Every company wants to be asking customers how they can improve their products and deliver a better customer experience. This feedback is often collected through telephone calls, focus groups, or conference workshops. From our experience, the most common approach is a digital survey, where a customer receives an email asking them to fill out a long website-based feedback form. (more…)Read More
At Canopy Labs, we work with businesses of all sizes to power 1:1 product recommendations in emails and websites. The revenue and customer engagement benefits of personalization are clear – and the more you personalize, the greater the impact that personalization will have on your business.Read More
Summer is well underway, and many businesses are beginning to promote Back-to-School sales. For marketers, now is the time to start planning for Black Friday and your marketing campaigns for the 2015 holiday season.
Black Friday continues to grow in popularity, with 2014 eCommerce revenue growing another 26% to reach $1.5 billion in the U.S. alone. Many of the businesses we work with generate nearly 50% of their annual revenue during the Thanksgiving weekend.Read More
Marketers know that customer retention plays an important role in fostering customer loyalty and revenue growth. After all, if you are losing a large chunk of the customers you bring in every month, then your hard-earned customer acquisition efforts are being siphoned away by churn.
But how do you know if your recent marketing and retention campaigns are performing well? In aggregate, top-line metrics such as customer growth or total revenue tell you very little about your individual customers, and can even hide recent successes – or problems – in your acquisition or retention efforts. Are newer customers acting in a similar way as our customers have in the past? Do these new customers spend as much as past customers? How much are they likely to spend in their first year?Read More
The future of marketing automation, personalization, and other B2C marketing strategies is top of mind for many marketers today. Consumers are inundated with abandoned cart e-mails, product recommendations, personalized pricing based on their segments, and more. With so many diverse strategies, the “marketing technology stack” is also getting more complex and harder to manage. More and more marketing professionals are asking how personalization is set to change, and how it will affect their day-to-day work. Today, we’re sharing a few insights that help shed light on the future of marketing automation, personalization, and customer analytics.
From personalization to “individualization”
According to Forrester, the need for “individualization” of content is becoming more prevalent over time. Personalization remains focused on business rules and models based on a limited amount of data – most companies “personalize” by building segments and catering unique content to those segments. Individualization – or as some would call it, Personalization 2.0 – moves away from this segment-based approach to one where every individual is offered a completely unique experience.Read More
One of the most common challenges we come across when talking to businesses is the need for a unified profile of each customer. A 360-degree view of your customers affords you the ability to respond to, and optimize for, each customer’s context and journey. Building this view can come with technical challenges, but the investment often leads to happier customers, more frequent purchases, and ultimately more revenue for your B2C business.
What you can do with a 360-degree customer view
1. It aggregates all your customer activity into one place. Customer activity is centralized into this view, so your business can track which channels each customer prefers, how they interact with you, and what their preferences seem to be.Read More
Over the past year, we’ve had the pleasure of working with companies to analyze and optimize over $15 billion in annual revenue. We’ve helped NHL teams sell season tickets, retailers with hundreds of stores personalize customer offers, and travel companies personalize product bundles for every traveller.
In the process, we’ve learned about the incredible importance of the customer journey. Every customer reaches a buying decision in a unique way, and understanding their stage in the buying cycle is critically important to converting them and earning their loyalty.Read More
Marketing automation has become an increasingly critical part of every organization’s digital strategy. From sending post-purchase surveys to abandoned cart emails, customers now expect helpful reminders with timing and content that’s personalized for them. Triggered emails based on certain actions or behaviors are the key to offering personalized and thoughtful customer service without putting more work on the marketer’s plate. What’s more, they represent easy opportunities to generate additional revenue and build brand loyalty in every one of your customer interactions.
Here are six reasons why every business should be sending triggered emails:Read More
Travel is one of the most logistically complex and data-heavy consumer-facing industries in the world. There’s nothing more difficult than optimizing for flight paths and times, finding a hotel, and ensuring you’ve considered a car rental… And this all happens after a consumer decides to make a purchase, which could take several weeks or months.
With so much complexity, it’s no wonder that personalization technology has yet to see universal adoption in this space. Many smaller companies still operate on a direct sales model, where an agent tries to determine an ideal trip. Alternatively, much of the searching and work is done by the consumer — from seeking hotels, to running their own filters on a website, and booking a reservation for themselves.Read More
Over the past several years, the Canopy Labs team has interacted with a number of financial services companies — in banking and in broader services, such as insurance and management consulting. Our experiences have given us a look into just how similar most analytics capabilities are within these companies, and to think of some opportunities to grow the effectiveness of their models and predictions. With that in mind, we’d like to share a few ideas that have yet to be in widespread use in financial services and represent opportunities for a bank or credit union to differentiate themselves. Here are three growing opportunities in analytics for financial services.
Behavioral web data
Even though most companies are collecting data on their website visitor and behavior, we have yet to see a financial services institution that is using this data effectively to segment clients and optimize their outreach. This is a no-brainer and does not even require further analytics; simply sending triggered e-mail marketing or running cold calling campaigns based on the resources a customer requests is a quick win for any data-oriented financial services organization. Indeed, this is often a better approach than investing in more heavy duty modelling capabilities.Read More