Canopy Labs hosted an interactive panel discussion focused on personalization throughout the customer lifecycle on March 8, 2018, welcoming thought leaders and innovators from diverse industries.
5 Tips to Increase Engagement and Loyalty as a Transaction Based Firm
- Offer free previews and packages for current customers to maintain dialogue with prime target audiences months in advance to new releases.
- Present a blended digital campaign and gift guide leading up to the holiday season to spur up excitement for the prime sales season.
- Create content personalized to a community instead of blast marketing using mass promotions and advertising.
- Target content to individuals based on tracked behaviour, not self-selected preferences.
- Invest in the creation and implementation of more advanced digital tools allowing for higher customer engagement.
On March 8, thought leaders in marketing and eCommerce shared their insights on the value of personalizing the customer journey and explored the intricacies of integrating marketing interventions into the customer lifecycle. The event encompassed a panel discussion featuring an all-star group of marketing innovators, moderated by Canopy Labs’ co-founder and CEO Wojciech Gryc. Panelists included James Connell – Vice President eCommerce & Marketing at Roots, Rob Lamb – Managing Director at the Canadian Opera Company, and Larysa Rodriguez – Director, Strategy and Channel Management, Global Targeted Marketing at Scotiabank.
We started the night hearing from Mr. Lamb from the Canadian Opera Company, who highlighted a few of the challenges and objectives faced by the performing arts sector. A few common questions came to mind amongst the crowd.
With an overall aim of gaining access to and driving revenue from more prospects, targeting groups with a high propensity to return, pinpointing their interests, and learning to sell smart are a few of the core achievable goals that the performing arts sector works toward.
The Idea of Data-Driven Success: The Common Thread of Engagement
Commonalities across Scotiabank, Roots, and COC’s engagement strategy show that content and communication channels are significant for companies across any industry. Apart from sponsorship and content creation, companies should be initiating new conversations with past clients through personalized and exclusive campaigns. For Roots, success metrics primarily focus on revenue and profit margin per customer. In addition, James Connell noted that lookalike audiences are highly valuable along with strong interaction channels for generating retail sales with the growing pool of eCommerce competitors today. Their last two-month holiday digital campaign resulted in over 12 million impressions with new content continuously created. Scotiabank focuses its success on customer engagement levels, using metrics such as retention rate, product count, cross-sell and up-sell rates.
Wojciech Gryc, and panelists, Larysa Rodriguez, James Connell, and Rob Lamb.
The Return on Investment: How Working With Canopy Has Affected Mass Marketing
- Scotiabank: With a goal of maximizing their financial services customer engagement, Scotiabank captures key insights from Canopy’s platform and applies these learnings to new, targeted digital channels. The team is focusing on data mining, innovation, and machine learning as the primary development areas, allowing the bank to take a customer-first approach and apply learnings to product development.
- COC: Quantifying results and defining strategic actions became much easier, given finite resources. The COC does not discount tickets, but the high ticket price is a barrier to entry. Therefore, it is important to reach out to an affluent demographic instead of high-income segments. However, ticket sales only account for 25% of the operating budget due to all the additional funding the COC receives from other sources.
- Roots: Since partnering with Canopy, Roots has been able to effectively use data to inform content they create, scale back with mass marketing, and invest in new technology with the saved money. Retail innovation has grown dramatically, and now Roots is looking to implement online chatbots and in-store devices that build comprehensive knowledge bases and create customer interactions. As it stands today, the top initiatives to drive ROI are behavioural emails and data sets that provide critical insights to the business.
10 years down the road…
All panelists agreed that accessibility and convenience will define the customer experience. Achieving the highest degree of the two will be the distinguishing factor between products and brands that customers are receptive to and those that they are not. Studies show that even within five years, customer experience will trump pricing and product as a critical brand differentiator across all service lines. In addition, attaining convenience while embracing community and social celebration will create an even more favourable and memorable customer experience.
Canopy Labs can enable this growth, with the ability to help organizations understand their customer journey and optimize experiences. We were thrilled to have hosted our inaugural event at The Spoke Club, Toronto. Stay tuned and subscribe to hear more about our future events.
Canopy Labs is a predictive analytics solution that helps businesses customize and optimize their customers’ journeys– enabling them to provide personalized 1:1 customer experiences. We’re helping businesses around the world, from Fortune 500 retailers to non-profit organizations and professional sports teams, change how they interact with customers. Contact us to learn more.