Making first party data work harder
Moderated by Wunderkind
Storytellers: Clarins, Harvey Nichols & Samsung
- Your email open rate is your most relevant KPI to assess your CR strategy
- How community can give you more data than just online adverts
- Use data to engage customers in more genuine ways that link to your brand purpose
- Create community through a sense of belonging, e.g. engage with and feel a part of the brand
- The need to understand how you’re acquiring customers to then understand how to use their data best.
- Use your community to enrich data. Everyone is still using popups to capture data!
- Allow brand advocates to run with ideas
- Community is powerful in collecting data and retaining it
- Interesting customer identification concept: monetising site traffic
- Make the data consent appealing
- Value exchange needed to yet qualify 1 st party data
- Data silos and legacy systems hamper process
- Membership as a loyalty tool is evolving
- 1st party data or 1st value?
- Is the cookie apocalypse really a threat?
- Hard to measure success
- Consider how to ensure we’re not “over-using” or “exhausting” our 1st party data asset
- CRM teams are not only marketing or eCommerce, but assisting all parts of the business
- Holistic view = analysis + insight
- KPI including NPS – beyond just profit
- 1st party data becomes more valuable when amplified with other data sourcing
- Customer data is key – sharing is everything
- Must collect NPS at each site stage
- Ideas for gathering data at checkout
Building trust and emotional connections
Moderated by Empathy
Storytellers: Boden, G Star Raw & Thistle Digital
- Great after sales support creates trust. Good recovery is so important
- Trust is a feeling, it can be evoked through control and transparency
- Reassurance through the whole customer journey is important – you will recover minimum purchase if it goes wrong
- Trust is frequently broken where there are errors and friction during an omnichannel experience
- We need to learn to be more transparent
- Trust and control don’t need to be in conflict
- Decentralising is next… it’s not scary it’s just evolution
- Need to find that balance between healthy privacy and enough control
- Data of emotion
- Trust can’t be measured
- Authenticity
- Trust leads to LTV (lifetime value)
- Does every brand need to have an altruistic story to gain customer trust?
- Go back to the reason the brand was born, the authentic story
- Respect customer data and don’t ignore things you can’t measure
- Listen to customers, understand what’s on their mind and build that into your storytelling to them
- Build a connection
- Remember we all sell to people – they need/want trust, empathy, authenticity
- Don’t bow to authority
- More difficult to maintain the trust of customers
- Customers are subjects not objects
- The difference between trust and emotion
- Emotional intelligence and the future of consumer trust, 1 st party and more
- Transparency and honesty
- Balance data and trust
Resilience in Retail
Moderated by Stripe
Storytellers: Simple Human, Bamboo Clothing & Value Retail
- Flexibility
- Pivot!!
- Re-selling is the future
- Sustainability as an opportunity
- Opportunity for resale
- 70% of luxury retail is resell.
- Outlet, omnichannel, re-use second-hand manufacturing
- Flexibility, creativity
- People 1st, hope, resolution
- Tracking where sustainability messages have moved in last year in hierarchy
- Outlets, omnichannel, re-use 2nd hand marketplaces
- Are our operating models fit for the future?
- Demonstrate your profit focus
- B2B brands have been forced to go D2C. Are they at risk of over-committing?
- Temper your expectations of growth!
- You need the buy-in of your staff!
- Invest in the right people to remain resilient
- Growth planning and budgeting are very complicated post-covid
- Building resilience means investing in your teams and in new, more flexible operating models.
- Ability to change fast is key to long-term resilience
- Beta businesses/Supply chain/D2C/Experimental retail
- Supply chain challenges = forecasting + pressure
- Difficult to maintain agility post covid lockdown
- Flexibility is key. Continue to be brave post covid
- Be more focused with faster action plans
- Flexibility of planning and execution… in spite of constant changes you must stay true to your brand
- Keeping up the pace of innovation will be a challenge after covid
- Is there a new normal?
- Question everything
- Transformation into the new ways of working are essential
- Focus on flexibility and culture
- Use covid as a chance to question everything
- Keep the habit of fast decision making – be ruthless on what is important
Removing friction from the shopper journey
Moderated by Fast
Storytellers: Benefit Cosmetics & Stanley, Black + Decker
- If you can hit customers with a one click buy checkout option at the moment they encounter the brand it would be ideal
- An amazing user experience can be massively ruined by a clunky checkout and turn customers away, they want to just click and buy
- International and translations – mix of machine translations and human tuneups seems best for efficiency and accuracy
- A better online experience will future proof you
- Not a matter of just transacting – but need to make the last transaction point as seamless as possible
- Losing the physical in 2020 was tough and checkout causes the most friction online
- Brexit also caused a big price point stop – how can we overcome this at checkout
- Friction is different for every business and is difficult to measure
- Friction is not one thing
- Payment options and data capture are key
- Meet the customer where and how they want to be met. Speed = convenience
- Experience / reduction in payment methods… building a network is important
- Live chat & Video are great for removing friction and helping the customer
- Have to learn how to streamline the checkout experience to empower the consumer
- Data & tools
- Some customers have decided before they even visit your site – allow them to transact easily
- Hard to gauge how the customer is impacted by different friction points
- Different businesses have different “frictions” – you should know the customer expectations
- Customer friction vs commercial friction
- Internal friction and external friction is just as important to the customer
- If you’ve got your checkout right you’ve sorted your main friction
- Friction is relative: find the right moment that matters most to the consumer
- Smarter, faster, swifter, frictionless check-out = guaranteed uptake in conversion
- Be where your customer wants to shop – and it’s not necessarily your website
- How can we decide if behaviour is good or bad?
Demand forecasting and planning
Moderated by Peak
Storyteller: Robert Dyas
- Forecasting supply is critical
- It’s never been harder to forecast forward
- It’s never too late to ask!
- Data is key but what to do once we have it to optimise opportunities?
- Traditional buying and merchandising still core to demand planning
- Online data informing store merchandising
- Bringing more data sources together to turn into insight and decision making
- How to forecast using AI for continuity and seasonality
- AI will improve the forecast and plan. The “old” methodology of forecasting isn’t working in current situation
- The utopian challenge of combining: buying, customer, forecasting
Unifying and activating customer data
Moderated by Blueshift
Storytellers: Fruugo & Crew Clothing
- Create supplier/brand cohorts
- Be aware of internal data silos
- How can we focus on the data outputs rather than the input?
- Use data for actions
- Keep customer data simple – hard to know what the output is – this is key to start with
- Return of QR codes – could be used and build loyalty if unique
- You must be able to organise data in order to utilise it
- Post covid there is a new normal. Thing that you thought were temporary are now permanent
- Important to know what to do to activate customer data
- Unification of data should be utilised beyond commerce, i.e demand planning /product
- Pandemic experiences progressing post pandemic
- QR codes are back…
- Data is valuable only if shared internally
- Key focus should be understanding the goal of data implication fast. Implementation should follow
Getting the biggest bang for your marketing buck
Moderated by Tapestry
Storytellers: Bamboo Clothing & Biscuiteers
- The many ways to track marketing
- Best way to collect data
- Click stream analysis for brand journey to customer
- Incrementally testing to understand channel attribution
- Consider regional tests as a means to measuring incrementality
- Think about regionalised testing to measure ROI when transaction isn’t owned
- Attribution is difficult for all, but test test test and you’ll make it clearer
- Clickstream analytics to understand long term attribution
- Work with the tapestry agency(!)
- Don’t be afraid to turn things off
- Incrementality can be achieved, be brave and turn things off
- Find better attribution methods
- Don’t measure everything in google analytics
- You can turn off affiliates
- Don’t be afraid to turn off and test paid for channels
- QR code at till for data capture/attribution
Connecting online & offline
Moderated by Emarsys
Storyteller: COOK Foods
- Attribution of offline campaigns
- Online – offline. Capturing data – is it through brand loyalty or transactional (eg. discount)
- The benefit of surprise and delight
- Gifting / samples – hard to see attribution but building brand love has a £ value
- Customer data acquisition is possible where there is brand trust and creativity
- Challenge of attribution – not just across channels, but all initiatives, e.g. free samples
- Removing data silos, data capture in physical stores, define the why and the information exchange balance
- There is a path to offline and online understanding
- Very hard to attribute in store sales from online customers
- Linking offline to online – attribution is key! Can we have data moving in both directions, adding value?
- Data capture: what is the value trade off – why should I identify?
- VIPs sending samples/gifts has a huge impact (halo effect) on sales through word-of-mouth marketing
The role of the store in the future of shopping
Moderated by Blue Yonder
Storytellers: Gentle Monster & Crew Clothing
- Customer experience can come first
- Get more robots
- Future shopping – no CRM data, just experience, experiencing experience in stores
- Focus on the experience first – product second
- Bring customer experience to store using technology through mobile, e.g. customer reviews product info
- Retail experience should be driven by brand values/vision
- Don’t think of online and offline as separate channels – promote/provide a seamless customer journey
- Find out more about endless aisle
- Stores – some will have more, some less, some staying the same.
- Forecasting with multiple outputs
- Location will dictate the role of the store
- How to effectively manage stock levels with delivering, in store and click and collect models
- There is a future for stores being able to support the rest of the business with stock being key
- Fulfil from store. Benefit to create agility between channels
- It is still a mystery what the future of the store looks like!
- Store still relevant. Retailers are not generally looking to close stores over the next 5 years.
- Opportunity to aid stock flexibility during period of challenging forecasting
Personalised product discovery
Moderated by Attraqt
Stories from: Lovehoney & adidas
- Data science & business creates a stronger collaboration
- Personalisation in key to product discovery and showing the right products
- AI recommendation should be based on your behaviour – so not 1 algorithm fits all
- Personalisation based on customer segmentation and enabling different decisions to be made
- Personalisation should be used with care and respect. It’s not just about £, remember the brand impact
- Every customer journey is different, must remember this at all times
- How do we tailor recommendations to customer groups and funnel stages
- AI can conflict with best practices from merchandisers
- Brand values vs commercial goals is a delicate balance
Building confidence in your tech investment strategy
Moderated by Thistle Digital
- Should platform hamper tech innovation
- Try to align objectives across teams before tech discussions
- Transparency of project
- Differentiation between pitches
- How do we decide what to build or what to buy?
- Assessing tech: refrain, refresh, retire, replace
- Tech being up to date with a support method to the brand
- Data – what to do with it, optimise it and align the partner to do the job
- Question over org design and decision making re: ecommerce and tech strategy
- Legacy systems often have legacy values
- Where do we start? Who do we start with?
- Define the business needs early! Before speaking to vendors
Tools to drive loyalty
Moderated by Virgin Media
- Emotive response to a brand drives loyalty
- Important to increase frequency of purchase – one of the main focuses
- Brand awareness is more of a loyalty driver than a lot of other potential channels for halfords
- How do we measure loyalty in different segments/groups?
- Are customers loyal or are we just convenient for them?
- Loyalty can be learned
- How do we test loyalty programmes before initiating them?
- What shop per year frequency is the right to aim for? How do we measure this?
- Active consideration is an early indicator of potential loyalty
- Loyalty is an emotional role, not just monetary
- Loyalty depends on sector, product and willingness to consider
- How do we define loyalty? Must consider transactional loyalty vs. emotional affinity
- If customer retention is over a longer time frame, how can you make sure the customer continues being an advocate?
- Loyalty is having an infinity with a brand
Intelligent customer segmentation
Moderated by Peak
Storyteller: Joules
- Hindsight, insight, foresight
- Understanding AI/data points connection
- Keep segmentation open to allow customers to move from one to another as their needs change
- Utilising customer data across the org is fundamentally about people
- Segmentation should be based on need/use etc. not traditions. Data helps to inform.
- Find the balance between human decision making vs informed ? driven by real data
- Let marketing/digital teams influence buying teams
- Tie up marketing and merchandising
- Track ? and frequency of each segment over time
- Marketing should steer merch discussions
- Segmentation must be paired with use. Value is ? when segmentation can drive decision making effectively