A practical look at the results achievable from a single customer view
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Actionable Insight delivers results for Ashworth
Free data audit offer
ISSUE 24
5 revenue delivering benefits of a Single Customer View
In this issue 03 Ashworth Case Study Read how Ashworth benefit from actionable insight and segmentation.
04/05 The 5 revenue delivering benefits of a SCV A focus on the 5 key major benefits our customers get from a single customer view and how these are delivered.
06/07 News Includes updates from leading postage providers, details of a free data audit and dates for our seminars.
Welcome to Engage, the GI Insight magazine with the latest industry news and ideas. The need for a single customer view (SCV) is driven by the need to deliver better results. As many businesses are still trying to understand the value an SCV will deliver, pages 4 and 5 bring you the 5 revenue delivering benefits of an SCV. On page 3 you’ll find a great case study, showing how Ashworth, one of the UK’s leading distributors to the building services and process industry markets, utilised actionable insight we delivered to improve business performance and win back lapsed customers. See page 6 for details of a free data audit offer. You’ll find details of our latest whitepaper ‘6 Myths and Facts of Data Protection’ on page 7. We hope you enjoy this issue of Engage. All feedback is welcome, so please do not hesitate to send any comments to marketing@gi-insight.com, or contact me using the details below. Thank you for reading Engage. Yours sincerely,
08 The Retail Bulletin Conferences
Andrew Adkins Managing Director andrew.adkins@gi-solutionsgroup.com
View online www.gi-solutionsgroup.com/ insightengage Or use the QR code below. Download a free code reader app at www.beetag.com
If you need more information, contact me This magazine was delivered in an Oxo-degradable plastic polylope and printed by GI Solutions, 147 Scudamore Road, Leicester, LE3 1UQ. Tel: 0116 232 1711; Fax: 0116 232 1611; Website: www.gi-solutionsgroup.com. For more information contact Tara Pickles, Head of Group Marketing on 07970 263 943. We will hold your details in accordance with our Privacy Policy and may contact you by mail, email or telephone on the products and services offered by GI Solutions. If you would like to unsubscribe from the GI Solutions mailing list please email marketing@gi-solutionsgroup.com with your details.
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ENGAGE 24
Tara Pickles
tara.pickles@gi-solutionsgroup.com
07970 263 943
Ashworth benefit from actionable insight Identification of 55% inactive customers led to targeted win back communications Overview Ashworth are recognised as one of the UK’s leading distributors to the building services and process industry markets. A recent change of ownership to becoming an independent business following a historic decline in sales meant the new management team were very keen to look closely at the customer acquisition and retention strategy of the business. Jonathon Grove, Director explains, “We had access to a large amount of customer data but did not have the capability inhouse to scrutinise it in detail. The business trades with several thousand customers in a year so we needed a specialist team to unpick the data and give us the insight into our customers’ spending patterns. As a result we asked GI Insight to analyse the data for us and make strategic recommendations.”
Strategy One of the biggest challenges was duplicated accounts: key accounts were often opened in the name of the contract being serviced and as such the same customer could have multiple accounts. GI Insight were able to use a common identifier to link together common accounts thus giving a more complete picture of the business. GI Insight confirmed who the most profitable repeat customers were so they could be prioritised. Through their segmentation techniques, they also established that 6% of in-active customers represented 55% of total lost revenue from the prior year. These were high priority targets for Ashworth and GI Insight helped initiate a sales campaign to reactivate these key customers.
Results: The clarity of the analysis allowed work to begin straight away. Jonathon continues, “GI Insight’s analysis gave us exactly the data we needed in order to target the sales teams appropriately. We broke the lapsed customer lists down into specific lists by salesperson and asked them to re-contact those customers and report back. The response from the teams was excellent and within two weeks we were seeing tangible results in terms of renewed relationships and a steady flow of enquiries and orders.” The information was exactly what was needed. “We had limited expertise in this area so the GI Insight team acted as a seamless part of our marketing department. It was great to have them on hand and they got to grips with some unique characteristics within the data relating to project work which made their insight very valuable.”
Key points • Specialist insight into Customer spending patterns • Segmentation technique identified 6% of in-active customers equated to 55% of total lost revenue from prior year • Actionable insight saw tangible results in two weeks in two weeks
“ We knew our customer data was an under-utilised resource which historically the business had not made best use of. Once GI Insight were involved they began to add value to our business very quickly, both in terms of telling us plenty we didn’t know about our own customer base and also helping to reinvigorate the sales teams with specific targets. Their work has led to a more systematic approach to how we manage our sales teams and has had a direct impact on our revenue and future growth prospects.” Jonathon Grove, Director, Ashworth
www.gi-insight.com
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The 5 revenue delivering bene
Many businesses are still considering the benefits of a single customer view (SCV) as they strive to customer view is driven by the need to deliver better results. Here we have focused on the 5 key m
1
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Understanding
Predicting
who will respond to different types of offer
customer lifetime value
While communication is essential to encourage customers to buy your products, some communication will go to the wrong person with the wrong offer.
In order to predict each customers' future lifetime you must first create a profile based on their past purchase behaviour, category preference and their defining characteristics.
A single customer view will ensure that the knowledge held about the customer will lead the segmentation. With a clear idea of which customer wants which offer, targeting messages gets much easier and more successful.
This will then enable you to know who to invest in and target from a sales and marketing perspective, ensuring that they develop into high value customers.
Come to our Customer Acquisition Seminar You’ll learn more about how to develop a successful customer acquisition strategy through profiling to find more valuable customers and using all marketing channels. This will improve your ROI and let you track e-commerce performance.
Date: Friday 20th January Time: 09:30am – 12:30pm Venue: London
www.gi-insight.com/seminars/ customer-acquisition
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ENGAGE 24
3
Identi
cross-sell a possib
Effectively targetin for cross-sell and u It is essential to e shopping patte identifying relatio different product which are typic together across d By applying these customers' purch can then identify they are most likely
Customer Information
Campaign Activity
Order Data
SC
efits of a Single Customer View
o understand the value it will deliver from the investment it takes. Of course, the need for a single major benefits our customers get from a single customer view and show how these are delivered.
3
ifying
and upsell bilities
ng customers is key upsell possibilities. establish any key erns, as well as onships between ts and categories cally promoted different channels. e findings to your hasing history you y which products y to purchase next.
CV
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5
Recognising
Targeting
All companies want to identify their most loyal and profitable customers. To do this you must first apply behavioural and geo-demographic profiling. From this you can then protect and develop them by identifying the customers who have the most potential to grow and investing in them accordingly.
To target new customers effectively you must first create profiles through a combination of Lifetime Value analysis Geo-demographic analysis, channel preference and purchase channel analysis.
your best customers
You must also understand who your lower value customers are, who have a lower chance of growing, and target them through a cost effective channel.
Geo-demographic Segmentation
Product & Category Preferences
new people
Once this is understood you can use the knowledge to target the most responsive prospects through acquisition campaigns.
Ask for a free SCV Status Audit We’ll run analysis of your current SCV, giving you a view of possible enhancements and improvements.
marketing@gi-insight.com
Digital Behaviour
0116 232 1711
www.gi-insight.com
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News
PROMOTIONS, NEWS, IDEAS & UPDATES
Whitepaper: 6 Myths and Facts of Data Protection During our years of helping customers maximise the value of their data, we have come across a number of beliefs which needed to be challenged.
s and Facts cths Myt 6 Myths and6Fa n of ata Protection of Data ProtecDtio rk in Get GDPR to wo September 2016
ourto wor GetrGD favPR you k in your favour September 2016
To make sure your information is up to date we’ve listed the top 6 Myths and Facts of Data Protection, showed how they relate to the GDPR legislation and then offered some advice about how they can be used. Download the full whitepaper www.gi insight.com/whitepapers/mythsandfacts marketing@gi-insight.com
Data Protection Seminar Understanding and applying the new General Data Protection Regulation www.gi-solutionsgroup.com/seminars
Could poor data quality be eating away at your ROI? Marketers using mail and email to communicate with their customers have a huge opportunity to improve cost efficiencies and campaign return on investment, with little additional effort required. This opportunity comes in the form of improving data quality by using cleansing and enhancement. Key actions, which should be performed on any data intended to be used in the communications process, include removing goneaways and the records of deceased customers, and enhancing incomplete addresses, or email addresses to ensure maximum deliverability. All are imperative to maximising response rates and return on investment. To see just how healthy your data is, get in touch with us on: marketing@gi-solutionsgroup.com 0116 232 1711 Watch our Data Hygiene Vlog at: www.gi-solutionsgroup.com/data-hygiene-vlog 06
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ENGAGE 24
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Seminar Dates Sign up to one of our highly successful seminars.
BLACK FRIDAY
CYBER MONDAY
Multichannel
Communications Seminar Thursday 24th November GI Solutions, Leicester
We are entering a key period for your sales Planning toward Black Friday, Cyber Monday and the Christmas period is probably at the top of your mind, especially considering millions of pounds of sales can be lost, through online abandoned baskets alone. Come to our seminar, in London, on Friday 18th November to understand the typical triggers companies utilise to drive marketing activation, along with some of the innovative approaches that companies are now looking to adopt.
Friday 18th November WeWork, Moorgate
Direct Mail Seminar
Encourage response and referrals with this wallet format This fully personalised format is perfect if you want to send your customers an invitation for an exclusive VIP event or sale, and drive attendance through friend-get-friend (FGF) offers. The 3 inserts could also be used as coupons or vouchers, and your mailing could drive recipients to a website, perhaps to an online registration page for a store event or the option to redeem vouchers or offers online.
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Input the format code number in the search bar to watch 3D animations of the formats.
Thursday 26th January 2017 GI Solutions, Leicester
Seminar registration Go to gi-solutionsgroup.com/ seminars or use the QR code below. Download a free code reader app at www.beetag.com
Go to www.creativeformats.com www.gi-insight.com
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CONFERENCES
2016 // 5 OCT Retail HR Summit / 24 NOV Payment Roundtable / 24 NOV Mobile Retailing Masterclass / 7 DEC HR Mock Employment Tribunal 2017 // 8 FEB Omichannel Summit / 29 MAR International Expansion Conference / 7 JUN Customer Engagement Conference
The Retail Bulletin (TRB) Conferences have built a strong reputation for providing programmes led by top level retail executives who bring their experience and vision to offer insight and advice. Each event provides stimulating and lively discussion across a whole spectrum of retail issues and offers retailers information on the most innovative solutions and strategies to stay ahead of the competition.
For more information contact: Karen Howard karenh@theretailbulletin.com 01932 428376 www.theretailbulletin.com