turning execution into impact - five mistakes you can prevent

Turning Execution Into ImpactFive Mistakes You Can Prevent

Presented by Peter Vandre, SVP, Digital Analytics Practice Leader at Merkle, Inc.

Kristin Mollerus, VP Digital Marketing, Citizens Bank

Five Mistakes You Can Prevent

1. Outdated measurement

2. Focusing on the wrong stuff

3. Wrong team with wrong incentives

4. Learning too slowly

5. Failure to keep investing

Watch this presentation in Merkle’s Performance Marketing for Financial Services

video series.

http://bit.ly/1MVizuk

1) Failure to Update the Measurement Approach


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1) Failure to Update the Measurement Approach

Symptoms

• All the non-cross-channel programs look the best• Digital marketing programs are all lower funnel• Mobile and paid social “don’t work”

• Be patient yet pragmatic with cross-device & mobile measurement

• Don’t forget to measure offline impact from digital programs

• You may need new KPIs to measure mid to upper funnel

• You need a measurement roadmap


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2) Focusing on the wrong stuff

• Keep focus after the glitz of the big launch

• Focus on scaling what works

• It is your job to make it work

Symptoms

• Lots of testing and pilots but % of budget spent in addressable digital is relatively flat

• Perpetually in beta


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3) Wrong Team with the Wrong Incentives


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3) Wrong Team with the Wrong Incentives

• Everything is “harder than it should be”• Still optimizing toward old metrics• Alignment to vision but not execution plan

• Right metrics only matter if people care about them

• You may need a different funding model

• Detractors take up a disproportionate amount of time

• It is everyone’s responsibility to evolve

Symptoms


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4) Learning Too Slowly Watch this presentation in Merkle’s Performance Marketing for Financial Services

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• Takes a long time to get internal alignment to test something new• Constant analysis before decisions are made• Investments that are not used

• Beware of perfection

• Don’t launch a program without a solid learning agenda

• If you aren’t failing, you aren’t learning fast enough

Symptoms


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4) Learning Too Slowly


5) Failure to Keep Investing

Just set it and forget it!

• Analytics team is spending most of their time tracking down data issues

• Database or marts keep “breaking”• Incremental solution updates take forever

• Budget for ongoing improvement

• Ensure properly resourced to keep up with change

Symptoms


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Summary

Fix measurement issues

Track progress toward scaling addressable marketing

Don’t wait to address team or incentive issues

Develop a culture of learning

Keep investing


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Does your org have any of these symptoms?

Problem SymptomsNeed to update measurement approach

• All the non-cross-channel programs look the best

• Digital marketing programs are all lower funnel

• Mobile and paid social “don’t work”

Focusing on the wrong stuff • Lots of testing and pilots but % of budget spent in addressable digital is relatively flat

• Perpetually in beta

Wrong team with wrong incentives • Everything is “harder than it should be”

• Still optimizing toward old metrics

• Alignment to vision but not execution plan

Learning too slowly • Takes a long time to get internal alignment to test something new

• Constant analysis before decisions are made

• Investments that are not used

Failure to keep investing • Analytics team is spending most of their time tracking down data issues

• Database or marts keep “breaking”

• Incremental solution updates take forever


video series.


Citizens Case Study

Presented by Kristin Mollerus, VP, Digital Marketing, Citizens Bank

Our Vision- Simple, Clear, Personal

ExistingBank

CustomerIdeal

Prospect

DigitalPerson

Age 25-34Boston

Buying home

Checking

Savings

Credit Card

Most Relevant Message

Mortgage

Wealth

HELOC

LOB Focused Marketing Consumer Centric Marketing

Develop marketing programs that support our brand platform – “Simple, Clear, Personal”


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Citizens’ Customer-Centric Roadmap

Fully Integrated Customer-Centric

ExperienceFoundational

Marketing Platform &Insights Platform

DMP Solution

Phase2

Phase3

Goal

Phase1

2015Jan 2015 2016

Connected CustomerPlatform Full Channel and Media Integration

Centralized and Optimized Strategic Targeting Framework

Centralized Customer View

Centralized Program Measurement and Reporting

Integrated Customer Experience Cross-Channel

Full Attribution and Optimization

Channel Optimization


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Defining a DMP & Its Application

Citizens invested in the implementation of a DMP to improve the efficacy and ROI of digital initiatives.

The DMP serves as a warehouse for audience data and an analytics platform which provides insights to make a user’s CFG digital interactions more relevant through:

Citizens selected RocketFuel as the technology platform with analytic, targeting & execution capabilities and partnered with Merkle to manage the services

“Always-on” optimizations

Prospect vs..

Customer

1. Enhanced Audience Targeting Personalized Media & .Com


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Aligning Technology Capabilities with Business Goals

Citizens Marketing Goals The DMP Enables• Determine a path to optimize marketing

investment across online and offline channels without losing short-term business momentum

• Scaling display as a percent of acquisition budget, as ROI proves positive

• Increase the effectiveness of digital media both for acquisition and cross-sell

• Using offline CRM data to deliver relevant cross/up-sell offers and messaging

• Building lookalike models based on 1st /3rd party data to enhance reach and targeting efficiency

• Drive better economies of scale and lower CPA of digital media investment

• A centralized platform focused on managing audiences across agencies, campaigns and lines of business and delivering optimized experiences across media and channel

• Improve next-best decision recommendations cross channel to improve customer experience

• Design and execution of individual/segment level experiences (ex. cross-sell) across media and channel based on 360-degree view of the customer


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Success to Date Stems from Six Key Factors

Executive-level advocacy

A clear, prioritized roadmap

Socializing concepts with internal stakeholders

A process for collaborating across teams

Rigorous maintenance of data

Tolerance for testing new tactics & approaches


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Organizational Challenges

With the support of a strong executive sponsor, we were able to overcome hurdles like:

• Funding: Budgets set by Line of Business, and less frequently at the Enterprise Level

• Security & Privacy Concerns

• Organizational Prioritization Across Internal Functions: Support needed from IT, Compliance, Web Content Publishing and Analytics teams to establish robust DMP caused reprioritizations

• Intersection with Existing Technical Workstreams: Projects in motion intersected with the DMP’s capabilities and required re-evaluation

• Education & Expectation Setting: Not all internal or external partners understood the capabilities of the DMP or were aligned on the baselines for “returns”


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Meeting with Internal Stakeholders Drove Alignment & Partnership

By educating internal stakeholders on the technology’s features, as well as the business & marketing vision that drove it, Citizens kept focus on priorities that were important to the organization

Stakeholders DMP Will Provide… To Enable…

Digital Marketing • Collaboration & guidance on plans• Access to marketing vendors/partners/agencies

• Consistent outbound & inbound digital marketing communication, cross-product

Strategy & Analytics • Advisement on CRM data categorization • Digital audience perspective on digital marketing campaigns

Technology Services

• Collaboration on site decisioning, tagging requirements

• Reliable site personalization in support of media programs

Web Account Opening

• Collaboration on tagging requirements• Insight to conversion process (incl. upgrades) &

consumer behavior

• Increased site conversion rates;• Offsite execution (ex. remarketing, email win-

back)

Product Marketing • Product, marketplace & consumer context • Efficient media campaigns, managed at an audience level

Brand • Clear Vision of marketing plan across upper funnel and acquisition tactics; multiple agencies

• Audience insights• Media modeling and optimization

Direct Marketing • Collaboration on targeting, including data sources & audiences

• Addressable, scalable, digital media campaigns• Support of offline campaigns


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Roadmap Prioritized One Line of Business Before Expanding

The approach focuses on each line of business- with the eventual goal of including all lines of business to provide a customer centric view

Scope

Design

Implement

Launch

Optimize & Expand

Determine the business goals

and technology

relevant to the first line of business

Partner with Merkle to create a

configuration plan that

integrates with existing

technology & data

Collaborate with IT

Organization, Media & Website

vendors to deploy

necessary technology

Begin data collection- following

rigorous QA- to inform

analyses & decisioning

Based on audience

analyses & successful

implementation of the first LOB,

expand features & coverage to

additional lines of business


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Media Audience Buying Proved Efficient & Expansive

Goal: Build lookalike audience segments that outperform campaign average cost per application

Initial Result: By testing three segments built based on similarity to online applicants, we saw:

Efficient Media: Cost Per Applications 27% more efficient vs. overall ODA

More committed audiences: Users via the DMP had an Application Complete Rate that was 13% higher

Unique Audience: Audiences selected within the DMP were 80% net new reach

Campaign Total ODA Prospecting DMP Audiences $-

$50

$100

$150

$200

$250

$300

$350 YT D CPA Au d ie n ce Perf o rman ce

Cos

t Per

App

licat

ion

-17%-

27%


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.Com Personalization via DMP Demonstrated Positive Results

Goal: Leverage CRM data to improve customer engagement by delivering a new product message on the HP while reducing the message fatigue Initial Result: By personalizing the homepage leaderboard for audiences who were customers or exposed to media, there was an uptick in CTR on the leaderboard & in conversion rates vs. BAU

July CTR

0.04%

0.25%

0.20%

HP

Traf

fic

Student Lending ODA Exposure ORChecking/Deposit

Customer

STUDENT- Loan Options

STUDENT- Savings Options

All Other Visitors Checking BAU AAC

HP/.Com Audience: A/B Message


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To Continue the Push Toward “Simple, Clear, Personal”…

Citizens has priorities for the remainder of 2015 & into 2016, including: Expanding personalization (incl. creative development) Increasing lines of business to achieve customer-centricity Extended syndication partners to include paid social and paid search Increasing Information Ingested Partnering with Internal marketing technology


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Watch this presentation in Merkle’s Performance Marketing for Financial Services video series

Get up to speed on how the industry's top-performing financial services brands are using addressable audience platforms to see great results with Real World Success with Performance Marketing. There are five presentations, each taking an in-depth look at how one brand celebrated huge wins:

• Video 1: Disruptive Marketing Trends in Financial Services

• Video 2: Transforming to Compete in the Age of the “Always Addressable Customer”—From vision to reality

• Video 3: Go Your Own Way: The many paths to addressable marketing

• Video 4: Turning Execution into Impact• Video 5: Institutionalizing the Addressable

Advantage


http://www2.merkleinc.com/l/47252/2015-11-18/2chzhz