Data for Marketing Analytics
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1 Data for Marketing Analytics Measuring Value for Customers Objective Value Observed/Behavioral Value Conjoint/Tradeoffs Measuring Value of Customers Arvind Rangaswamy MKTG 521, Spring
2 Measuring Customer Value
3 Customer Value is Hidden Price is transparent. Value is hidden. Customer value could be a hidden source of wealth for a firm to potentially tap into to increase its profitability. MKTG 521, Spring
4 The Value Salami Cost, Price, and Value in a Market Economy Potential Value Lost Customer Value Perceived Value Customer Surplus or Economic Driving Force Value Added Price Pro-rated Total Cost Cost of Goods and Services Margin Value Created 0 MKTG 521, Spring
5 Customer Needs and Customer Value Measurement Customer Needs and Buying Process Present State Desired State Functional and Economic Needs Motivation Perceived and Psychological Needs Behaviors Ignore Postpone Engage in Purchase Process Search for options Evaluate options Choose product Purchase product Use product Customer Value Measurement Approaches Objective Measures of Value Perceptual Measures of Value Behavioral Measures of Value MKTG 521, Spring
6 Measuring Objective Customer Value
7 Choosing a Value Assessment Method Criterion Amount of Customer Info Needed Objective Value Based Behavior Based Perceived Value Based Conjoint/ Tradeoff? Unconstrained (e.g. Focus group) High Low Medium Low No. of Customers Low High Medium Any Good in Dynamic Markets? Past Purchase Data Available? Analysis Time Frame? Cost Yes No Partly* Partly* Not Necessary Needed Not Necessary Not Necessary Long Medium Long/Medium Short Very High/Respondent Medium High Low Insight Very High Medium High Low Appropriate for Lead Users? Predictive of Behavior? Yes No Yes No High Moderate Moderate Low * If we get customers to reliably report how they will behave after change. MKTG 521, Spring
8 The Objective Customer Value for our Offering Value of our offering = the hypothetical price for our offering at which a particular customer would be at overall economic break-even relative to the best alternative available to that customer for performing a given set of functions. MKTG 521, Spring
9 An Example Tool for Assessing Objective Customer Value This tool allows customers to evaluate different transformer designs to find one that has the best economic value. MKTG 521, Spring
10 An Example Value Calculation MKTG 521, Spring
11 Measuring Behavior-Based Customer Value
12 Choosing a Value Assessment Method Criterion Amount of Customer Info Needed Objective Value Based Behavior Based Perceived Value Based Conjoint/ Tradeoff? Unconstrained (e.g. Focus group) High Low Medium Low No. of Customers Low High Medium Any Good in Dynamic Markets? Past Purchase Data Available? Analysis Time Frame? Cost Yes No Partly* Partly* Not Necessary Needed Not Necessary Not Necessary Long Medium Long/Medium Short Very High/Respondent Medium High Low Insight Very High Medium High Low Appropriate for Lead Users? Predictive of Behavior? Yes No Yes No High Moderate Moderate Low * If we get customers to reliably report how they will behave after change. MKTG 521, Spring
13 Data Everywhere Marketers Dream or Nightmare? MKTG 521, Spring
14 Growth in Non-Traditional Data Complex Unstructured Data Traditional Structured Data Source: IDC report, As the Economy Contracts, the Digital Universe Expands (May 2009) MKTG 521, Spring
15 MKTG 521, Spring
16 MKTG 521, Spring
17 Raw Data Needs Formatting For Human Use MKTG 521, Spring
18 Data Size (Volume) Some Domains of Big Data Marketing Analytics Large (1) Search analytics (2) Marketing Analytics Online (3). e.g., Social media/social networks data Small Typical Marketing Analytics Data (1) User reviews (2) Process data (3) Low (structured) High (Unstructured) Data Complexity (Variety, Velocity) MKTG 521, Spring
19 The Many Challenges for Business Analytics Getting the data is much easier than making it useful. Relevant data may have to be integrated from many sources. Too much data where to start? What to focus on? What to keep? Lack of numerosity ( Number sense ) for the types of data we are seeing now. Data often are of poor quality for addressing questions of interest. Lack of skills (especially at business schools) for dealing with unstructured data. Businesses focus on correlation, academics focus on causation.. MKTG 521, Spring
20 Measuring Behavior-Based Customer Value
21 Choosing a Value Assessment Method Criterion Amount of Customer Info Needed Objective Value Based Behavior Based Perceived Value Based Conjoint/ Tradeoff? Unconstrained (e.g. Focus group) High Low Medium Low No. of Customers Low High Medium Any Good in Dynamic Markets? Past Purchase Data Available? Analysis Time Frame? Cost Yes No Partly* Partly* Not Necessary Needed Not Necessary Not Necessary Long Medium Long/Medium Short Very High/Respondent Medium High Low Insight Very High Medium High Low Appropriate for Lead Users? Predictive of Behavior? Yes No Yes No High Moderate Moderate Low * If we get customers to reliably report how they will behave after change. MKTG 521, Spring
22 Typical Approach to Measuring Value of Product Attributes When choosing a restaurant, how important is Circle one Not Important Very Important Decor Location Quality of food Price MKTG 521, Spring
23 Measured Value From Survey Average Importance Ratings Décor 5.7 Location 6.5 Quality of Food 7.1 Price MKTG 521, Spring
24 Another Example of Stated and Derived Importance MKTG 521, Spring
25 Conjoint Measurement: Deriving Value by Measuring Preferences/Choices The basic assumption of Conjoint measurement is that customers cannot reliably express how they value separate features of a product in forming their preferences. However, we can infer the relative value by asking for their evaluations (or choices) of alternate product concepts through a structured process. MKTG 521, Spring
26 Simple Example of Conjoint Measurement Product Option Cuisine Distance Price Range 1 Italian Near $10 2 Italian Near $15 3 Italian Far $10 4 Italian Far $15 5 Thai Near $10 6 Thai Near $15 7 Thai Far $10 8 Thai Far $15 Preference Rank MKTG 521, Spring
27 Simple Example of Conjoint Measurement Product Option Cuisine Distance Price Range 1 Italian Near $ Italian Near $ Italian Far $ Italian Far $ Thai Near $ Thai Near $ Thai Far $ Thai Far $15 1 Preference Rank MKTG 521, Spring
28 Measurement Via Forced Tradeoffs Example: Italian vs Thai = = 4 util units $10 vs $15 = = 8 util units So Thai is worth $2.50 more than Italian for this customer: = = $2. 50 Can use this result to obtain value to customer of service (non-price) attributes. MKTG 521, Spring
29 Overview of Conjoint-Based Decision Making Perceptions (Product Attributes) Customer Preferences Advertising Customer Choices Competitive Offerings Availability Market Share Customer Characteristics and Constraints (e.g. Budget) Costs Revenue/ Profit We can also reverse the process by determining which product attributes maximize market share or revenue. MKTG 521, Spring
30 Measuring Value of Customer
31 Value of Customers Anyone can measure the number of seeds in an apple. How to measure the number of apples in a seed? -- Anon MKTG 521, Spring
32 How to Place a Value on Our Customers? Individual-level metrics Satisfaction, i.e., more satisfied customers are more valuable Loyalty/Referral/Advocacy Customer Lifetime value (CLV) Aggregate metrics (Collective value of our customers) Net Promoter Score (NPS) Overall customer satisfaction (e.g., NPV/Customer equity.. MKTG 521, Spring
33 Annual Profit Customer Lifetime Value present value of a stream of revenue a customer produces Focus on long-term relationship, not a single transaction relationship value cost savings price premium demand increase base profit Time acquisition cost MKTG 521, Spring
34 Two Key Components of Customer Lifetime Value Economic Value: Total Lifetime Value of Customer (Risk Adjusted) Revenue Flow Less Cost-to-Serve Relationship Value: Reference Referral Learning Innovation, etc. MKTG 521, Spring
35 Economic Lifetime Value Calculation (Anticipated) Revenue Cash Flow (minus) (Anticipated) Cost to Serve Cash Flow Lowers? Discounted Profit Cash Flow Loyalty Risk Adjustment Lowers Risk Adjusted Cash Flow MKTG 521, Spring
36 Customer Relationship Value Reference Accounts (Give us prestige, high credibility) Referral Accounts (Give us high-quality leads) Learning Accounts (Help us refine our offerings/ beta testers) Innovation Accounts (Help us to develop new offerings) MKTG 521, Spring
37 Objectives for CLV-Based Management Reduce defection, i.e., Increase customer retention (Understand costs/benefits experienced by customers; meet competitive imperatives) Improve customer selectivity (Focus more effort on high-value customers who to serve? And, how to increase CLV share of wallet?) Boost cost efficiency ( A, B, C customers? Do we know true costs of servicing different customers?) Attempt to favorably alter the behavior of low-value customers. MKTG 521, Spring
38 Loyalty Effects of Credit Card Rewards Programs MKTG 521, Spring
39 Customer Relationship Value Managing Customer Portfolio Based on Value Lo/Negative Moderate High Understand and measure economic value Opportunity cost? Keep it going! Watch out Lo/Negative Moderate High Customer Economic Value MKTG 521, Spring
40 What Got You Here Won t Get You There MKTG 521, Spring
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