Maximizing Customer Value

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1 Maximizing Customer Value WHITE PAPER INTRODUCTION The number of acronyms being bantered about in the Customer Relationship Management (CRM) arena is daunting. And new descriptors are popping up all the time ecrm (electronic CRM), EMA (Enterprise Marketing Automation), ERM (Enterprise Relationship Management). Regardless of the acronym used, the marketing landscape has changed, as have the supporting business strategies and technologies, over the last few years. As the vernacular implies, the focus today is on customer centricity. Consumers have become adept at tuning out the majority of the estimated 3,000 marketing messages that bombard them every day. They have also become much more sophisticated in their decision-making, buying patterns, as well as their expectations of how they want, and demand, to interact with companies. Internet technologies, , and web personalization have made the marketing arena much more competitive and rich with choices for the consumer. Not only has the Internet enabled traditional bricks-and-mortar companies to expand their reach into the online world and gain additional dollars from online consumers, but it has also fostered a new breed of companies whose initial existence developed from the online space. The sophisticated breed of consumer and emerging breeds of companies have created a new paradigm for how marketing, sales and service are now performed. Companies looking for the competitive edge need to focus their organizational and technology infrastructures, business processes and external presence in a very customer-centric way. Because the consumer has a choice of channels , web, and telephone marketing, sales and service opportunities can no longer be treated as discreet events. A customer call into a call center becomes a marketing and selling opportunity. An abandoned shopping cart on a web site becomes a service and marketing opportunity. The multiple touch points and channels need to be integrated in a way that provides timely and relevant exchanges and dialogue between the customer and company. A June 2000 study by the Gartner Group revealed that by the end of 2000, real-time Web and campaign management had become a standard requirement in CRM applications. The Gartner Group also predicts that by 2002 online communications will be used to pretest at least 30% of all multi-channel marketing efforts. As organizations integrate these channels, there is an increased value proposition provided to the consumer and an enhanced brand experience with that company. And although the Internet has provided a new channel for companies and customers alike, dot coms have learned the hard lesson that those who forget traditional marketing approaches will likely fail. A study by HMS Partners, Columbus, OH, reveals that ad spending does not equate to brand recognition and Internet success. Companies like ebay and CDNow have significantly higher brand recognition per ad dollar spent than larger ad spenders such as E*Trade and Ameritrade. ebay spent $5.5 million on advertising in 1999 but Unica Corporation 55 Old Bedford Road Lincoln, MA T F Copyright 2001 Unica Corporation. Reproduction without prior written permission is strictly prohibited.

2 achieved top-of-mind brand awareness with 22% of consumers. In contrast, Ameritrade spent $103.7 million on ads and achieved only 1% awareness. A June 2000 article in DM News revealed that many of the dot coms are spurning the attitude of "spend now, earn later" for basic marketing principles, such as the cost per customer and lifetime value, to ensure longevity of their business. Using traditional marketing methods across all channels and business strategies will ultimately build brand recognition and loyalty to maximize customer value. The world moves at such lightening speed that the time to create a positive impression on a new prospect or retain an existing customer has gone from months of cultivating a relationship to a few mere minutes where timeliness, relevancy, value and appropriate channel are critical ingredients. A company s ability to develop their organization so that the customer vantage point is considered from any context will reap the greatest rewards in this new millennium. Those companies able to most nimbly respond to customer requests and responsibly leverage their customer interactions will be the ones that can boast having loyal customers, increased returns on their marketing investments, and the deepest competitive advantage. WHAT IS ANALYTICAL CRM AND ENTERPRISE MARKETING AUTOMATION? To leverage the full value of a company s information assets, many companies are leveraging analytical CRM and marketing automation applications. Analytical CRM and marketing automation are the brains behind CRM customer-centric strategies and address customer understanding and marketing planning to manage customer interactions and optimize customer value. Analytical CRM provides the insight and intelligence that drive marketing campaigns by leveraging such techniques as segmentation, predictive modeling, scoring, and testing before, during and after campaigns occur. Enterprise marketing automation (EMA) addresses the planning, execution and response management of marketing campaigns. Together, these technologies enable companies to maximize customer value, which translates into increased retention rates, loyalty and more profitable customer relationships. Only through robust analysis will a customer s profitability, preferences, motivation and lifetime value be determined, as well as their propensity to buy a particular product or service, their likelihood to attrite, and growth potential be identified. Analytical CRM can provide a comprehensive model using both historical and predictive behavioral analysis that can guide campaign composition and execution. Marketing automation enables organizations to execute a campaign and maintain that critical dialogue with customers. These tools enable marketing organizations to adapt offers and responses based on customer actions. Key Components of An Analytical CRM and Marketing Automation System An analytical CRM and marketing automation system comes in a variety of configurations and features sets. Some companies use internally-developed applications, license other software, or partner to enhance their marketing automation offerings. Other companies offer an integrated suite of tools or individual components for planning, designing, executing and managing campaign efforts. Some key components of an analytical CRM and marketing automation system include: Modeling/Analytics Helps companies score, segment, valuate and perform response U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 2

3 modeling and cross selling that can be used to solve specific marketing problems or create marketing strategies that extend across a complete customer life cycle. Look for a solution that has robust analytics that includes both data mining and predictive modeling capabilities. Campaign Management Helps companies attract and retain customers by building campaigns and implementing interaction strategies across multiple channels and touch points. Look for a campaign management solution with built-in analytics and modeling capabilities so that campaigns take into account the intelligence garnered about customers and their behaviors. /Web Personalization Capabilities Helps marketers leverage the power of the Internet and other real-time channels, such as call center resources to implement personalized, permission-based marketing. Reporting Helps organize critical information for monitoring, measuring, evaluating and assessing marketing effectiveness. Look for an open, business intelligence-based reporting framework that features a customizable Web-based dashboard or front-end portal to view all relevant marketing campaign information. Analytical CRM and marketing automation software are essential for success in today s customer-focused enterprise. These customer-centric applications optimize customer relationships through any channel of communication. Companies need to analyze customer interactions to enable cross-channel understanding of behaviors enabling more effective - and more personalized interactions. As companies embrace the concept of customer centricity, they will need to use available software to implement a vision of customer focused marketing to ensure the maximum investment return on each customer. BENEFITS REALIZED Why all the fuss about creating customer focus? The rewards gained from understanding our customers and thus enhancing the value of our relationships far outweigh the pains of tool selection and application implementation. While the costs of analytical CRM and marketing automation applications can range from $100K-$1M+, the costs of not implementing such a system would be the loss of our businesses entirely. The benefits of such an initiative include: Creating a 360 o view of each customer Knowing the potential value of each customer to the company Knowing the specific products initial, up-sell, and cross-sell that appeal to unique customer segments Enabling real-time market analysis and decision-making Integrating marketing strategies and messages across multiple channels Achieving maximum efficiency from the marketing workforce Improving the ability to create and execute marketing campaigns U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 3

4 Providing a central location to view marketing activity and customer interactions Tracking, measuring and reporting on campaigns, such as response rates and profitability By being able to understand customers, many companies who implement analytical CRM and marketing automation technology have been able to predict future behaviors of customers. In so doing, they are able to offer the right product through the right channel at critical buying times. For the company, the value of the exchange is profitability and higher marketing return on investment (ROI) on the campaign and, for the customer, an informative, relevant, valuable exchange that impacts their loyalty. Customer satisfaction is declining in the U.S., precisely at the moment when product and service qualities are at an all time high. This is one of the findings of a recent Deloitte & Touche Global Corporate study, suggesting that marketers may have partly become victims of their own success. We know that companies are collecting more and more information about their customers. We also know that there are now more channels than ever that companies use to communicate with their customers. But few companies are positioned to take advantage of the information and use it to increase satisfaction levels and ultimate loyalty. While many consumers understand traditional methods of building customer profiles (i.e. Census records, Motor Vehicle Registration, subscription lists, store memberships, and direct mail surveys), few understand how technology is currently being used to build profiles that include demographic, psychographic and behavioral information. And while this naiveté exists, many are willing to exchange personal information for something in return. According to a 1999 study performed by AT&T Labs, 78% of American Internet users would allow sites to collect personal information in return for customized service. The increased sophistication of consumers has led to their willingness to exchange information with companies but is well balanced with their demand for companies to then leverage that information wisely. The fact that consumers are willing to engage and offer information is a key driver in developing meaningful dialogue between the customer and the company. Due to recent concerns and legislation regarding personalization and privacy issues over the past several months, companies should act responsibly and maturely in collecting and leveraging consumer information. The collection of information should never be perceived as an invasion of privacy, nor should personal pieces of information (i.e. financial or medical) be freely distributed among partners or indiscriminately for the sake of developing targeted campaigns and offers. The onus is on companies to be direct and open about what information being collected, its intended use and the opportunity for consumers to opt out of providing information and having information collected. Companies need to embrace this idea of permission-based marketing Analytical CRM and marketing automation enable companies to create meaningful dialogue with their customers. Through such dialogue, they are able to formulate campaigns that can acquire new customers, retain customers, grow existing relationships, and treat each customer at an individual level. In so doing they create value and a positive brand experience. While this sounds great theoretically, there are real tangible benefits. Companies can optimize offers, channels and customer segments thereby increasing marketing return on investment. The ROI can be achieved through more effective one-to-one understanding, customer valuation, and more strategic, effective and timely delivery of marketing campaigns. As the exchanges between U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 4

5 consumer and company continue, loyalty is developed. In this customer-centric age, loyalty is the single competitive advantage. Achieving One-to-one Marketing One-to-one marketing enables you to touch the right customer at the right time, with the right message, through the right channel. Merely executing a campaign successfully should be the commodity part of the process. The power lies in the robust analytics, the planning and understanding, that are used to power the campaign to segment the audiences, to drive the offers, to choose the appropriate channels, and to integrate intelligence to respond to customer feedback and responses. Real value is derived from leveraging both historical and predictive intelligence about a consumer s behavior and putting that intelligence to work. A campaign executed without analytics will fall short of potential revenue returns. Similarly, a process that uses analytics but never leverages its intelligence will never reap the greatest rewards. One-toone marketing provides the critical ingredient for staying ahead of customer expectations: the ability to treat each customer as if that one relationship were the entire business, outmaneuvering the competition, and building high barriers to exit by creating enduring loyalty. The one-to-one vision is to create the most robust business relationship at each individual customer level. The goal is to increase customer loyalty and value by delivering marketing that is relevant, valued and effective. Realistically though, this level of one-to-one marketing the goal of almost every business today rarely, if ever, is achieved. Too often companies offer the same price or discount to everyone. This can be lethal in a Webenabled world where the customer has instant visibility of our competitors' offerings, as well as our own and where new services and products have emerged that take advantage of a company s disregard to do nothing and assist in comparison shopping. There is no point at which competitors will not try to win business from each other. We can continue to compete on price or create a value proposition that is much more sustainable we can create an experience for our customers that attracts them and provides high barriers to exit. Companies must also embrace all aspects of the marketing effort, from in-depth customer and market analysis to marketing campaign execution and measurement. One-to-one marketing needs to incorporate both the front-end and the back-end of the business, i.e., financial accounting, inventory, supply chain, manufacturing, etc. Only then can a business know what promises it should make as well as what promises it can make. All Consumers Are Not Created Equal It is important to remember that not all customers are of equal value to a business. In a study of retail banking, Deloitte & Touche found that 30% of customers contributed 380% of operating margins, and the other 70% contributed negatively 280%. Our goal as sophisticated marketers is to determine how best to serve each of our customer segments, profitably. It is not just an offer or an offer-of-one. It is true relationship marketing to one creating sustainable value for both the U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 5

6 customer and the company with each interaction. And each relationship is different because every customer is different, and will be different again tomorrow, and their buying patterns, needs and wants also change. Rather than disregarding a segment of our customer base, analytical CRM and marketing automation allow us to seek the optimum value from each segment or individual. The tools enable organizations to target offers that are both valuable to specific customers but are also profitable to the company. In such a competitive environment, the key is to learn how to treat each individual customer based on lifetime value, not to disregard the low-end consumer as unworthy of attention. KEY DRIVERS While true customer-centric marketing is a panacea, few companies will survive if they don t adopt more customer-focused strategies. There are some key drivers that are making it imperative that companies take a more customer-focused view. Savvy Consumers The Internet has made it possible for 90-year-old grandmothers and 13-year-old teens to become savvy consumers having tremendous impact on loyalty and buying forces in today s economy both off-line and online. The amount of information we collect and the speed with which we make decisions have been irreversibly affected by how engaged we are with Internet technologies. Our buying habits have changed too. Buying a car, finding first release CD s of popular bands, searching for day care or elder care facilities, vying for the lowest airfare and car rental rates, sending flowers, buying groceries, nearly all transactions can be done online. Both our everyday commodity buying decisions, as well as discreet specialty purchases, have been greatly influenced by the adoption of and web technologies. In 1999, The META Group estimated that 40% of U.S. households had accounts and that by 2005, 65% of all households will have an account. Additionally, by 2001, they anticipate that 85% of Global 2000 companies will communicate regularly with customers via . Given these trends, it is critical that marketing automation tools are adopted into today s infrastructures to meet both the demand and expectations of consumers, as Internet technology becomes more ubiquitous. Expectations Our expectations as consumers have increased. We have more information at our disposal and we have a rich blend of choices that we ve never known before. Our purchase decisions have incorporated both traditional and web experiences. We enjoy and often still need to visit traditional physical retail locations but we also utilize the online world as part of our buying process. More importantly, we expect our experiences in both the off-line and online worlds to be similarly positive and informative. Consumers want to interact with companies across a variety of channels and have their experiences and information to be consistent. Currently, few companies have the infrastructure or the initiative to develop a 360 o view of the customer, enabling the consumer to have a richly integrated view of a company s brand. Consumers will begin seeing a more well-integrated company presence as both the pure play dot coms and traditional bricks-and-mortar realize the need to leverage multiple channels. U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 6

7 Speed Because the velocity of business has changed, the challenge on companies is to be able to respond with agility to ongoing customer interactions across channels. Marketing campaigns used to be discreet planned events that were often considered one-way or monologue conversations. The marketing process must now accommodate continuous campaigns that result from true dialogue with customers. Additionally, campaigns must become more effective as organizations synchronize offers with both existing demand and product availability. Because competition is a click away, companies must be versatile in their dialogue and have in-depth customer understanding to be able to keep pace with a customer s buying decision. ARE YOU READY FOR ANALYTICAL CRM AND MARKETING AUTOMATION? Beginning an analytical CRM and marketing automation project can be daunting. Internal processes, skill sets of existing staff, and technical infrastructure impact the likelihood of success with a marketing automation project. Regardless of the industry, there are a few minimal requirements that are essential in ensuring a successful implementation and subsequent use of an analytical CRM and marketing automation system. From a business view, there needs to be management level support for customer-centric database marketing and a strategic drive to actively improve database marketing operations and initiatives. Without executive sponsorship it will be difficult to secure the financial funds necessary, approximately $100K-$1M+ depending on the components of the system chosen. There should be repeatable business processes for planning, designing, implementing, executing, tracking and evaluating campaigns. If each campaign has a unique business process it will be much more challenging to automate the marketing process. If the majority of the process is repeatable, then we can gain efficiencies by automating the marketing campaign process and reduce both time to market and overall production costs, such as utilizing fewer resources to execute a campaign. An organization is usually experiencing a current level of pain in managing and executing campaigns, i.e. there is a recognizable need. For example, the company needs to get to market quicker, reduce overall mailing costs, leverage fewer resources per campaign, or use staff more efficiently all to reduce costs and increase profitability. Or, maybe the company hasn t optimized offers so the campaign design does not propose the most profitable and cost-effective offer to each particular customer. Once a need is identified, it will be easier to choose the appropriate marketing automation solution. For marketing automation to provide greater rewards, there also needs to be a minimum volume of campaigns. Companies with very few campaigns per year won t feel the burden to implement a marketing automation system as much as one that needs to execute a greater volume of campaigns per year. The need to alleviate the stress on the marketing and IT staff will be much more apparent. Organizations should also consider their needs with regard to scaling marketing efforts in terms of users, number of campaigns, sizes of campaigns or complexity of campaigns. As companies become more customer focused, there is usually greater emphasis placed on marketing sophistication and companies need to consider their current processes and whether or not they are able to scale to future needs. In general, an organization needs to realize the need for customer-centric operations. There needs to be genuine interest in measuring and evaluating campaigns to maximize campaign ROI and an importance placed on increasing marketing velocity, i.e. U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 7

8 increasing efficiency of process, time to market, and faster closed-loop evaluation, refining, and tuning of campaigns. From a technical standpoint, companies should have customer data, either on flat files, which includes data from a legacy system or SAS, or a relational database, that at a minimum contains a unique identifier, name and general contact information. The more information that has been gathered about a customer, the more robust analysis can be performed. The unique customer identifier mentioned should be a persistent, unique customer identifier across the data files or databases you access. This does not imply that the marketing and customer data need to reside in a single relational database, data mart or data warehouse. A marketing automation system can pull together multiple data sources for cross-channel integration and create a single view of the customer without having to have the information reside in a single location. It is also beneficial to have some technical infrastructure in place, including one or more of the following: a database, merge/purge software, data cleansing/address standardization, ETL (extract, transfer, load software), backup and possibly data append, reporting, OLAP (on-line analytical processing), planning, and data mining tools. Finally, the organization needs to be staffed and have available resources to support both an implementation and the subsequent execution of an analytical CRM and marketing automation system. These would include a DBA (Database Analyst), an IT project manager and staff, as well as business analysts and other resources in the organization who would either help design or ultimately use the CRM system. An organization needs to be poised to enter the customer-centric revolution. There needs to be repeatable business processes and a recognizable need for a marketing automation system. There also needs to exist some minimal assemblage of customer and marketing data and the resources to help staff and support the ongoing marketing automation efforts from both the business and technical organizations. BRINGING ANALYTICAL CRM & MARKETING AUTOMATION TO LIFE Abandoned Shopping Cart A typical challenge for many companies that offer products via their web sites are abandoned shopping carts. Let s agree that a company has three potential offers for people who have abandoned their carts: an MP3 player, free shipping or bonus points redeemable for free air miles. The options for targeting included: Ad-hoc: no testing Best overall offer Segment-based ROI Optimization that leverages predictive models and considers both revenue and costs The closer organizations get to ROI Optimization above, the greater financial rewards they will enjoy. There s little reason to demonstrate how unpredictable campaign results would be with no testing if a company chooses ad hoc targeting methods. For better clarity, assume Company A, without an analytical CRM and marketing automation solution, opts to test the three offers and take the one with the overall best response rate, regardless of the cost of each of the three offers to U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 8

9 the company. Chart 1 shows the MP3 Player had the best overall response rate of 3.2%. Thus Company A chooses the MP3 Player as the offer for every individual. Company B uses analytics to segment their customer base and finds that each offer appeals to specific groups of customers, i.e. segments, including what they label as the Traveler, the Family-oriented consumer, the Executive and the younger Generation X customer. Company B then chooses this segment-based approach whereby the company chooses the best offer based on response rate for each segment. Chart 1 shows that Company B should choose to offer free shipping to the family-oriented consumer since this offer yielded the highest response at 4.7% for this segment. By choosing the response rate by segment, Company B was able to increase their revenue from the campaign by over 57% in comparison to Company A. (See Chart 2) The best alternative (not shown) would be to optimize marketing ROI by not only considering the offers and response rates by segment but the potential revenues and costs of each offer to each unique individual. A marketing automation system with built-in analytics can enable a company to achieve this one-to-one level of marketing. By appealing to unique interests using optimized personalization, the company provides a relevant and productive interaction with their customers. The company increases their response rates in the short-term, but also increases customer loyalty for the long-term. U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 9

10 Expanding Into New Channels Many traditional bricks-and-mortar companies are recognizing their need to create an online presence. Similarly, many pure play dot coms are realizing the necessity of having a physical presence to complement their lean online operations. Catalog retailers especially are evaluating their company s ability to optimize customer interactions and the ability to create single customer views across multiple communication channels. The key in balancing the new channels with the old is being able to achieve the highest return on investment possible. By implementing a marketing automation solution across Internet sites, catalogers are provided a powerful tool to build and execute effective marketing campaigns and optimize customer relationships via online marketing efforts. Once success is proven to increase efficiency of their online efforts, catalogers can then build their traditional catalog efforts into the mix and thus maximize their overall marketing performance and their customer relationships. Analytical CRM and marketing automation tools enable companies to answer questions like: Who will be my most valuable customers? How can I retain these customers and gain maximum "share of wallet?" Which customers are most likely to defect and why? How can I keep those with high potential value? Who is most likely to respond to this marketing campaign? What basic characteristics (age, income, purchase frequency, etc.) are most important for differentiating responders from non-responders? What factors do I control (price, feature, variations, etc.) that affect customer demand/behavior and how? Who should I target to maximize profits associated with my campaign? The combination of analytical CRM and marketing automation enables companies to leverage tried and true marketing approaches for both traditional and new channels, thus enabling companies to compete more effectively. AN IN-DEPTH LOOK AT A TYPICAL SOLUTION Multi-channel marketing automation solutions come in a variety of shape sand sizes. Don t be wooed by well-crafted dog-and-pony shows. Take a moment to look under the hood and evaluate the technology and infrastructure supporting the purported solution. The following components of marketing automation solutions should be considered during a tool evaluation: Data mining, segmentation and predictive modeling robustness Campaign management design, planning and execution capabilities Workflow Closed-loop reporting and analysis Architecture U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 10

11 Customer Data Mining and Predictive Profiling Organizations use customer modeling to analyze data flowing into the enterprise and conduct what-if scenarios for specific goals, like: Understand and anticipate key drivers for customer behavior such as purchase, attrition or response Predict lifetime value of a relationship Identify growth (cross-sell and up-sell) opportunities of existing relationships A key differentiator among modeling tools is their ability to create and apply multiple modeling algorithms to the same customers simultaneously, such as a segmentation overlay with predictive algorithms. Among other benefits, this allows the modeler to tag cells consisting of extremely small populations with traits that distinguish them from other cells. This ability to understand customers in turn provides the opportunity to generate highly tailored offers designed to appeal to specific individuals at the moment of maximum opportunity (for example, when the prospect is observed browsing a Web site). Real-time Multi-channel Campaign Management Where data modeling is designed to build understanding of customers needs, wants and behaviors, campaign management is designed to leverage that understanding. Campaign management builds in much of the same logic required for successful data modeling; however, it takes that logic one step further by directing the campaign itself. It enables marketers to plan, design, test, optimize, execute, track and refine highly targeted campaigns. Traditional campaign management solutions leverage best practices of the direct marketing arena for solid campaign efforts. In contrast, in today s highly wired world, the customer and company have many more touch points, including direct mail, call centers, , Web, media, and wireless. Companies need to take their best practices perfected off-line and move them to their online marketing efforts. Given the information available today on products and services, companies need to be able to respond to customers in real-time and across multiple channels. Applications that integrate off-line and online campaign efforts will afford companies the greatest opportunity of safeguarding customer loyalty against competition. Robust campaign management software can automate and measure campaigns that have multiple phases (waves), complex business rules and a variety of targeted treatments that execute across multiple channels simultaneously. One-to-one Optimization Few analytical and marketing automation tools offer one-to-one optimization but it s a critical component for complex marketing campaigns. One-to-one optimization occurs when data is scored and factored into outbound campaign messaging in real time. This means customer preferences, segmentation, and predicted behaviors are automatically considered when selecting deployment channels (i.e., vs. phone call vs. direct mail) and message content. For example, when an up-scale customer has indicated he wants to switch long distance carriers, he/she may be offered a costlier rate than someone in a lower demographic. Later, a deeper discount may be issued in a phone call after the higher cost point proposed earlier via direct mail U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 11

12 had been refused. Effective marketing automation would factor in the propensity to respond, marketing vehicle and offer and determine the best way to optimize results for each particular individual based on ROI, revenue, or whatever metric the business cares to apply. List optimization in marketing automation means the ability to cherry pick "likely to respond" names from several lists, rather than simply accept the best complete list and reject all the others. Traditionally, even if a company had a very good list with a 5% predicted response rate, they will still throw away 95% of the names. List optimization means the campaign manager and modeler pre-select (and pay for) only those names they believe will respond not only from the best list, but from all available lists, greatly increasing the potential to positively impact ROI. The same is true for offers typically marketers may test three different creative treatments or offers. Based upon results, they then role out the best performing creative to all lists. Optimization technologies often suggest that three creative treatments be tested and provide the appropriate creative or offer for each individual to be contacted. Reporting Marketers can only use results they can see. Marketing automation reporting should provide clear, easy-to-understand tables and graphs allowing marketers to understand their customers and prospects. This includes the ability to: Access customized marketing campaign status and performance reporting Integrate with other internal reporting efforts Publish varying levels of information to individuals or workgroups View creative files and other critical marketing documents Real-time reporting during active campaign management means marketers can know at-a-glance the status and performance of a campaign. Marketers can then use this information to continually enhance and refine future marketing campaigns to improve marketing performance. Architecture The changes in marketing strategies and the drivers of business today also have had a profound effect on the way applications are now designed and developed. In looking at the analytical tools of a marketing automation solution, look for the depth and breadth of data mining, modeling and segmentation capabilities. The methodology behind the analytics must be as robust as a statistician would want but also as easy to use and interpret, as a marketing manager would need. In addition, evaluate how tightly integrated the analytics are with the campaign management tools. The more tightly integrated, the better marketing ROI you will be able to achieve. Campaign design, planning and execution should be intuitive. Many tools offer point-and-click solutions that assist in developing campaigns in a logical workflow pattern, and allow best practice methodology, such as withholding a control group, to be performed easily. The marketing automation application architecture should be open and flexible. Given that IT infrastructures are in constant flux, the tools need to be able to adapt to a constantly changing environment with minimum disruption to overall operations. Some tools require that a separate U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 12

13 data mart be developed for use by the automation tool. Updates to the data mart would most likely be performed monthly in a batch process. Other tools offer the unique ability to connect to multiple and varying structured databases or data marts, including flat files, simultaneously thereby obviating the need for a single data repository while enabling real-time campaign management. Overall the tool needs to be powerful, flexible and robust. Its user interfaces must be intuitive and easy-to-use but also afford the depth necessary to keep pace with the speed and complexity of multi-channel and multi-wave campaigns. The applications of the tool should rely on best practices perfected in the off-line world and enable marketers to translate these best practices to alternative channels, such as the web. It is preferable if the application places the least burden and stress on existing architectures and IT staff and also has the ability to adapt to changing databases and sources so that models and campaigns can be refined over time. Finally, choose a company and solution that not only addresses today s marketing needs but whose vision and product direction will enable future growth and integration of additional channels as they become universal, such as wireless technology. CONCLUSION Key trends in today s business environment adoption of the Internet, volume of information, speed of buying decisions, the increased sophistication of the consumer make it imperative for companies looking for an enduring competitive advantage, to look towards analytical CRM and marketing automation software. Consumers are demanding more personalized interactions with companies and companies need to create a consistent brand presence and overall customer view considering all channels of communications and touch points. Customer understanding must be garnered and leveraged in appropriate ways to increase the value of each customer exchange. Campaigns and offers need to be optimized to consider cost to the company, potential revenues gained, propensity of different customers to respond, and product availability. Companies must understand the different values of each customer segment and invest accordingly. Only by providing unique and continuous value propositions will companies achieve relationship maximization in this customer-centric world. U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 13

14 ABOUT UNICA Unica, a provider of award-winning analytical CRM and marketing automation solutions, helps leading businesses implement one-to-one customer interaction strategies that communicate the right message to the right person at the right time whatever the channel. Affinium, Unica s modular, cross-channel marketing suite, delivers deep functionality for data mining and predictive modeling, customer interaction and campaign management, real-time personalization, and reporting. Hundreds of businesses worldwide rely on Unica s software, services, and expertise to build profitable customer relationships and achieve marketing success. Headquartered in Lincoln, Massachusetts, Unica is privately held with offices throughout the United States and a network of distribution partners in Europe, South Africa, and South America. Our customers include Lands End, Nordstrom, Bank of Montreal, Merck-Medco, Fingerhut, ABN AMRO, United Parcel Service, Scotiabank, AOL-AAdvantage and Marriott. Unica Corporation 55 Old Bedford Road Lincoln, MA Tel: Toll free: Fax: Unica, Unica Affinium, Affinium, Affinium Campaign, Affinium Model, Affinium emessage, Affinium Interact, Affinium Report, Universal Dynamic Interconnect, Keep Each Customer in Focus, Customer Value Maximization, MAP, and Oneto-One Optimization are trademarks of Unica. All other trademarks are the property of their respective owners. WP A-0801 U n i c a C o r p o r a t i o n M a x i m i z i n g C u s t o m e r V a l u e 14

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