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Personalization: Winning customers’ hearts & minds

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Personalization is a hot buzzword in retail right now. With 83% of consumers demanding it – and 23% saying their personalization expectations aren’t being met - the battle is on. In this presentation, McKinsey's Brian Elliot details the value of personalization, and how retail leaders do it at scale by rewiring how their organization works in six essential areas.

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Personalization: Winning customers’ hearts & minds

  1. 1. Personalization: Winning customers’ hearts & minds
  2. 2. 2SOURCE: World Retail Congress survey March 2017; TimeTrade research on peronalization among 100 CEOs; MyBuys customer survey (n=1,004 US adults) of customers want personalization, but … 83% of them think retailers are doing a good job with it only 23%
  3. 3. 3 Personalization is a high priority for retailers 8% 64% 23% 5% 0% Top priority In Top 3 priorities In Top 5 priorities Important, not Top 5 Not important SOURCE: World Retail Congress survey March 2017 How important is personalization relative to your other marketing initiatives this year?
  4. 4. 4 Most companies are in the early stages of personalization 15% 5% 43% 5% Fully implemented Currently scoping On the horizon for 2017 / 18 Not a focus What is the current state of your personalization initiatives? 28% Proof of concept implemented SOURCE: World Retail Congress survey March 2017
  5. 5. 5 Personalization: Unlocks short- and long-term value uplift potential in revenue & retention 10- 30% more efficient marketing and cost savings 10- 20% increased customer acquisition 3-5% higher satisfaction and engagement 5-10% Unlock near- term value Sustain long- term health of your customer base
  6. 6. 6 3. Think in journeys 2. Get the vendor funding right Rewire the way you work 6. Scale what works 1. Democratize your data 4. Break down walls 5. Customer specific and context relevant
  7. 7. 7 Essential #1: Democratize your data
  8. 8. 8 Get going now with what you already have Form a 360° view of your consumer Desires What do they want? Marketing effectiveness How do they engage? Transactions What do they buy?
  9. 9. 9 Essential #2: Get vendor funding right
  10. 10. 10 To profitably personalize promotions, you usually have to get vendor funding to come along Populate Duplicate funding from circulars Allow vendors to submit their own special offers OFFER BANK Vendor A Vendor B Vendor C Vendor D Vendor E Bid Dynamically select and execute 1 2 3 ROI for Customer A 1 2 3 ROI for Customer A with vendor funding Offer #1 selected Offer #3 selected
  11. 11. 11 Essential #3: Think in journeys
  12. 12. 12 Improving end-to-end experience begins with knowing which micro-journeys matter to customers Replenish- ment Shop produce Shop perimeter Receive service at deli counter GROCERY JOURNEYS Fill in Pick up fish at specialty counter Grab carton of eggs Instant consump- tion Browse center store Choose prepared foods Eat in store Checkout with coupon Find product Search for coupons Pick up your order from a store associate Receive updates about order Fill cart online Deal seeking Loyalty program Online ordering Use card at checkout Receive commun- ications Enroll BUYGROCERIES 1 2 3 4 5 6
  13. 13. 13 Essential #4: Break down walls.
  14. 14. 14 New marketing campaigns take only 3 – 5 days to coordinate with cross-functional agile teams Extended business team (part time) IT Business Line Risk Legal Agile Marketing Team (full time) Paid Search Specialist Data and Analytics Expert Email specialist Prog. Display Specialist Copy Writer UX Designer Front End Developer Lead/ Scrum Master
  15. 15. 15 Essential #5: Be customer specific and context relevant
  16. 16. 16 What will she do next?Who is the she? Account information 3rd party data Device triangulation How does she shop? Multichannel interactions Online behavior What does she buy? How can we talk to her? Contact information Contact history Geo-location Detailed transactions Channel of purchase Pricing data Why does she buy? Market research Satisfaction Lifecycle Propensity to buy Response Churn 1,000s of derived and predictive variables allow us to be very specific
  17. 17. 17 Essential #6: Scale the use cases that work
  18. 18. 18 Personalized weekly email with offers:  New item  Back in stock  Pre-markdown targeted offers (your style, your color, and your size) Well-timed offers:  Spaced by customers’ normal purchase cycle  When they are late or when it brings a full basket  Weekly/monthly stock-up  Regular gifting - birthday, anniversary, etc. Figure out which use cases work
  19. 19. 19SOURCE : Periscope By McKinsey Text contact@periscope-solutions.com The full speech: (https://www.youtube.com/watch?v=NBjFQ0RQCkg) www.periscope-solutions.com https://twitter.com/periscope_solns Brian Elliott Managing Partner, Periscope By McKinsey Contact: Video: Web site: Twitter: