The Art and Science of Customer Acquisition
DMA (Northern California) Presentation
Pritham Krishnan
Agenda
• Meta themes that are disrupting marketing
• Customer Acquisition– Focus on knowing your prospects– Role of brand– Designing and executing an integrated
acquisition program
• Overview of business development
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It’s a great time to be a marketer!Five meta themes that are collectively disrupting marketing
ChannelsChannels
04/07/23 3
11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
• Significant change unfolding within each area
• Cumulative impact of change = significant disruption
• Significant disruption = Opportunity
• Marketing, as a function
• Companies, in how they engage with their customers and prospects
• You, as a marketing professional!
Marketing platformsMarketing platforms
It’s a great time to be a marketer!Increasing number of channels, increasingly interconnected, to engage consumers
ChannelsChannels
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Paid
OwnedEarned
11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
Marketing platformsMarketing platforms
It’s a great time to be a marketer!Marketers increasingly orchestrating all parts of the customer experience, across more touch points
ChannelsChannels
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11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
Marketing platformsMarketing platforms
It’s a great time to be a marketer!Rapidly evolving marketing technology landscape offers a variety of solutions, with the promise of
more to come
ChannelsChannels
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11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
Marketing platformsMarketing platforms
Source: Lumascape
It’s a great time to be a marketer!
“Moneyball marketing”
ChannelsChannels
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•Volume, Velocity, Variety
•Structured, Unstructured
11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
Marketing platformsMarketing platforms
Evolving data capabilities to deal with
The Data Deluge
Source: Economist - graphic
It’s a great time to be a marketer!Nimble, rapid and data driven approaches to go to market
ChannelsChannels
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11
ExperiencesExperiences22
33
DataData44
ProcessesProcesses55
Marketing platformsMarketing platforms
Source: ChiefMartech
Where do we begin?Focus on the customer –who do we target and what are their needs?
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• Qualitative and quantitative primary and secondary research, to identify:• Needs and pain points
• Media consumption
• Identification of needs that can credibly be met
• Informs messaging, and articulation of emotional/ rational benefits
Who do we target?
• Triggers & engagement
• 20+ touch points, most are not “paid” or “owned”
• Role of influencers at different stages
• Shopping/research treadmill –how to short circuit?
What are their needs?
Segmentation of prospect universe…
• Iterative process with internal and external data to arrive at key target segments
• Demos, assets, investing behavior
• Alignment with all key internal stakeholders to prioritize budget and resources
Households (US) Value
Target segments are <1/3 of US HHs, and have 90%+ of value
All US HHs
Target segments
Highly desirable
sub-segments
Developing personas Understanding shopping journey
Target segments
…allows for a focused approach
The role of brand in acquisition
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• Schwab is a classic disrupter
• Democratized investing for the masses
• On the side of the individual investor
• Extremely strong brand -continue to evolve the “big idea” to connect emotionally with prospects:
• Continue to challenge the industry on breadth & sophistication of offers, pricing and transparency
• Up against • Investor cynicism, lack of trust, inertia• “Sea of sameness” among competitors• Macro economic conditions
• Marketing mix modeling & optimization: What did we get for our advertising spending and how much (more) should we spend?
• Cumulative impact vs incremental spend in one year, media vs promotions, spend by segment, channel, geo, etc.
• Marketers have a seat at the table but 70% of CEOs have lost faith in marketers ability to deliver growth from existing or new customers
• 69% of B2C CEOs believe B2C marketers too focused on creative and social media
• 71% of B2B CEOs believe that B2B Marketers are focused on the latest marketing technologies to generate customer demand but don’t deliver
OR
(AND)More magic / less logic ….moving beyond “arts and crafts”?
Total spend
KP
I
Illustrative
Source: Fournaise Marketing Report
Integration: Gap between marketers’ & consumers’ perception of integrated delivery
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51%
3%
19%
6%
19%
2%
Development & execution of
integrated marketing programs
None
Less than half
About half
Most brands, products & services
Don’t know, not sure
All brands, products & services
Sources: 1. ANA research; 2. 4th annual consumer Insights survey (Star Group, 2011)
Inside-out view:
Marketers’ perception of own integrated marketing programs1
Outside-in view:
Shoppers want integration, retailers and marketers not delivering it2
36%
6%
16%
36%
6%
Quality of integrated marketing programs
Unsatisfactory
Fair
Good
Excellent
Very good
Consistency in shopping experience across channels
Consistency in marketing messages across channels
Integrated campaigns can span a spectrum of complexity
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“The Draper”
• Big idea, matching luggage
• Develop big idea for TV, translate for other media using same look and feel
1 2 3
2-3 marketing channels complimenting each other
e.g. paid search and social, or paid search and organic search
Unified “seasonal” or umbrella theme
Individual campaigns run independently
Large scale multi channel integrated prospect experience, under an umbrella campaign, targeting a specific audience
Integrated cross-channel campaign to drive target segments to offline events, thereby increasing conversion
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Branches in
multiple markets
Branches in
multiple markets
Branch Event(Thematic Workshop)
Speaker Event
Educational Resources(support branch & speaker events)
Awareness & Consideration (online/offline) Engagement (offline)Follow up and
Conversion
Lead Capture
Follow-Up
Consultation
Geo targeted approach to drive quality leads to branchesProvide multiple opportunities to engage with experts
and financial consultants Ensure follow up to drive conversion
DigitalPrint
Search
PR
Outbound Phone teams
Branch personnel
Branch merchandising
Website
Direct Mail
• One central message theme each quarter
• Themes based on research insights into target segment needs and pain points
Landing pages
Phone teams
Branch registration
Work with functional leads on workshop themes, content, speaker
selection, schedule, collateral
Program performance tracked at each step of the process
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Prospects/Clients
Attended Workshop
Conversion FundingFollow
Up Activities
FSI
Banner Ads
Paid Search
WebsiteRegistration
FormLanding
Page Registrations
Call phone team*
Outbound Calls
(clients only)
Inbound call team
Media Plan
(prospects & clients)
Demand Gen Activities
Email (clients
only)
PR
Client focus -
outbound
Integrator role coordinated across 17 groups to design, launch and track all program efforts
Call phone team*
Branch walk ins
Client focus - inbound
•Dedicated phone numbers allowed for tracking from various demand gen efforts, from each geographic area•Note: not all channel s represented in illustration
Significant analytics required to set up and execute the program, and determine overall success
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Differencebefore
marketing
Difference after marketing
Difference due to marketing
Time
KPI
Matched Control Branches
Test Branch• Demand
Generation Related
• Lead nurture• Key business
outcomes
During campaign
• Across Full Campaign
• By Market• By Branch
• Geo Targeting
Post campaign lift analysis
Market and branch selection for media and events , based on access to and presence of
target segment
• Propensity models
Identifying target audience
Pre-launch
Weekly TrackingClient Prospect Total
BannersSearch
OBCInbound (PDT)
Registrations#% of registrantsPhone callsBranch visitsOtherPhone callsBranch visitsOther
Total # people followed up withConversions #
% of attendees# in WH# in adviceTotalAverageMedian
Monthly AnalysisNNAAnnuitized assetsNew accounts (NTF)New accounts (existing clients)
Return on Investment
Lift Analysis (against control markets)
NNA (to end 90 days post campaign)
Key Metrics
Attendees
Follow up activity (w nonattendees
Follow up activity (w attendees )
Clicks (#, CTR)
Calls (#)
Landing page visits
Emails (oX clients only )
Challenges with executing on large integrated programs can be mitigated via various tools, practices and process
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Insufficient marketing budget
Existence of functional silos
Lack of strategic consistency across communications disciplines
Developing the big creative idea to leverage across all marketing disciplines
Inability to collect & analyze customer dataLack of standard measurement processLong lead times required for some elements of program
Lack of skill set among marketing staffAmount of time devoted to coordinating various agency efforts
Lack of executional consistency
Stakeholder alignment
Roles & responsibilities
Process & deliverables
Project management
• Integration starts at the top
• Sr. executive alignment (incl sales) commitment to resources, prioritization
• Alignment on insight, positioning and brief drives all execution
• Integrated program lead
• Level of integration needed across functions (and within functions)
• RACI
• Multiple processes, given complexity and number of functions/teams involved
• Define, communicate and align clearly
• Project plan with agreed upon timeline, milestones, deliverables and owners
• Weekly status check ins – live + email
• Know the long poles in the tent, bottlenecks, critical paths
Challenges Potential approaches/practices
Source: ANA
Partnerships as a marketing channel
Partnerships can bring brands together to create mutually beneficial relationships that help in achieving both partners’ business objectives.
Partnerships can meet various organizational
goals
Access to a distinct new audience
Distribution through distinct a new channel
Gaining access to new markets
Filling gaps in a companies offerings
Creating innovation in emerging growth categories
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McDonalds & Coca Cola
American Express &
CostCo
AT&T & DirecTV
Starbucks & Apple
Star Alliance
Walmart & American Express
Potential relationships are sourced within relevant categories, and are subject to significant due diligence
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Financial Services *
Life Event based
Affinity based
Content distribution
Require relationships of increasing size
Other relationships(Interests - travel, sports)
Partner Categories/relevance scale
* in adjacent spaces
Evaluation Criteria
• Brand alignment• Economics: lower cost channel• Scale • Growth• Target audience and access• Contextual relevance• Deal structure • Infrastructure needs• Compliance & Regulatory related:
• Adverse events• Advice/Client Experience• Disclosures• Privacy
One size does not fit all, and each relationship requires a lot of nurturing
Financial Services Partners
Highly engaged
• Affiliate relationship
• Joint content development and events
• Licenseing technology/tools/widgets
Life Event Partners
A a specific financial need exists
• Target with contextually relevant message
Affinity Based Partners
Endorsed by a trusted name
• Multi channel test and learn via print, digital, direct mail, live (workshops, large events)
Content Partners
Distribution channels for content
• 3rd party content distribution
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RationaleCategories Type of relationship
Thank you for coming!
04/07/23 20
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