During dmaDetroit's 15th Annual AIMS event, Larry Freed, President of Forsee Results presented on: "Metrics to Understand the Cross-Channel Customer"
This is his presentation.
4. The Super Consumer
Stronger Voices
Consumers can share
opinions further and
wider – as fast as they
can type and hit send
5. The Super Consumer
Powerful Hearing
Consumers can seek out and absorb
as many recommendations or
negative comments as they want
6. The Super Consumer
Great Knowledge
Consumers have access
to information and
greater knowledge than
ever before
7. The Super Consumer
Ability to Clone
Visiting another store or
company to compare
products, services and prices is
as easy as opening another
browser tab
8. A New Order
The consumer is in charge
• Great knowledge
• More competitiveness – lower barriers to enter
• More channels
• Lower switching costs
10. The Customer Era
The customer has the power
The importance of satisfying the
customer has never been greater
11. Why Is Satisfying The Customer Important ?
• Consumers will go where they are satisfied
• Traditional metrics don’t measure the total contribution
• Scientific satisfaction analytics are predictive, feedback isn’t
• You can’t manage what you don’t measure
12. The Customer Era: A Complex Environment
Channels
Acquisition
Sources &
Influencers
13. The Art and Science of Measurement Analytics
You cannot manage
what you do not measure
Can you improve
if you don’t measure ?
What you measure will
determine what you do
14. Metrics and KPIs
Metrics vary by channel and can be misleading when not used properly
impressions
First Call Resolution
Customer Acquisition Cost
geographic data Customer Lifetime Value
conversion rates % of new visitors
special offer to purchase
Avg Order Size keywords % of repeat orders
bounce rate
average time on site
cost-per-visitor
campaign roi
home to purchase
referring urls
cost-per-click
overall traffic # of new visitors
page views
search to purchase
15. Social Media
A typical scenario
“I just bought an
awesome Panasonic 3D
TV at Best Buy – on
sale!”
20. Social Media>Search>SEM>Site
Analysis
• Visitor came through our AdWord program
• Visitor came because of a recommendation from a
friend on a social network
24. Social Media>Search>SEM>Site>Cart>Abandon
Analysis
• Visitor came through our AdWord program
• Visitor came because of a recommendation from a
friend on a social network
• Item added to cart – different item than
recommended
• Cart abandoned
26. Social Media>Search>SEM>Site>Cart>Abandon>Store>App>Purchase
Analysis
• Visitor came through our AdWord program
• Visitor came because of a recommendation from a
friend on a social network
• Item added to cart – different item than
recommended
• Cart abandoned
• Used Mobile App without purchasing
• Purchased in store
27. Social Media>Search>SEM>Site>Cart>Abandon>Store>App>Purchase
Analysis
• Visitor came through our AdWord program
• Visitor came because of a recommendation from a
friend on a social network
• Item added to cart – different item than
recommended
• Cart abandoned
• Used Mobile App without purchasing
• Purchased in store
31. Measure Success
Success = Satisfaction
What You Get
and
What You Expect
32. Satisfaction: The Measurement of Success
American Customer Satisfaction Index
• Leading National Economic Indicator of Consumer Spending
• Founded at the University of Michigan in 1994, published quarterly
• Measures almost half of the U.S. economy: 45 industries, 200+ organizations
• Advanced methodology: Quantifiably measures & links satisfaction to financial
performance
33. The ACSI: Unparalleled Measurement Technology
ForeSee Results Accurate Cause-and-effect
9 years, 70 industries Precise methodology provides
500 customers Reliable actionable insights
800 active measures
ACSI
16 years, 45 industries
200 organizations
36. Proxies for Customer Experience Metrics Don’t Work
Net Promoter
• Lacks precision, predictability; discards relevant data
Expert Opinion / Research Analysts
• Sample sizes often small, not projectable, not seen through
customers’ eyes
Customer Ratings
• “Popularity contests” are not metrics
37. Predictive Analytics
Correlation vs. Causation
Correlation:
Relationship between two variables
Causation:
Relationship between two events
• Event 1: The cause
• Event 2: The effect - a direct consequence of the first
43. Measuring Social Media Value & Influence
How engaged are my visitors with social media?
Social Influencer Model: CS SocialPersona
What do they think of the experience on my social media sites?
On-site surveys (controlled social media): CS SiteManager
What do they think of my participation in social media sites?
Posted surveys (sponsored social media): CS SocialMedia
What do they do while engaging with my social media presence?
Social media monitoring tools for behavioral data
What value does social media bring to my business?
Social Media Value Calculation
48. ForeSee Results
Apply science & technology to the
measurement & analysis of customer satisfaction
Founded in 2001
• Privately held
• Financially stable with positive cash flow since 2005
• Growth in every quarter
Heritage of innovation and scientific rigor
Patented technology
• American Customer Satisfaction Index
• University of Michigan
49. ForeSee Results Helps You
• Apply science to continuous voice of customer measurement
• Measure satisfaction and drivers of satisfaction and impact on future behaviors
• Profile personas and intents of your customers
• Diagnose strengths, weaknesses, and opportunities
• Predict impact of change on satisfaction and behavior; prioritize improvements ROI
• Provide actionable insights
• Compare against peers, competitors, best-in-class, yourself over time
56. Top 5 Takeaways
You cannot manage what you do not measure.
The consumer is multi-channel with unprecedented power.
Measure success from the customers’ perspective – not the
organization’s.
Customer satisfaction drives conversion, loyalty, retention
and word-of-mouth … and financial success.
To be successful you must do 2 things: satisfy your customer
and be fiscally responsible.
57. Questions?
Larry Freed
President and CEO
ForeSee Results
(734) 205-2555
Larry.Freed@ForeSeeResults.com
Twitter: larryfreed
Blog: www.FreedYourMind.com
www.ForeSeeResults.com