Data-driven services marketing in a connected world
V. Kumar et al., Journal of Service Management, Vol. 24, No. 3, pp. 330-352, 2013
김민준
2013. 8. 23
Overview
1. 현재, 서비스 마케팅에서 수집/사용 가능한 데이터 유형 및 수집원을 정리함 - Traditional data
- Digital data
- Neurophysiological data
2. 수집/사용 가능한 데이터를 기반으로 strategic and tactical business insights 를 위한 metrics을 소개함
- Customer lifetime value - Customer equity
- Expected service failure and recovery rates - …
3. 여러 metrics 를 한번에 보여주는 forward-looking dashboard를 소개함
4. Data-driven marketing 의 추후 연구과제를 제시함
Introduction
One of the biggest challenges facing marketing managers today
Lack of trust in the marketing department’s ability (The Fournaise Marketing Group, 2011)
Utilizing data to drive marketing decisions
The explosion of data from various digital sources has added to this challenge for marketers (Larivie`re et al., 2013)
Challenge faced in integrating channel-specific metrics
(ROI analysis, Brand awareness, Forward-looking metrics, etc.)
The objectives of paper (use of customer relationship management (CRM) as a foundation)
Link traditional and new sources of customer data and their metrics
Link data and metrics to strategic and tactical business insights
Integrate a variety of metrics into a forward-looking dashboard
Delineate future research directions in data-driven marketing
Data-driven Services Marketing
Marketing decision support system (Little, 1979)
Coordinated collection of data, systems, tools and techniques with supporting software and hardware
Gathered and interpreted relevant information from business environments and turns it into an environment for marketing action
Marketing management support systems (Wierenga and Van Bruggen, 1997)
Information technology
Analytical capabilities
Marketing data
Marketing knowledge
Data-driven service marketing
Use of data to inform and optimize the way through which these activities are carried out
Foster a mutually beneficial relationship between a firm and its customer(s) and, if possible, also
society
Contemporary Sources of Marketing Data and Metrics (1/2)
Three groups of marketing data
심전도기록 뇌파 전위 기록 뇌자기도 기록
기능적 자기 공명 기록
Contemporary Sources of Marketing Data and Metrics (2/2)
Strategic and Tactical Decision-making
Strategic decision-making
Traditional and Digital data
Market trends Market transitions Customer segmentation
Neurophysiological data
Market segmentation
Read the emotional response of the customer and provide more accurate and scalable emotional insights
Tactical decision-making (traditional and digital data)
Traditional and Digital data
Service operations
Neurophysiological data
Trigger emotion versus cognition based responding or heuristic versus deliberated responding
An “executive” Services Marketing Dashboard (1/4)
Marketing dashboards
Solving the issue by “bringing the firm’s key metrics into a single display”
Make it easy to scan the individual metrics, and see patterns in their interdependence
An “executive” Services Marketing Dashboard (2/4)
The plentitude of data sources and tools available translates into metrics and KPIs
Popular marketing metrics currently in use (Kumar and Reinartz, 2006)
Traditional marketing metrics
Market share, Sales growth
Primary-customer based metrics; and
Customer acquisition, Customer activity, Customer win-back
Strategic customer-based value metrics
Recency, Frequency and Monetary value (RFM), Share of wallet (SOW), Past customer value (PCV)
Future customer purchasing behavior 예측하기는 어려움 (가정사항: 과거행동 = 미래행동)
다른 metrics 이 필요
(a metric that can accurately predict the future profitability of a customer and strengthen resource allocation budgets)
Customer Lifetime Value (CLV)
CLV makes certain that valuable (and not merely loyal) customers are profitable (Kumar, 2008b)
Likelihood of a customer being active in the future
Marketing dollars that need to be spent to retain the customer Achieve a positive return on investment (ROI)
When a customer buys, how much a customer buys and how much it costs to make the sale
Customer equity (Rust et al., 2004; Schulze et al., 2012)
Summing the CLV of all customers leads to customer equity
What customers think about the relationship with the firm and fit between customer needs and services
However, customer equity and CLV do not provide every possible piece of information
An “executive” Services Marketing Dashboard (3/4)
An “executive” Services Marketing Dashboard (4/4)
Other metrics
Customer engagement value (Kumar et al., 2010a, b)
Provides a snapshot of customer health that encompasses CLV, customer referral value, customer influencer value, and customer knowledge value
Expected churn rate
The potential financial losses associated with customer churn
Expected SOW
At a customer level, a function of performance relative to competitors in each customer’s usage set and then aggregated to the firm level
Expected service failure and recovery rates
Industry-specific HR/employee engagement metric (Dulebohn and Johnson, 2013)
Industry-specific operational metric
Service-relevant, complementary and forward-looking
Future Challenges
Top management support and financial benefits
A strategic priority and invest in the right managerial talent and decision support systems
Managers need to understand the economic benefits of using data-driven strategies
Developing data capabilities, data orientation and tackling data analytics
Establishment of an IT infrastructure that enables collection, storage and analysis of very large amounts of data
Trained employee to use data, to monitor and understand dashboards, discover trends and data patterns
Establishing causality Identifying trigger events
Link between online and actual behavior
Ethical considerations
Individual privacy
