Mining for Gold: Using Data to Drive Revenue & Services
-
Upload
mckinley-advisors -
Category
Business
-
view
220 -
download
3
description
Transcript of Mining for Gold: Using Data to Drive Revenue & Services
![Page 1: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/1.jpg)
© Gamse, Trochlil, Younger 2002
Mining For GoldMining For Gold
Philippa GamseWes TrochlilJay Younger
Using Data to Drive Revenue and Services
![Page 2: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/2.jpg)
© Gamse, Trochlil, Younger 2002
Enough about us…
• Quick poll
• Expectations / Questions
![Page 3: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/3.jpg)
© Gamse, Trochlil, Younger 2002
“Mayo Clinic Plans Database Of Every Patient’s History, Including Genetic Makeup”
Wall Street Journal3.25.2002
In The News...
![Page 4: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/4.jpg)
© Gamse, Trochlil, Younger 2002
Data Mining Defined:
The extraction of predictive information
from stored data
![Page 5: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/5.jpg)
© Gamse, Trochlil, Younger 2002
Data Mining Can Be...
•Automated or Manual
•Expensive or Reasonable
•Integrated or Stand-alone
•Frustrating or Productive
![Page 6: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/6.jpg)
© Gamse, Trochlil, Younger 2002
Call Center
Staff
MeetingRegistratio
n
RenewalFormsSurveys
Vendor Reports
Product
Sales
Web
Education
DATA
![Page 7: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/7.jpg)
© Gamse, Trochlil, Younger 2002
Data Management Strategy
• What should you collect?
• How you can collect it?
• What can you do with it?
![Page 8: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/8.jpg)
© Gamse, Trochlil, Younger 2002
The Technology
![Page 9: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/9.jpg)
© Gamse, Trochlil, Younger 2002
“A tale of two associations”
Centralized System• Easy data access• Analyze NOW• Collaborative• Data drives
marketing• Laser marketing
Multiple Systems• Inaccessible data• “Can’t analyze”• Silos• Guesswork drives
marketing• Shotgun marketing
![Page 10: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/10.jpg)
© Gamse, Trochlil, Younger 2002
OK…so I’m in the right column
• Now what?
1. Acquire a new centralized database2. “Connect” the databases via a key
identifier3. Use the systems in a stand-alone
capacity
![Page 11: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/11.jpg)
© Gamse, Trochlil, Younger 2002
Tough Questions...
• Who’s managing this?
• Where’s it going now?
• Who’s entering it?
• What do you really need?
• How can you use it?
![Page 12: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/12.jpg)
© Gamse, Trochlil, Younger 2002
What To Collect
• What’s your goal?
• What’s the potential (ROI)?
• What will it cost?
• What’s your timeframe?
![Page 13: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/13.jpg)
© Gamse, Trochlil, Younger 2002
What To Collect
• Types of data
– Research Data
– Behavioral Data
– E-Data
![Page 14: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/14.jpg)
© Gamse, Trochlil, Younger 2002
Examples of Research Data
• Demographic Information
• Employment Data
• Industry Research
• Marketing Results
• Financial Metrics
![Page 15: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/15.jpg)
© Gamse, Trochlil, Younger 2002
![Page 16: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/16.jpg)
© Gamse, Trochlil, Younger 2002
“Past performance is no GUARANTEE
of future returns”
BUT BUT it’s a good start it’s a good start
in marketingin marketing
![Page 17: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/17.jpg)
© Gamse, Trochlil, Younger 2002
Examples of Behavioral Data
• What they’re buying from you– meeting attendance, publications, education,
products
• Key dates– renewal, lapse, dates of purchase, registration
• Member program participation– certification, insurance, services
• Feedback
![Page 18: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/18.jpg)
© Gamse, Trochlil, Younger 2002
More Examples…(associate members/supporters)
• Sponsorship history
• Advertising & exhibit sales
• Meeting attendance
• “Drivers”
• Competition
• All inquiries
![Page 19: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/19.jpg)
© Gamse, Trochlil, Younger 2002
Website Statistics
Automated data collection– internal search engine
– web traffic reports
– tracking URL’s
“Market research that cannot lie . . .”
![Page 20: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/20.jpg)
© Gamse, Trochlil, Younger 2002
Internal search engine
• site usability• user needs:
– what’s hot?– what’s not covered?
• program / product / service development ideas
![Page 21: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/21.jpg)
© Gamse, Trochlil, Younger 2002
![Page 22: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/22.jpg)
© Gamse, Trochlil, Younger 2002
![Page 23: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/23.jpg)
© Gamse, Trochlil, Younger 2002
![Page 24: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/24.jpg)
© Gamse, Trochlil, Younger 2002
Website traffic reports
• Approaching this data:– HITS and page views– most / least requested pages– time spent on pages– conversion rates– top exit pages
• “Ask questions . . .”
![Page 25: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/25.jpg)
© Gamse, Trochlil, Younger 2002
E-mail campaigns
• Mine your database for targeting– opt-in / opt-out
• Use tracking URL’s with traffic reports:– click-thru’s– conversions
• Test different wording / timing
![Page 26: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/26.jpg)
© Gamse, Trochlil, Younger 2002
Roadblocks
• Data is decentralized & fragmented
• “Overload”
• Storage
• Tendency to focus on the micro
![Page 27: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/27.jpg)
© Gamse, Trochlil, Younger 2002
Solutions
First: Information Audit
Next: Focus on your objectives
Then: Prioritize and plan
![Page 28: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/28.jpg)
© Gamse, Trochlil, Younger 2002
Information Audit
Should help answer these questions:
• What do we have?
• How can we access it?
• What can we do with it?
• What’s it worth?
AND...
![Page 29: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/29.jpg)
© Gamse, Trochlil, Younger 2002
Information Audit
• What’s missing?
• Where can we get it?
• What’s THAT worth?
• How can we centralize it?
Bottom line: knowing your customers
![Page 30: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/30.jpg)
© Gamse, Trochlil, Younger 2002
What can you do with it?
• Market driven information to:– promote current products & services– develop new initiatives
• Permission Marketing– expectation: choice of communication
• Predictive Marketing – think AMAZON
![Page 31: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/31.jpg)
© Gamse, Trochlil, Younger 2002
What ELSE can you do?
• Illustrate total value – “you saved x this year”
• Inform your growth strategy– market segmentation– joint ventures– marketing mix
![Page 32: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/32.jpg)
© Gamse, Trochlil, Younger 2002
Goal: Boost Membership (IMO)
RESEARCH“vitals”gender
age income
education
BEHAVIORproduct salesparticipationattendance
datesfeedback
YOUR MARKET YOUR MARKET YOUR MESSAGEYOUR MESSAGE
E-DATAsearch engine
trafficemail
click-thruconversions
![Page 33: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/33.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study
![Page 34: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/34.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study - Association Profile
• Staff: 42 Budget: ~$12 million• 30 seminars, conferences, and workshops
annually• Over 80 publications• Database holds 25,000 contact names
representing 2,200 colleges and universities• Database is SQL-based and enterprise-wide
(centralized)
![Page 35: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/35.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study – Survey Background
• Collect primary responsibilities • Collect interests• Collect all key contact information,
like title, email, phone, fax, etc.
![Page 36: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/36.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study – Details
• Paper survey to 25,000 contacts to collect responsibilities and interests
• First round collected 10,000 responses• Moved to online collection
– Initial cost: <$9,000; ongoing cost is negligible– savings of $10,000 annually over paper survey
![Page 37: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/37.jpg)
© Gamse, Trochlil, Younger 2002
![Page 38: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/38.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study - Results
• New Business Officer program– 300 personalized letters mailed– 100-120 attendees (40% return)
• GASB program– Now holding 10 workshops per year– Targeted mailings of 5,000-7,000 pieces– 1500 total attendees @ $500 per
![Page 39: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/39.jpg)
© Gamse, Trochlil, Younger 2002
NACUBO Case Study – What they did right
• Moved to online data collection• Collected MORE than they initially
wanted, e.g., email addresses, interests
• Targeted their promotions• Used data to develop new programs• Continue to review the data they’re
collecting
![Page 40: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/40.jpg)
© Gamse, Trochlil, Younger 2002
Q & A
![Page 41: Mining for Gold: Using Data to Drive Revenue & Services](https://reader035.fdocuments.in/reader035/viewer/2022081514/557e6ab2d8b42a7b5c8b457d/html5/thumbnails/41.jpg)
© Gamse, Trochlil, Younger 2002
The keys to success
• It’s worth the time
• Benchmark & innovate yourself
• Technology shouldn’t stop you
• People and culture are the key
• Test…and test again