It’s said there’s no time like the present and now is the perfect time to re-evaluate the experiences you offer your customers. As we all consider what's important and customers re-evaluate their spending priorities we discuss how you can re-evaluate and improve your customer experience.
Our first event of 2020 was a virtual one that was nonetheless packed with insights. Along with our friends at Audience Intelligence platform Pulsar, we strove to shine some light on topics such as:
- how to increase the lifetime value of your customers
- how to grow your recurring revenue
- how to place customers at the heart of your experiences, more crucial now than ever before
If you couldn't make it then don't worry. The recording of the webinar is at the top of the page and speakers summaries are below.
Don't forget to make sure you’re registered to be the first to know about our next event. We look forward to seeing you there!
Head of Commercial Growth, Daydot
Joel kicked off the morning by sharing how brands can successfully adapt their strategy in the current climate. He explained how using a Recurring Revenue Model (RRM) enables the development of strategies to target all stages of the customer lifecycle, generating predictable revenue and commercial growth. He then went on to illustrate how the three voices (business voice, customer voice and process voice) can be used to inform your decision making and strategy, and open up the path to experimentation.
- Prioritise your customer voice so you don't become distant – understand their personalities, emotions, needs, desires and frustrations.
- Ensure your business strategy and decisions are developed using well informed business cases that are validated by research and evidence.
- Implementation is key: does it take 6 months to go from insight to making a change? How can you focus on driving efficiencies in process to ensure you remain agile?
Senior Optimisation Manager, Daydot
Tom's presentation delved into how brands can better connect to their customers by enhancing their segmentation and overlaying insight about customer mindset and behaviour. He took viewers through four psychological segments which their customers are likely to fall into and discussed them in relation to different product/service categories. He explored how purchasing behaviour is likely to change for each and what you can do to adapt.
- Don’t throw away defined segments but build on them to get an enhanced view of your customers.
- Be agile: this gives you a chance to see how behaviour is changing and adjust strategies to suit.
- Whether consumers are pessimistic, uncertain, or even optimistic - all need to be considered when approaching your marketing strategies.
Senior Research Manager - Pulsar Platform
Anna along with her colleague Oryelle Clements explored how in a changing environment brands can use social data to understand and anticipate shifts in consumer behaviour to retain audience attention. They emphasised the need to look at ambient feedback (which is abundant across social channels and delivers benefits over many other insight methods). Finally they explained Pulsar's work around 'the new normal' and how brands can use this insight to link their content to the right context to achieve measurable outcomes.
- The world is complex: at any given point there are hundreds of cultural trends. You need a way to monitor and filter the insights most relevant to your business.
- It's important to understand your audiences and anticipate shifts in consumer behaviour.
- Connect your content to the context of your audience to see measurable outcomes.
Business Director, Daydot
Osh focused on the work he's done as business director at Daydot, helping the brands Shelter and RSPB prove the value of experimentation in driving growth. With only one test under their belt Shelter saw a 45% uplift in average donation value, while working in partnership with RSPB we achieved an ROI of 871%. Osh explained that by focusing on an initial stage of discovery and research and ensuring complete alignment with the business KPIs, fantastic results will follow which can convince internal stakeholders to release additional investment.
- Use a variety of research methodologies to drive actionable results.
- Optimise further up the funnel; it's useless optimising a checkout if you could get more customers there first.
- Ensure you can actually action and implement your insights. That's crucial.