Data-driven services marketing in a connected world

Transcription

1 Data-driven services marketing in a connected world V. Kumar et al., Journal of Service Management, Vol. 24, No. 3, pp , 2013 김민준 QUALITY SYSTEMS Laboratory

2 Overview 1. 현재, 서비스 마케팅에서 수집/사용 가능한 데이터 유형 및 수집원을 정리함 - Traditional data - Digital data - Neurophysiological data 2. 수집/사용 가능한 데이터를 기반으로 strategic and tactical business insights 를 위한 metrics을 소개함 - Customer lifetime value - Customer equity - Expected service failure and recovery rates - 3. 여러 metrics 를 한번에 보여주는 forward-looking dashboard를 소개함 4. Data-driven marketing 의 추후 연구과제를 제시함 QUALITY SYSTEMS Laboratory 2

3 Introduction One of the biggest challenges facing marketing managers today Lack of trust in the marketing department s ability (The Fournaise Marketing Group, 2011) Utilizing data to drive marketing decisions The explosion of data from various digital sources has added to this challenge for marketers (Larivie`re et al., 2013) Challenge faced in integrating channel-specific metrics (ROI analysis, Brand awareness, Forward-looking metrics, etc.) The objectives of paper (use of customer relationship management (CRM) as a foundation) Link traditional and new sources of customer data and their metrics Link data and metrics to strategic and tactical business insights Integrate a variety of metrics into a forward-looking dashboard Delineate future research directions in data-driven marketing QUALITY SYSTEMS Laboratory 3

4 Data-driven Services Marketing Marketing decision support system (Little, 1979) Coordinated collection of data, systems, tools and techniques with supporting software and hardware Gathered and interpreted relevant information from business environments and turns it into an environment for marketing action Marketing management support systems (Wierenga and Van Bruggen, 1997) Information technology Analytical capabilities Marketing data Marketing knowledge Data-driven service marketing Use of data to inform and optimize the way through which these activities are carried out Foster a mutually beneficial relationship between a firm and its customer(s) and, if possible, also society QUALITY SYSTEMS Laboratory 4

5 Contemporary Sources of Marketing Data and Metrics (1/2) Three groups of marketing data 심전도기록 뇌파 전위 기록 뇌자기도 기록 기능적 자기 공명 기록 QUALITY SYSTEMS Laboratory 5

6 Contemporary Sources of Marketing Data and Metrics (2/2) QUALITY SYSTEMS Laboratory 6

7 Strategic and Tactical Decision-making Strategic decision-making Traditional and Digital data Market trends Market transitions Customer segmentation Neurophysiological data Market segmentation Read the emotional response of the customer and provide more accurate and scalable emotional insights Tactical decision-making (traditional and digital data) Traditional and Digital data Service operations Neurophysiological data Trigger emotion versus cognition based responding or heuristic versus deliberated responding QUALITY SYSTEMS Laboratory 7

8 An executive Services Marketing Dashboard (1/4) Marketing dashboards Solving the issue by bringing the firm s key metrics into a single display Make it easy to scan the individual metrics, and see patterns in their interdependence QUALITY SYSTEMS Laboratory 8

9 An executive Services Marketing Dashboard (2/4) The plentitude of data sources and tools available translates into metrics and KPIs Popular marketing metrics currently in use (Kumar and Reinartz, 2006) Traditional marketing metrics Market share, Sales growth Primary-customer based metrics; and Customer acquisition, Customer activity, Customer win-back Strategic customer-based value metrics Recency, Frequency and Monetary value (RFM), Share of wallet (SOW), Past customer value (PCV) Future customer purchasing behavior 예측하기는 어려움 (가정사항: 과거행동 = 미래행동) 다른 metrics 이 필요 (a metric that can accurately predict the future profitability of a customer and strengthen resource allocation budgets) QUALITY SYSTEMS Laboratory 9

10 An executive Services Marketing Dashboard (3/4) Customer Lifetime Value (CLV) CLV makes certain that valuable (and not merely loyal) customers are profitable (Kumar, 2008b) Likelihood of a customer being active in the future Marketing dollars that need to be spent to retain the customer Achieve a positive return on investment (ROI) When a customer buys, how much a customer buys and how much it costs to make the sale Customer equity (Rust et al., 2004; Schulze et al., 2012) Summing the CLV of all customers leads to customer equity What customers think about the relationship with the firm and fit between customer needs and services However, customer equity and CLV do not provide every possible piece of information QUALITY SYSTEMS Laboratory 10

11 An executive Services Marketing Dashboard (4/4) Other metrics Customer engagement value (Kumar et al., 2010a, b) Provides a snapshot of customer health that encompasses CLV, customer referral value, customer influencer value, and customer knowledge value Expected churn rate The potential financial losses associated with customer churn Expected SOW At a customer level, a function of performance relative to competitors in each customer s usage set and then aggregated to the firm level Expected service failure and recovery rates Industry-specific HR/employee engagement metric (Dulebohn and Johnson, 2013) Industry-specific operational metric Service-relevant, complementary and forward-looking QUALITY SYSTEMS Laboratory 11

12 Future Challenges Top management support and financial benefits A strategic priority and invest in the right managerial talent and decision support systems Managers need to understand the economic benefits of using data-driven strategies Developing data capabilities, data orientation and tackling data analytics Establishment of an IT infrastructure that enables collection, storage and analysis of very large amounts of data Trained employee to use data, to monitor and understand dashboards, discover trends and data patterns Establishing causality Identifying trigger events Link between online and actual behavior Ethical considerations Individual privacy It is important to ensure data privacy and security, alleviate any individual concerns QUALITY SYSTEMS Laboratory 12

13 Future Research Contrast our knowledge of traditional metrics with conceptual and empirical findings on the newly proposed metrics Demonstrate the usefulness and usability of the proposed tactical and strategic metrics (Empirical investigation is needed) Assess the predictive ability of the proposed measures, in particular for the proposed neurological and physiological measures Understand the potential synergies and complementarities between tactical and strategic measures Identify ways of decreasing potential barriers for implementation and application QUALITY SYSTEMS Laboratory 13

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