Interestingly though, this morning on www.ebay.co.uk, I noticed a creative spot for Auto Trader - and inside the creative messaging was 'Complete your Ad'.
I talk day in, day out about getting Customer Insight into the hands of business folk who need to be able to do just this - reach the right person at the right time in the best way possible. One could argue that promoting an Auto Trader creative with messaging that may discourage me from advertising with eBay might not be in eBay's best interest, but nonetheless, it is an example of individual personalisation which has been gleaned from Customer Insight.
Although I didn't click on the creative, it did get me thinking... if Auto Trader and eBay are already working together to bring together a better experience to their visitors in the online world, why aren't more businesses wanting to do the same? Why the resistance? In most cases, the insight returned by such platforms pays x5 of the spend in ROI and payback to the business (if based on examples I have heard about are to be believed) is within the first 10months!
Just take a read of these additional stories below to learn the true value on gaining detailed customer insight:
10 x increase in revenue per email
(up to 500 x increase for high value items)
(up to 500 x increase for high value items)
Customers who have previously been browsing high value items
on the web site, were targeted with personalised emails during a 'SALE'
campaign. The association of high value items, such as Bluray players/LED
tv's/iPod's, which were relevant to the individual, saw the average return per
email increase from $0.30 to $3 overnight.
$1.0m p.a. incremental revenue from hot online leads
passed into the call centre
Where a prospect failed to complete car insurance online and
also failed to call in to the call centre within 2 days after the failed online
conversion, contact/product details were passed to a dedicated call centre
whereby follow-up calls were made by insurance representatives. This resulted
in 1/3 of every call being converted into a new customer - previously, that 1
in 3 was a lost online opportunity.
240% improvement in click-to-buy ratio
All products 'touched' by each online individual visitor are
distributed to each individually subscribed 'customer' on a weekly basis. This
has resulted in a 240% increase in click-to-buy ratio for one particular
customer.
20% increase in online conversion rates
By better understanding the reasons behind 'Abandoned
Baskets', the discovery was made that there was in fact an stock inventory
problems whereby mid-value items were out of stock! By addressing the levels of
stock, the number of abandoned baskets dropped and increase conversions
occurred.
3% reduction in # catalogues shipped ($4m saving)
By simply being able to identify which home shoppers were
receiving a catalogue but never quoting a catalogue reference number whilst
online as well as never calling into the call centre, the decision to stop sending
catalogues to identified residential dwellings resulted in a small decrease
(but significant) saving in shipping and printing costs.
$1.2m p.a. saving due to online fraud detection
By identifying behaviours that were 'not-typical', such as entering 6 different credit card numbers incorrectly within a few minutes or by flagging up high risk addresses which where known fraudulent activity hot-spots, customers using Celebrus have benefitted from being able to identify fraudulent online activity taking place, in realtime, online. Now, they are stopping shipments at the tailgate, saving on the associated expense and improving customer satisfaction/loyalty.Customer Level Insight platforms are an absolute must for businesses and organisations who want to get an advantage in an ever increasingly competitive landscape!
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