Custora had a fantastic time sponsoring and attending Brand Innovators E-Commerce in NYC on a beautiful, actually-felt-like-spring, spring Thursday.
Here are some highlights from the event:
Omnichannel was on everyone's minds yesterday. Jason John (VP Online, Mobile, Social Marketing at Gilt Groupe) presented Gilt's new TV ads, with their literal takes on "flash sales," and talked about using Cohort Analysis as one way to measure their effectiveness.
Sam Gagliardi (Marketing Director, Digital Shopper Solutions at Reckitt Benckiser) talked about Customer Lifetime Value being key to omnichannel marketing: More specifically, the ability to measure the value of customers acquired from each marketing channel in order to properly allocate budget and resources to each channel. We're on the same page.
Scott Lux (Vice President, E-Commerce and Multi-Channel, Diesel) presented this slide - an appropriate illustration to "omnichannel marketing" and the shift from a linear buying funnel to a multi touch point customer journey:
That's quite the slide title, Diesel.
Another "hot topic", that goes hand in hand with omnichannel, was attribution. A Google survey was mentioned, highlighting that only 14% of marketers believe Last Click attribution is effective, yet 54% use it. The survey was conducted two years ago, but based on the sentiment yesterday, it sounds like the results still hold.
Catherine Schenquerman (Manager of Customer Experience Marketing, JetBlue Airways) shared a great insight about attribution: While it's important to get it right, attribution is only one element to consider when thinking about the performance of your various marketing channels. It is equally important to look at which channels bring in better customers, and what is the customer mix - new vs repeat vs lapsed. Another excellent point Catherine made (and others echoed) was that channels shouldn't be judged solely on conversion and ROI - for example, JetBlue uses various social media channels for customer service. Steve Weinrib (Director, eCommerce, ABC Carpet & Home) talked about using Facebook as a platform for gathering product feedback from customers, and incorporating the feedback into the product roadmap.
** The great quote in the title is from Joseph Yakuel, Senior Director of CRM and Digital Marketing, The Vitamin Shoppe.
Coming up on our event schedule is Fashion Digital LA - come say hi if you're attending!
About Custora and how we can help: Custora provides a customer-centric marketing platform that helps e-commerce teams make customer acquisition and retention programs more profitable. Custora’s software uses advanced statistical models to identify distinct customer segments and predict how customers will behave in the future. This enables e-commerce companies to deliver more relevant and effective communications that promote long-term customer relationships. Custora is proud to work with some of the world’s leading e-commerce retailers, including Etsy, LivingSocial, Bonobos, Crocs, Wine.com, and One Kings Lane. If you’re interested in learning more about Custora, you can request a demo here.