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Rocket fuel for aspiring mobile marketers
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HOW TO LAUNCH A EVENT TICKETING SALES
BUSINESS ON MOBILE ROCKET FUEL FOR
ASPIRING MOBILE MARKETERS
@FLEPHDOTCOM
CUSTOMER ACQUISITION & RETENTION
SECTION FOUR
WHAT IS THE DIFFERENCE BETWEEN CUSTOMER ACQUSITION
AND CUSTOMER RETENTION?
SO…
CUSTOMER ACQUISITION REFERS TO TECHNIQUES USED
TO ACQUIRE CUSTOMERS
CUSTOMER RETENTION IS A STRATEGIC PROCESS
DESIGNED TO KEEP OR RETAIN CUSTOMERS
CUSTOMER ACQUISITION AND RETENTION
IT COSTS 4 TIMES AS MUCH TO ACQUIRE A CUSTOMER
THAN IT DOES TO RETAIN A CUSTOMER
WHAT YOU NEED TO KNOW!
INSIGHT
BRAND EXPERIENCE SPECTRUM
ACQUISITION STRATEGY RETENTION STRATEGY
ATTENTION COMMITMENT ENGAGEMENT DEFECTION
THE DRIVERS OF CUSTOMER CHURN
NEGATIVE BRAND
CURRENCY
SUM TOTAL OF ALL CUSTOMER
EXPERIENCES ACROSS ALL
BRAND TOUCHPOINTS
FEELING OF NOT BEING
UNDERSTOOD
CONSUMER BRAND
PRINCIPLE DRIVER FOR CUSTOMER
DEFECTION
ACQUISITION MARKETING OVERVIEW
OUR CUSTOMER
CAMPAIGN # 1
CAMPAIGN # 2
CAMPAIGN # 3
CAMPAIGN #4
THE CURRENT APPROACH – “We have a campaign now who can we send it to?” THE CAMPAIGN A CUSTOMER RECEIVES IS BASED ON – Which campaign is being run – When it is run – How long since the last campaign contact NB: CUSTOMERS ARE BEING TARGETED WITH SALES MESSAGES
RETENTION MARKETING OVERVIEW
OUR CUSTOMER
CAMPAIGN # 1
CAMPAIGN # 2
CAMPAIGN # 3
CAMPAIGN # 4
THE NEW APPROACH: – “We react to customer actions and contact them when their actions indicate that we should” THE CAMPAIGN A CUSTOMER RECEIVES IS TYPICALLY BASED ON: – What they have done – What tickets they have bought NB: CUSTOMERS ARE ENGAGED IN A CONVERSATION RELEVANT TO WHAT THEY HAVE PURCHASED AND HOW THEY ARE INTERACTING WITH THE BRAND
ACQUISTION MESSAGING
RETENTION MESSAGING
PERSONALISED
CUSTOMER LEAD
RELEVANT
VALUE PROPOSITION
BRAND
BRAND MESSAGING vs BRAND EXPERIENCES
BRAND LEAD EXPERIENCE COLLABORATIVE EXPERIENCE
CONSUMER BACKLASH Unsubcribes
ü Unlikes ü Negative Word of
Mouth ü Customer Defection
ü Negative PR ü Loss of Sales
BRAND EXPERIENCES vs CUSTOMER RETENTION
BRAND LEAD EXPERIENCE
COLLABORATIVE EXPERIENCE
TIME
CUSTOMER RETENTION
RELATIONSHIP MARKETING
1. TRANSACTIONAL MARKETING Mainly relevant in low-priced, low-profit margin businesses e.g. retail / FMCG
2. RELATIONSHIP MARKETING Extremely relevant in highly-competitive and high-profit margin markets e.g. financial services sector
MARKETING TYPES
WHAT IS RELATIONSHIP MARKETING?
SO…
RELATIONSHIP MARKETING IS A STRATEGY DESIGN TO
FOSTER CUSTOMER LOYALTY, INTERACTION AND LONG-
TERM ENGAGEMENT
PRINCIPLES OF RELATIONSHIP MARKETING
THE KEY
RELATIONSHIP BUYER
RELATIONSHIP CAMPAIGNS
CONSUMER BUYING TYPES
TRANSACTIONAL BEST DEAL FOCUSED
UNLOYAL FOCUSED ON TRUST
WANT RELIABLE PRODUCTS WANT TO BE RECOGNISED AND REMEMBERED “I WIN AND YOU WIN” MINDESET ORIENTATION
OUR DESIRED CUSTOMER
CONNECTING WITH THE CONSUMER
CUSTOMER RETENTION
RELATIONSHIP MARKETING
RELATIONSHIP BUYERS
+ BOOST IN PROFITS
DIGITAL CHANNELS RETENTION STRATEGY TARGET CUSTOMER BUSINESS OBJECTIVE
GOAL: GROW THE LTV
OF OUR CUSTOMER
SMS & USSD
WHY DO WE NEED IT?
TO ILLUSTRATE THE IMPACT OF CUSTOMER CHURN
LET’S TAKE A LOOK AT THE BUSINESS IMPLICATIONS
DIRECT LOSS
INDIRECT LOSS
CUSTOMER DEFECTION
BUSINESS IMPLICATIONS OF DEFECTION
1. DIRECT LOSS The impact of Customer Lifetime Value (CLV) on our mobile ticketing business: § Assuming that the LTV of a customer is $3,600
and we lose 1 000 customers per year to the competition, the direct loss incurred by the company each year is $360,000 (assuming the LTV period = 12 months).
DIRECT LOSS
2. INDIRECT LOSS Refers to the “ripple effect” of the potential loss based on word of mouth: § Assuming that just one of these defecting
customers with a LTV of $3,600 tells 12 people (each with an average circle of influence of 250) about a bad experience with our brand - and if only 1% of their network decide not to buy - this will result in a compounded $9 million loss in potential revenue each year.
INDIRECT LOSS
CONCEPTUAL FRAMEWORK FOR MODELLING CLV
COMPANY VALUE
CLV
CUSTOMER ACQUISITION
CUSTOMER RETENTION
CUSTOMER EXPANSION
CLV HELPS US TO UNDERSTAND: 1. How much did we pay to acquire customers from each marketing channel? 2. Did we acquire the best kind of customers? 3. How much should we spend on keeping them? MARKETING PROGRAMS
CUSTOMER RETENTION CAMPAIGN PROCESS
CUSTOMER DATA ANALYSIS
• PURCHASE HISTORY • BEHAVIOURS | WANTS |
NEEDS | ASPIRATIONS • VALUE SEGMENTATION • SEGMENTATION CHURN
OUTREACH PLANNING
• COMMUNICATIONS / MESSAGING
• CHANNEL STRATEGY
PREDICTIVE CHURN
MODELLING
• CUSTOMER CHURN STAGES
• ANTICIPATE CUSTOMER LOSS
• DEFINED EVENTS / TRIGGERS
EXECUTION AND
REPORTING
• CHURN REDUCTION RATIO
• FINANCIAL IMPACT • COST SAVINGS • INCREASE IN CLV
:: THIS IS THE GAME CHANGER ::
RELATIONSHIP MARKETING SYSTEMS BACK OFFICE SYSTEMS CUSTOMER PROFILING DIGITAL CHANNELS CUSTOMER
VALUE SEGMENTATION HIGH | MEDIUM | LOW
SMS & USSD
CRM
BI
OEM
BSS
BLC
EXPERIENCE PERSONAS PREDICTIVE MODELLING
EVENTS / TRIGGERS
DATABASE
TYPES OF EVENTS / TRIGGERS
• EVENT PURCHASES • THRESHOLD PURCHASES
TRANSACTIONAL
• NEW REGISTRATIONS
• DORMANT ACCOUNTS
BEHAVIOURAL • BIRTHDAYS • GIFTING
CUSTOMER LIFE
• PURCHASE FREQUENCY
• PREDICTIVE MODELLING
ANALYTICAL
:: WELCOME TO “MARKETING AUTOMATION” ::
CUSTOMER ACQUISITION & RETENTION • THE DIFFERENCES BETWEEN ACQUISITION & RETENTION • THE CUSTOMER BRAND EXPERIENCE SPECTRUM • THE DRIVERS OF CUSTOMER CHURN • BRAND MESSAGES vs BRAND EXPERIENCES • THE PRINCIPLES OF RELATIONSHIP MARKETING • THE IMPACT OF CUSTOMER CHURN ON BUSINESS PROFITS • EVENT BASED MARKETING TRIGGERS AND SYSTEMS
SECTION FOUR – WHAT HAVE WE LEARNT