9November 2019We realized customers weren't getting the critical information needed to make a purchase decision early on, so we crafted an AI-based chat experience that pushed that information towards the start of their interactions with our brand. Leading Indicator: Low Homepage Conversion & Time Spent on Page MetricsWe ran a test on our homepage where we talk about our product and its features. By analyzing the amount of time spent on page and the keywords customers search for, we realized that our information wasn't meeting the needs of the customer. Embedding those most-used keywords into the headline of the landing page increased purchase conversions by 38%. Focusing on customer data on how they want to interact with your brand paired with the customer journey are the most under-optimized areas of not only digital marketing, but marketing as a whole. Utilizing this data can help companies successfully transform digitally.The data dimension of transformation highlights opportunities as to where and how to pivot your business for growth. Tools today can help accelerate learning and automate experiences. But the language and acronyms are increasing at a dizzying pace. From DMP (data management platform) to DSP (demand-side platform) to CDP (customer data platform), keeping up with the terminology can be a challenge of its own. MarTech charts like the one produced by Scott Brinker and team show over 7,000 marketing technology and automation solutions offered to businesses. Today, tools like a CDP (customer data platform) can easily help with segmenting customers and personalization of the experience for them at scale leveraging automation. CDPs work with a company's first party data, meaning all the customers that are inside their online/site and touchpoint ecosystem. Leveraging a CDP can be critical for companies that have a subscription model with a lot of leakage where they need to distinguish between existing and new customers, to be able to provide a more tailored experience for both groups. By taking customer data across all the touchpoints they interact with--product trials, direct mail, emails from the company--and aggregating them into a data table, companies can tag and segment that data for predictive analytics, as well as understand relationships between variables. Like how customers who purchase during a certain time of year are more likely than average to purchase a second time. Using that information, companies can create specific personalized experiences for those kinds of customers to get them the information they need in a more tailored way, accelerating the customers' loyalty and reducing customer attrition after purchasing, as well as locking them in for any future purchases or upgrades. A CDP is usually used for internal customer personalization, but at Autodesk we're also experimenting with exporting some of those experiences to acquisition as well. As with any transformation, data is at the heart of ensuring that a company take the right steps forward to help create and sustain competitive advantage. Using data to curate the perfect customer journey can be invaluable. For example, with millions of customers, Birchbox has still not been able to lock down the right personalized experience for its customers. With half the number of customers as Birchbox, but a better command of the data, Stitch Fix has created a near-industry standard surrounding data usage and implementation to help perfect customer personalization. Data is one of the three pillars of digital transformation and its inter-relationship with tools and organization design makes it a necessity for success for any company. Tools in the marketing technology stack can help uncover, accelerate learnings, and create experiences at scale, generating successful strategies and driving success in digital transformation initiatives. MT See full view graph here.
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