Custom_.jpg" alt="" width="800" height="533"></p> tag:econsultancy.com,2008:BlogPost/67912 2016-06-08T11:58:37+01:00 2016-06-08T11:58:37+01:00 Five reasons your CRM isn't actually increasing sales Shaun Haase <p>On the other hand, a recent survey by Software Advice revealed that 74% of companies using the right <a href="https://econsultancy.com/blog/64545-what-is-crm-and-why-do-you-need-it/">CRM</a> for their business say that it has improved their access to customer data, therefore allowing them to improve lead conversion and ultimately increase sales.</p> <p>If your CRM is not working for you, here are five common reasons why:</p> <h3>1. No overarching strategy with relevant sales goal metrics</h3> <p>It’s critical that sales and marketing teams work closely together to set an overarching strategy with specific sales goals that can be tracked using a CRM, for example: lead conversions rates for specific sales pipelines.</p> <p>Often times, companies don’t have a clear strategy or a system for tracking metrics like these, instead using their CRM as a glorified contact management system.</p> <p><em>Stock photo of a pipeline</em></p> <p><img src="https://assets.econsultancy.com/images/0007/5818/pipeline.jpg" alt="" width="843" height="468"></p> <p>If you don’t currently have predefined goals and metrics, then you might be losing out on one of the key features of your CRM which should be providing a clear overview of your sales pipeline progress.</p> <p>In order to keep your business on the track to sales growth, make sure that you set aside time to establish a clear strategy, define which sales metrics will be relevant and have both marketing and sales teams meet regularly to track progress through your CRM. </p> <h3>2. Not utilizing CRMs effectively</h3> <p>According to a research report by BuyerZone, 91% of companies with more than 11 employees use CRM software and have great initial intentions for getting the most value out of them, yet after their teams utilize it for the first few months, usage wanes.</p> <p>Many times, sales teams stop using CRMs altogether as they find it tedious to have to constantly update contact information.</p> <p>Sales professionals often complain that inputting data into CRMs takes time away from pursuing opportunities. CRMs should be used to enable your sales teams, not hinder their productivity.</p> <p>If CRMs are a drain on your team’s time, reduce complexity by utilizing tools that make it easier to input data, or find a new CRM that provides automated data entry, better functionality and seamless integration with other enterprise software.</p> <h3>3. Too complicated &amp; too expensive to maintain</h3> <p>Companies often use the same CRM software that successful large enterprises use in order to be competitive.</p> <p>Unfortunately, these popular CRMs can be very difficult to integrate due to their complex design, and are therefore not ideal for every type and size of company.</p> <p>These CRMs often require a lot of money and time, since you must also hire third-party vendors to customize the system for specific business needs as well as train your teams to use them.</p> <p>If you use one of the more popular CRM systems out of the box, there’s a good chance it may have been configured incorrectly and it could be costing you both time and money as your teams will not be able to fully utilize it to its full capacity. </p> <p>CRM software should be simple to integrate and easy to use from the beginning.</p> <p>If your CRM is still giving you problems even after customizing it and your employees are constantly having to ask for assistance on how to do specific tasks, it may be time for you to seek out a much simpler CRM solution. </p> <h3>4. Using a stand-alone CRM</h3> <p>Stand-alone CRMs are a holdover from many years ago and are very inefficient at transferring disparate data from the different tools that businesses often use, such as <a href="https://econsultancy.com/reports/email-marketing-buyers-guide/">email marketing software</a> for managing outbound communications.</p> <p>A better solution – which many companies are using these days – is a fully integrated cloud-based CRM, as it presents a much more efficient way of integrating into the tools you regularly use.</p> <p>Six years ago, only 12% of businesses used cloud-based CRM while today this number has increased to 87% and continues to grow every day.</p> <p><em>Some clouds</em></p> <p><img src="https://assets.econsultancy.com/images/0007/5819/clouds.jpg" alt="" width="846" height="483"></p> <p>The benefits of fully integrated cloud-based CRMs are plentiful: they allow everyone on your team to easily access important information anywhere, transfer data from different programs and often automatically update data other sources.</p> <p>All of this then leads to a speedier workflow and always up-to-date sales and contact data. </p> <h3>5. Living with poor data quality</h3> <p>Data migration, integration and management are critical for a well-run CRM.</p> <p>If your data is not aligned correctly or you have information in the wrong place, then your sales team will lose out on potential leads with missed follow-up appointments or incorrect contact information.</p> <p>For this reason, it is important that someone regularly checks the data within your CRM system to remove duplicates, update contact information and standardize content.</p> <p>Data inaccuracy is one of the biggest problems with CRM systems, but at the same time is also one of the easiest to fix if time is dedicated to maintaining it on a regular basis. </p> <h3>In summary...</h3> <p>Here we’ve highlighted a few of the potential reasons why your CRM might not be helping increase your sales. If you suffer from any of these factors, it is time for you to take action now.</p> <p>Create a plan for improvement or find a CRM solution better tailored to your company’s needs.</p> <p>A CRM is a great tool for helping you increase sales but also one that must be continuously refreshed and utilized in the most appropriate manner to reap the greatest benefit.</p> tag:econsultancy.com,2008:BlogPost/67794 2016-05-17T11:23:00+01:00 2016-05-17T11:23:00+01:00 Why use CRM data in programmatic media campaigns? Ben Davis <h3>The benefits of using CRM in programmatic</h3> <p>Programmatic advertising shows a particular banner or a video ad to a particular consumer. That's essentially its power.</p> <p>The consumer is recognised by a cookie which gives away their demographic, past behaviour, geography or device, and then the advertiser can serve whatever content they feel best suits.</p> <p>However, CRM or first-party data is often not integrated with programmatic media spend.</p> <p>This seems counterintuitive to the advertising layman (like me) because spend appears to be wasted.</p> <p>As consultant Mark Patron puts it:</p> <blockquote> <p>Currently, if you’re a big brand and you have 25% of the UK as customers, a quarter of the time you are talking to your customers and three-quarters of the time you’re not.</p> <p>It would make a big difference to be able to differentiate between the two, from a display advertising point of view.</p> </blockquote> <p>So, say I'm a customer of a broadband internet provider - it doesn't make much sense for that provider to show me ads that extol the virtues of its contracts.</p> <p>Yes, these ads might contribute to my renewal, but without the advertiser knowing who I am, it can't tailor the ad to my specific circumstances.</p> <p>Even if I do click through the ad, if CRM data isn't integrated with the campaign, I will be sent to a salesy page, rather than a 'welcome back' message.</p> <p>In fact, CRM data is often used in ad campaigns in the telco industry - check out <a href="https://econsultancy.com/blog/67606-how-o2-achieves-creativity-through-data/">this example from O2</a> (the photo below shows examples of some O2 creative on Facebook).</p> <p>The personalised ads achieved 49% lower cost per order (CPO). In the early upgrade segment the CPO reduced by a whopping 61%.</p> <p><img src="https://assets.econsultancy.com/images/0007/2609/Screen_Shot_2016-03-03_at_13.07.57.png" alt="o2 programmatic creative" width="615"></p> <p>CRM data isn't just about online activity either. That's one of the advantages of using first-party data - you may be targeting customers that have never used your website.</p> <p>This could be retail customers with a loyalty card (think IKEA perhaps). If you know their email address, this can be used in social advertising or <a href="https://econsultancy.com/blog/66979-google-customer-match-what-does-it-mean-for-marketers/">Google's Customer Match</a>.</p> <p>Data management platforms (DMPs) can also match personal information with cookie pools.</p> <h3>The challenges of integrating CRM &amp; programmatic </h3> <h4><strong>You have to be in it for the long-haul</strong></h4> <p>Using first-party data means that an effective model has to be used for programmatic spend, one more akin to the lifecycle management that database marketers will use.</p> <p>To maximise lifetime value is often the goal, but this isn't something that can be determined with a quick test, plugging CRM data into a DMP and awaiting great results.</p> <p>Testing and learning here applies to multiple channels across an extended time frame.</p> <p>It's much more to take on than the fairly discrete methods of matching media to generic personas or behaviours.</p> <p>Rav Dhaliwal of AllSaints talks about the power of this long-term approach in the Econsultancy report:</p> <blockquote> <p>It’s all about bidding for the right customer at the right time. How do I know that customer is worth making a bid on? That’s where CLV [customer lifetime value] comes in. It helps add intelligence to these decisions...</p> <p>Through deep integrations with our own first-party data sources, we now can micro-target customers based on numerous signals of user intent and propensity – the envy of many other brands’ display marketing programmes.</p> </blockquote> <h4><strong>The organisation might not be ready</strong></h4> <p>Where does CRM live in your organisation? Is it in marketing? Is it linked to media buy in any way?</p> <p>Separate teams and skills naturally lead to a reluctance or simple inertia when it comes to integrating CRM and media.</p> <p>Media buying can be alien to the CRM team.</p> <p>Nick Bonney, Head of Insight at Camelot, says organisational skills and approach can be the biggest hindrance:</p> <blockquote> <p>For all the talk about big data, the technology to some extent can be a bit of a red herring. And actually the people and the process, are as, if not more important, than the technology piece.</p> <p>You can have all the best toys in the box, but if your business isn’t working in a way that enables you to get the best data out of them, it’s still going to be a waste of money.</p> </blockquote> <h4><strong>Technology, as usual, holds everyone up </strong></h4> <p>A tech stack needs to be able to seamlessly move CRM data to a DMP and back again, by way of other software.</p> <p>If organisations are yet to pull data out of silos, that's a big job to begin with.</p> <h4><strong>Privacy worries?</strong></h4> <p>While first-party data will also be supplied anonymously, there's no doubt that privacy compliance (how can you legally use customer data?) is a concern.</p> <p>However, as the O2 example shows, those combining the power of CRM and programmatic media at scale are making big strides.</p> <p><em>For more on this topic, read <a href="https://econsultancy.com/reports/the-role-of-crm-in-data-driven-advertising/">The Role of CRM in Data-Driven Marketing</a>.</em></p> tag:econsultancy.com,2008:Report/4102 2016-05-17T10:10:00+01:00 2016-05-17T10:10:00+01:00 The Role of CRM in Data-Driven Marketing <p>In today’s world of multichannel shopping, <strong>CRM increasingly means combining digital, mobile and social data together with data tracked or projected from traditional touchpoints</strong> - which is no mean feat.</p> <p>While some businesses claim they are doing a good job of joining up traditional offline data with online, the reality is that most are lacking the know-how and infrastructure to do this properly.</p> <p>The proliferation of data silos and fragmented team structures means that the goal of being able to identify individual customers to a granular level and target them with personalised content and experiences is, for many companies, as elusive as it’s ever been.</p> <p><strong>The Role of CRM in Data-Driven Marketing</strong> report, produced in partnership with <a title="Sociomantic Labs" href="https://www.sociomantic.com/"><strong>Sociomantic Labs</strong></a>, investigates the <strong>extent to which marketers are using CRM data to plan and optimise their marketing</strong>. It also looks to assess the current impact CRM is having upon email, display advertising, social advertising, websites and customer journeys in particular.</p> <p>The report features <strong>in-depth opinions from senior-level executives working within ecommerce, digital and marketing departments</strong>, from companies including AllSaints, Camelot, Natue.com, Occam, Reed.co.uk, Skipton Building Society, Sole Society, TalkTalk, UK grocery retailer and Patron Direct.</p> <h2>What you'll learn</h2> <ul> <li>Why is CRM important?</li> <li>Where does CRM sit within the organisation?</li> <li>What role does CRM play in cross-channel marketing?</li> <li>What types of CRM segmentation and personalisation are being used for online marketing?</li> <li>Which CRM technology and tools are businesses choosing to invest in?</li> <li>How is customer lifetime value (CLV) being measured?</li> <li>How does having a CLV strategy benefit CRM?</li> <li>What are the main challenges with CRM?</li> <li>What are the future trends and predictions for CRM?</li> </ul> <h2>Who should read this report?</h2> <p>This report is for anyone interested in CRM, in particular brand marketers who are just about to, or have already started using CRM as part of their data-driven advertising.</p> tag:econsultancy.com,2008:BlogPost/67802 2016-05-04T09:57:52+01:00 2016-05-04T09:57:52+01:00 Depending on social networks for your CRM? Time for a rethink Maddie Timms <p>How can the impact of future changes on mainstream social networks be minimised for customer engagement programmes?</p> <p>Instagram is not the first social platform to introduce an opaque algorithm for ordering posts.</p> <p>Facebook (estimated UK monthly active base of 30m users) introduced the controversial and now-defunct ‘<a href="https://econsultancy.com/blog/7885-the-ultimate-guide-to-the-facebook-edgerank-algorithm/">Edgerank</a>’ newsfeed algorithm back in 2009, long before it acquired Instagram.</p> <p><em>An explainer video for Facebook's defunct Edgerank algorithm</em></p> <p><iframe src="https://www.youtube.com/embed/kI4YIYInou0?wmode=transparent" width="560" height="315"></iframe></p> <p>Advertisers saw a significant drop in the viewability of organic posts. The percentage of fans reached plummeted to single figures in many cases.</p> <p>A ‘pay to reach’ model quickly became the only reliable way to get brand content to long nurtured bases of followers.</p> <p>This was the thin end of the throttling wedge, forcing brands to pay for visibility, but ultimately monetising the user base to boost investor returns. One commentator has recently dubbed Instagram’s announcement ‘reachpocalypse’.</p> <h3>What's the answer?</h3> <p>Social engagement is a long established tactic, used by marketers to boost overall consumer awareness as part of the marketing mix.</p> <p>However, the performance of these approaches can change overnight and brands are at the mercy of the social networks. You could end up paying more than you had bargained for.</p> <p>Of course social networks will continue to play a role <a href="https://econsultancy.com/blog/64545-what-is-crm-and-why-do-you-need-it/">in CRM programmes</a>, but the overarching strategy should be to direct customers to owned domains such as websites and landing pages.</p> <p>Interestingly, it’s not possible to put a clickable URL within an Instagram post – only in the profile or in a paid advert.</p> <p>So <strong>what tactics should be (re)considered? </strong></p> <p>In my opinion brands should plan customer engagement comms with owned media at the heart – e.g. email – and use paid or organic social media to supplement.</p> <p><a href="https://econsultancy.com/reports/email-census/">Email</a> (or even direct mail) contactability should be at the top of the list.</p> <p>What proportion of your customers are opted in for communications such as a regular newsletter? How does this vary by value segment, by <a href="https://econsultancy.com/blog/65435-what-is-customer-lifetime-value-clv-and-why-do-you-need-to-measure-it/">lifetime value</a>, by product holding?</p> <p>What headroom is there for getting additional signups? What value exchange are you offering in return for the customer giving permission for you to contact them by email?</p> <p>This exchange could be promoted in Instagram or on other social networks to drive more signups from followers.</p> <p>Another option would be to get a data provider to append an email address where third-party permission is available and then seek to opt each person into your newsletter.</p> <p>However, in view of the upcoming changes to <a href="https://econsultancy.com/blog/67784-eu-data-laws-an-update-on-gdpr-privacy-shield/">EU Data Protection Laws</a>, this route will not get easier.</p> <p>Every successful CRM programme needs a dependable way of communicating with customers, whether they be current or lapsed.</p> <p>Is it time to look again at your coverage?</p> tag:econsultancy.com,2008:BlogPost/67650 2016-03-22T15:35:48+00:00 2016-03-22T15:35:48+00:00 Why marketers must move from data to insight to action Kym Reynolds <h3>Real-time contextualisation is here</h3> <p>Your customers are engaging with your business across an increasing number of touchpoints – websites, social media, in-store, mobile and tablets.</p> <p>But regardless of how they engage, they expect a customised, personalised, and consistent experience. This expectation continues to be a challenge for businesses, which have to manipulate enormous amounts of data to try to understand how to effectively engage each individual.</p> <p>In this landscape, data needs to be collected and analysed in real-time, and any data needs to be instantly actionable, preferably in a predictive way.</p> <p>Without these capabilities, marketing messages are less compelling and response rates fall. Conversely, those brands that embrace real-time contextualization through powerful and flexible big data see huge uplifts in campaign responses.</p> <p>Marketers are now recognising the imperative of these omni-channel, contextualised communications with their prospects and customers.</p> <p><em>The omnichannel experience - Burberry was a pioneer of 'clientelling' in-store to build customer data.</em></p> <p><img src="https://assets.econsultancy.com/images/resized/0002/9928/burberry-regent-street-technology-store-0-blog-full.jpg" alt="burberry" width="615" height="408"></p> <h3>There's no excuse for generic experiences</h3> <p>The happy customer isn’t just a customer who wishes to purchase more, it’s a customer that is retained, upsold and – perhaps most importantly – the customer who becomes an advocate for your brand.</p> <p>Even so, how many times have you heard your peers and colleagues complain that they don’t have proper analytics capabilities, which means that they are limited in ROI view, optimisation and progressing the digital experience?</p> <p>Or that connecting all the activity and data across multiple channels and departments, and unifying them for monitoring measurement, evaluation and future marketing activity is challenging?</p> <p>And how about that disparate systems and data make it hard or impossible to personalise campaigns and gather, test and analyse customer data? </p> <p>In my mind those are pretty flimsy excuses. There are powerful customer and marketing analytics tools out there, and many will enable marketers to understand their customer’s behaviour not just by answering questions, but by asking ‘what can I do with this information?’</p> <h3>How well do you know your customers?</h3> <p>Can you answer the following questions?</p> <ul> <li> <p>Do you know how many people visited your stores, purchased, or left without buying?</p> </li> <li> <p>Do you know how long it takes for a customer to make a return purchase, and then another?</p> </li> <li> <p>Do you know when a customer becomes inactive or lapsed?</p> </li> <li> <p>Do you know what your most loyal customers look like and how to find more of them?</p> </li> <li> <p>Do you know how to apply what you learn about your customers – what/ when/ where – and turn that into personalised conversations?</p> </li> <li> <p>Do you know how to monitor changes in consumer behaviour and act on this quickly?</p> </li> <li> <p>Do you know how to use affinity reports to not only determine ‘the knowns’, ie. people who buy this also buy that, but also ‘the unknowns’ – affinities which don’t conform to a set behavior but proffer new marketing opportunities, through those affinities, brand, product or otherwise?</p> </li> <li> <p>Do you know how to shadow customers to determine when the right time is to contact them – learning their propensity to buy? </p> </li> <li> <p>Do you know how to track trending behaviours, such as identifying ‘repeat refunders’ or repeat returners – for example customers that buy three items online and return two in-store?</p> </li> </ul> <p><em>Time-tested models such as <a href="https://econsultancy.com/blog/64481-finding-your-best-customers-with-the-rfm-matrix">RFM</a> are all about actionable data.</em></p> <p><em><img src="https://assets.econsultancy.com/images/resized/0004/5405/rfm_matrix_with_values-blog-full.png" alt="rfm matrix" width="615" height="653"></em></p> <h3>Marketers need to be able to act on data</h3> <p>Marketers need to be able to act on data not just pore over numbers in spreadsheets – there is a difference between a data question and a data driven insight with targeted call to action.</p> <p>In my mind, marketers need guidance about what is relevant - what are their customer indicators, what are their churn indictors - and how to action all of this in an automated fashion.</p> <p>Basic reporting, such as how many customers shopped online, how many abandoned a sale etc arguably add to the volume of data out there, but it just adds to the information that marketers struggle with.</p> <p>As a marketer, you should ask yourself the question – if for example you knew that 40% of customers who shopped in the last 3 months were new to your brand, and out of those, 10% have bought again and most within two weeks of their initial purchase – would that be a valuable insight?</p> <p>And if you could then use a tool that identifies all those new customers who have not repurchased by two weeks and automatically re-engage with them leveraging relevant content using your marketing cloud software, would that be beneficial to your business?</p> <p>If the answer is yes you need to consider using the technology that is out there, to help move you towards the ultimate goal of providing only relevant and timely content and marketing messages to each of your prospects and customers.</p> <p>Remember that building your marketing strategy on a solid customer data foundation will pay dividends for years to come.</p>