Finding Retail Marketing Efficiency in 2021

Contributed by DELVE

Last year, we saw the COVID-19 pandemic alter buyer behavior as consumers migrated to digital purchase channels. In 2020, McKinsey uncovered that 40 percent of consumers reported switching brands or retailers. Gartner noted that “Marketing organizations are ill-prepared for COVID-19’s impact on the global economy and consumer sentiment, and this crisis will only exacerbate the budget strain we saw developing in 2019.” Indeed, in this new world where retail marketers are being asked to do more with less, it’s imperative to search for ways to attract more shoppers, increase purchase conversion, and generate more repeat purchases. 

Now a year into the pandemic, what have we learned? 

Some brands were prepared and COVID accelerated their growth (think Amazon.com) while others were exposed due to their lack of omni-channel attribution and data-driven personalization to capitalize on shifting consumer purchase behavior. 

Data-Driven Marketing: Why Solve Now 

Many retailers suffer from a lack of unified view of the customer journey to inform marketing mix decisions. A report from Salesforce.com found that “only 51% of retail and consumer goods marketers are actively mapping the customer journey across the company.” This is leading to marketing waste as decisions regarding audience targeting, offer structure, and campaign delivery are relying on historical (inaccurate) or incomplete data. 

Getting this right can lead to measurable performance gains in Return on Ad Spend (ROAS), average order size, customer acquisition cost (CAC), and customer lifetime value (cLTV). 

What Retail Leaders Do Differently 

Retail leaders understand that marketing efficiency is all about aligning the right message, in the right medium, at the right time, to the right audience to maximize conversion. Doing it well means having a deep understanding of audience segments (both prospects and customers) so that the appropriate message, medium and timing can be orchestrated. Simply put, when it comes to digital media, industry leaders “buy smart, not more” by hyper targeting high-value, high-conversion potential audiences. They also realize that consumers want purchase experiences — and that includes personalized offers that speak to their lifestyle, life stage, and/or aspirations. 

By deepening customer understanding and orchestrating the right message and right medium at the right time, retail marketers can eliminate budget waste from their marketing investments. 

The payoff of personalizing the right offer at the right time can be significant and measurable. McKinsey & Company notes that “Today’s personalization leaders have found proven ways to drive 5 to 15 percent increases in revenue and 10 to 30 percent increases in marketing-spend efficiency.”

While this can sound daunting for retail marketing teams that are struggling to assimilate their data and apply analytics, it doesn’t have to be. 

So how do retail marketing leaders do it? 

They apply 7 techniques to drive marketing efficiency and deliver superior financial performance: 

  1. Tech stack optimization – consolidate and streamline tools to reduce license costs, data/reporting complexity, and lost staff time. 
  2. Attribution modeling – map cross-channel touch points along the buyer journey that lead to conversion, and then segment by value (LTV, average order size, etc.) to understand impact to revenue and EBITDA. 
  3. Audience suppression – improve campaign performance by weeding out audiences with low value or conversion potential. 
  4. Conversion probability – identify audiences with a high potential to convert, therefore refining audience targeting to improve ROI and ROAS. 
  5. Hyper-local targeting – granular geo-targeting that can be combined with other data sources to refine audience to improve ROI and ROAS. 
  6. Bidding automation – optimizing machine learning capabilities in platforms such as Google Ads to refine paid media bidding to align with specific goals (ROAS, target CPA, conversions, etc.) 
  7. Offer personalization – apply buyer journey data and dynamic creative optimization (DCO) to deliver highly relevant and timely offers (right message, right medium, right time). 

The Business Benefits of Getting it Right 

By finely targeting audiences and personalizing offers to their specific needs, retail marketers can deliver big financial gains: 

  • Reduce acquisition costs by as much as 50%
  • Increase revenue by 5 to 15% 
  • Increase marketing spend efficiency by 10 to 30%

For a deeper dive, check out a series of white papers by data analytics agency and Google Top 25 partner, Delve — or talk to their experts at the virtual Transformational CMO Assembly and Transformational Retail Assembly, May 25-26. 

About DELVE 

DELVE helps brands improve marketing ROI and accelerate revenue growth by identifying and converting their most profitable audience segments. As a data science expert, we integrate disparate data sources and technology stacks to deliver analytics and predictive insights that business leaders trust to improve decision making. As a digital marketing partner, we act as an extension of brand marketing teams to plan, deliver and optimize analytics-first media campaigns to accelerate lead generation and recurring revenue growth. As a technology consultant, we provide digital skills training and technology integration services to sharpen digital competency. With locations in North America and Europe, DELVE is trusted by brands around the world for efficient revenue growth. DELVE is a certified Google Marketing Platform Partner, a Google Cloud Certified Services Partner, and one of Inc. 5000’s fastest-growing companies.

#MillenniumLive on Healthcare’s Blockchain Revolution with Pradeep Goel

Everyone knows that blockchain is changing the financial services industry, but did you know it’s also revolutionizing healthcare during the COVID-19 crisis? In this week’s #MillenniumLive episode hosted by Millennium Co-Founder Alex Sobol, our special guest Pradeep Goel shares how blockchain is improving access to care, empowering consumers with information, reducing waste, and lowering the cost for healthcare around the world. Goel also discusses his upbringing & background, what drew him to healthcare, and the role he played in the implementation of the Affordable Care Act. Our uniquely qualified guest is the Chief Executive Officer at Solve.Care, the first global platform for healthcare benefits administration tasked with redefining the way healthcare is accessed, delivered, managed, and paid for.

powered by Sounder

Listen to this podcast episode on Spotify, Apple Podcasts, Google Podcasts, or SoundCloud

About Pradeep Goel

Pradeep has deep expertise in healthcare, human services, finance, and technology. Before taking the reins at Solve.Care, he led multiple innovative technology companies in the roles of CEO, COO, CIO, and CTO for over 26 years. Pradeep has been passionate about designing and building solutions for public programs, such as Medicaid, the Children Health Insurance Program, Medicare, SNAP/TANF, the Child Welfare Program, and other health insurance and health information exchanges. In his time, he has built four healthcare IT companies and taken them to the top of Deloitte’s Technology Fast 500, INC500/5000 fastest growing companies lists multiple times. Pradeep is also in the rankings of the 100 Most Promising Entrepreneurs Worldwide, as compiled by Goldman Sachs.

CIO Trailblazer, Stuart McGuigan, Keynotes Our Upcoming Assembly!

Digital transformation never stops for the C-Suite, and we’re honored to have one of the most impactful CIOs of our time kicking off the discussion at our Digital Enterprise CIO, Data & FSI Transformation Virtual Assembly taking place on June 15-16, 2021. Keynote Speaker Stuart McGuigan will start the event with a keynote address tackling the topic of digital transformation for today’s technology leaders. 

McGuigan is an industry leader with a background as the Former CIO for the US Department of State, Johnson & Johnson, CVS Caremark and Liberty Mutual. In his most recent position as the CIO of the US Department of State, he left behind a legacy of spearheading the department’s digital transformation journey during the COVID-19 crisis. His areas of focus include business transformation, creating agile cloud environments, enterprise architecture and cybersecurity management. If you’re interested in learning from Stuart McGuigan’s experiences, go here to request an invite for our June Virtual Assembly!

About Stuart McGuigan

During the last administration, Stuart McGuigan was the CIO for the U.S. Department of State, a member of the Senior Executive Service, and the Assistant-Secretary level head of the Bureau of Information Resource Management on. As Chief Information Officer (CIO), he established technology strategic direction and provided oversight for $ 2.4B of technology programs across the Department of State.

Mr. McGuigan joined the Department of State from Johnson & Johnson where he was responsible for global Information Technology strategy and operations for an organization with 130,000 employees at over 170 overseas and domestic locations. With an established reputation for rapidly aligning technology innovation with global business needs, Mr. McGuigan brings over 33 year of industry background including experience as Senior Vice President and CIO of CVS Caremark, Senior Vice President and CIO of Liberty Mutual, and Senior Vice President of Information Services for Medco Health Solutions.

Mr. McGuigan earned a Master of Science and Master of Philosophy degrees in the Cognitive Science program at Yale University and has a Bachelor of Arts degree in psychology from Fairfield University. In 2018, Mr. McGuigan was inducted into www.CIO.com’s CIO Hall of Fame, and he is the recipient of the “Lifetime Contribution Award” from NASSCOM—India’s top not-for-profit IT organization, enabling India’s growth of its $154 billion dollar IT-Business Process Management (BPM) industry.

Fireside Chat with David Sable & Craig Brommers on Marketing & Retail’s Digital Transformation

Our upcoming Transformational CMO & Retail Virtual Assembly will connect leading C-Suite executives to discuss digital transformation, innovation, and the latest research affecting the sector. The event kicks off on May 25th with a Keynote Fireside Chat featuring our Advisory Board member David Sable and his colleague Craig Brommers. The two have proven themselves as trailblazers of their industries – Sable being the Former CEO of one of the world’s largest marketing organizations, Y&R, and Brommers with an incredible background leading retail brands American Eagle Outfitters, GAP, Abercrombie & Fitch, and Calvin Klein.

Sable and Brommers’ Fireside Chat will dive into marketing and retail transformation, “out of the box” innovation as an essential to business, and the resulting effects of the COVID-19 crisis on consumer attitudes, beliefs, and behaviors. The two will also answer questions live from audience viewers. If you’re interested in joining the virtual assembly on May 25-26th, go here to request an invite. 

About David Sable

Author, Entrepreneur, Social Activist, Storyteller, and Former Global CEO of Y&R, one of the world’s leading global marketing communications companies, with 187 offices in 91 countries. An early digital entrepreneur, tapped for marketing and digital expertise around the world, with an active presence in the blogosphere. World traveler. Gamer. Die-hard Doors fan. Grandfather. Hippie at heart.

About Craig Brommers

Craig Brommers has led global marketing for the most iconic brands in retail – Gap, Abercrombie & Fitch, and Calvin Klein. Last year he joined denim leader American Eagle as the new CMO. The youth culture brand has recently partnered with Gen Z favorites such as Addison Rae, Chase Stokes, and Madison Bailey on innovative, digitally-led campaigns.

#MillenniumLive on New Tech Solutions with Espressive

Joining #MillenniumLive​ this week is Pat Calhoun, CEO at Espressive. As the Chief Espressionist, Pat enlightens us on how organizations are leveraging collaboration tools, the value of implementing a virtual agent for employee self-help, and how an automated service like the Espressive Barista is effectively better serving the enterprise.

powered by Sounder

Watch the video interview below, or listen to the podcast episode on Spotify, Apple Podcasts, Google Podcasts, or SoundCloud.

Barista Case Management – Why Should IT Have All the Fun?

Chances are IT has an IT service management (ITSM) tool that works for them but is too expensive and complex to deploy across the enterprise. Barista Case Management is an easy but powerful way for internal service providers such as HR, Payroll, Facilities, and Sales Operations to improve the experience and quality of support that they offer to employees.

With Barista, IT can keep using their tool, while the rest of the enterprise can use Barista Case Management. Barista is smart and can predict which team can handle a given request, so employees no longer need to guess which team can help. Barista does that for them.

Go here to learn more about Barista Case Management

The Millennium Alliance Comes Out Of The Gate At A Record-Breaking Pace in 2021

NEW YORK – May 6, 2021 – Coming off of the strongest Q1 in its seven-year existence, The Millennium Alliance has continued to build off of what has quickly become a record-breaking 2021 across the board thus far, now fresh off of their most successful April in company history. This comes in large part due to their aggressive investment in talent acquisition by obsessing over bringing onboard and developing top talent company-wide. “The talent and resilience of the people at Millennium have allowed us to grow in every sense of the word. Our momentum is attracting great people and we’re thrilled to bring in so many new outstanding individuals. These new hires are essential in contributing to our continued success.” – Victoria Rowland, Vice President, Human Resources, The Millennium Alliance

With many organizations continuing to scale down their team headcounts, Millennium has doubled down on their vision of consistent growth, hiring 17 new employees since January alone. This commitment to recruitment has helped to catapult them into a prime position to strategically serve their members and partners as the demand for their unique digital portfolio continues to increase. This includes its Educate & Engage Virtual Platform, Two-Day Virtual Assemblies, The Digital Diary Content Platform, the #MillenniumLive Podcast Series, as well as industry-leading Executive Education Opportunities. Between the company’s expansion of its team, along with its diverse portfolio of offerings, Millennium has experienced more than a 25% growth in overall revenue from its previous highest first quarter since their inception in 2014.

“Record-breaking growth is always exciting. What has made Q1 and the start of Q2 so special is the catalyst of this growth has been a combination of increased spend from current clients and new clients being introduced to us via word of mouth. After a year of uncertainty, it feels good to provide a sense of certainty to our clients in terms of the value we are providing. I am very much looking forward to what the rest of 2021 has in store for Millennium.” – Salvatore Papa, SVP & Managing Director, The Millennium Alliance

Having already laid such a solid foundation for this year, one thing that’s for certain is that Millennium is planning to continue to propel itself to new heights by overdelivering to its members and setting some new records along the way.

For more information or to get in contact with The Millennium Alliance directly, contact
info@mill-all.com.

ABOUT THE MILLENNIUM ALLIANCE
The Millennium Alliance is a leading technology and business educational advisory firm with the sole mission of helping to transform the digital enterprise. Through our executive education platform, peer-to-peer learning model via our senior-level Assemblies, exclusive research projects conducted with Ivy League academic institutions, and our numerous digital properties, we have become a trusted source for real-world tangible learning and engagement opportunities for senior executives and their technology partners.

This all started in 2014 when our founders, Alex Sobol & Rob Davis decided to create the most intimate, high-level & exclusive in-person and online thinktank for leaders in a wide variety of industries within both the private and public sectors: The Millennium Alliance. Since its founding, Millennium has built a strong reputation nationwide, now with thousands of engaged Members, and was recently featured on the Inc. 5000 list of fastest-growing companies. The Millennium Alliance is headquartered in Midtown Manhattan with offices in Austin, TX.

Building upon its award-winning conference and executive education businesses, today, The Millennium Alliance continues to stay connected with its C-Suite Members and partners through intimate Virtual Assemblies, industry-leading Executive Education Opportunities, and by providing exclusive industry insights from the nation’s leading academics, business leaders, and technology providers via our 40+ annual events and Digital Diary Content Platform as well as the rapidly growing #MillenniumLive Podcast Series.

Your April Assembly Recap

This past April, The Millennium Alliance was proud to host two engaging Virtual Assemblies for C-Suite executives and top industry thought leaders. First up, we had our Healthcare Providers & Payers Transformation Virtual Assembly on April 20-21, which was followed by our Transformational CISO Virtual Assembly on April 27-28. In case you missed either event, read about some of the sessions below!

Healthcare Providers & Payers Transformation Virtual Assembly

Lessons Learned from our Healthcare Keynote

Starting off our Healthcare Providers & Payers Transformation Assembly was David Shulkin, Ninth Secretary, US Department of Veterans Affairs, with a keynote on healthcare in the private and public sector. He shared some of the lessons he learned during his time in government that he transferred over to the private sector. The big takeaway: access is essential. Dr. Shulkin mentioned some of the ways he promoted accountability for increasing healthcare access for veterans, some of which were controversial. In addition to increasing the public visibility of the VA’s operations, Telehealth has also played a role in improving access, especially for Veterans. Dr. Shulkin touched on some of these points when he joined us for a #MillenniumLive podcast episode, which you can listen to here.

 

Insights from the Healthcare C-Suite

Sumair Akhtar, Chief Clinical Officer, at Stella Health led the discussion on population health, incentives, and value-based care. He spoke of the the issue surrounding inequity in healthcare and outlined some of the ways Stella is working to improve outcomes. This includes “boots on the ground” incentives that address food insecurity, housing, and substance abuse counseling. He also noted that healthcare organizations can utilize data to streamline population health strategies and foster more collaboration between providers and payers. 

The next workshop was led by Peter Pronovost, Chief Clinical Transformation & Quality Officer, University Hospitals Cleveland. He raised the question: how can we make a dent in the trillion dollar healthcare problem? According to Dr. Pronovost, we can do this by providing the highest-value care, re-writing the narrative that defects are inevitable, and shifting from reactive to proactive care. He outlined a three step plan for creating a change in narrative: 1. Stop believing that defects in value are inevitable and start believing they are preventable. 2. Stop believing that value is someone else’s responsibility and start believing it’s all of ours. And 3. Stop believing that heroism and economic incentives alone will solve the problem, and start believing that we have to redesign care around patient’s needs.

The Millennium Alliance was proud to present the 2020 Provider & Payer Innovator of the Year Awards. Millennium Advisory Board Member Ashish Atreja of UC Davis Health sat down with the winners for a conversation on fortifying the relationship between provider and payer for more innovation in the healthcare space. Congratulations to our winners of the 2020 Healthcare Provider Innovator of the Year Award, Angela Yochem, EVP, Chief Transformation & Digital Officer, Novant Health UVA Health System, and the 2020 Healthcare Payer Innovator of the Year Award, James Grant, SVP & Chief Medical Officer, Blue Cross Blue Shield of Michigan.

Albert Marinez from Intermountain Healthcare talked data & analytics as drivers of transformation in healthcare. He emphasized the importance of creating a culture that supports innovation and breaking past legacy systems. According to Albert, a disruptive mindset, platform agility, and the spirit of innovation are key characteristics of breakthrough performance. He also discussed the key value propositions for data & analytics, which include data utility, data as a business decision enabler, and data as a driver of business through opportunity.

Sidney Dixon, Vice President & Chief Applications Officer at Tower Health closed out day one of the assembly with a presentation on the 21st Century Cures Act and its importance to the health IT professional. He went in depth about Information Blocking Provision, which actors it affects, and the 8 exceptions to the rule. It’s now up to healthcare systems to strategize in order to handle these changes.

The Latest from our Healthcare Thought Leaders

We kicked off day two of the Assembly with a keynote panel led by Michele Chulick, Former Chief Executive Officer, Wyoming Medical Center with panelists Ashok Chennuru from Anthem, Pamela Peele from UPMC Health Plan, Purna Prasad from Northwell Health, and Christopher Rehm from LifePoint Health. The panelists shared insights on leveraging data for a holistic view of patients and members, and shared the belief that the real challenge is not acquiring data, but rather making it fit for consumption. They noted that the shift to Telehealth could spark the greatest disparity in access to healthcare due to the fact that the digital divide is largely impacted by socioeconomic factors, language barriers, etc., and therefore should be used as a tool to reach communities and not as the “end all be all.” Reaching sub-communities, overcoming language barriers, and a lack of accessibility are still concerns for Telehealth that the panelists intend to address within their organizations.

Check Out What’s New with Our Solution Providers

AKASA    WellSky Corporation

3M   Nuance    Emdee    Globant

And the Winner of The Millennium Mission Prize is…

The winner of the Healthcare Providers & Payers Millennium Mission prize has chosen to make his donation to the Wounded Warrior Project on behalf of our Keynote Speaker, David Shulkin! The winner, who will remain anonymous, was inspired by Dr. Shulkin’s advocacy of veterans and selected WWP, which supplements some of the work the VA does to help returning veterans heal. We are honored by this act of humility, and we are thrilled to donate $1,000 on behalf of David Shulkin, who continues to serve as an inspiration for leaders in the healthcare community and beyond.

Transformational CISO Virtual Assembly

Lessons Learned from our Cybersecurity Keynote

Flavio Aggio, CISO of the World Health Organization, kicked off the assembly with a keynote on pandemic-driven cyber attacks. What was the big takeaway? Humans are the biggest and strongest links in cybersecurity. This means that technology should be human centric and collaboration between decision makers and cybersecurity professionals is essential. After the pandemic hit, Flavio’s team accelerated multi-factor authentication, threat intelligence, zero trust strategy, and sparked the implementation of DMARC and monthly phishing exercises.

Insights from the CISOs

The first workshop of the day was led by Thomas Dager, VP, CISO, Archer Daniels Midland, who addressed the issue of remote work and tracking a multitude of off-premise devices. Some challenges include switching from desktops to laptops, the inability to issue new devices in locked-down countries such as India, lack of visibility on home devices on separate ISPs, and tracking employees’ security measures remotely. He noted that these challenges have led CISOs to adjust and adopt new acceptable use policies and innovative new VPN systems and technologies that allow for personal device use.

In his workshop on creating a culture of security within an organization, Gopal Padinjaruveetil, CISO at Auto Club Group – AAA, explained how he uses psychology to achieve this goal. Because hackers use psychological tactics to launch an attack, AAA uses psychology to prevent attacks. One way Gopal does this is through phishing tests followed by interviews, which gives him a better understanding of the rationale behind a failed test. He found that employees who clicked on the links noted in their interviews that they were distracted, or that they felt manipulated and deceived by the test. The main goal of AAA’s cybersecurity team is not to raise awareness, but to raise effectiveness, which emphasizes learning rather than punishment when mistakes are made.

Zero Trust is on the rise, and Randy Marchany, CISO at Virginia Tech, tackled the subject in his workshop session. He noted that in your ZTN, all data must besecure regardless of location, user identities must be confirmed, and all network traffic should be logged and analyzed. Ransomware has been around since the late 1980s, but the problem is only growing, so cybersecurity professionals must be aware of all threats and mistakes. Some common security mistakes made by individuals include poor password management, leaving computers on and unattended, opening email attachments from strangers, and not installing antivirus software, to name just a few. Randy also mentions that it is important to log successes as well as failures, which helps with comparison and tracking anomalies.

Rizwan Jan, VP, CIO, Henry M. Jackson Foundation for the Advancement of Military Medicine, talked insider threats in his workshop session. He discussed how protecting data from insider threats has become increasingly difficult now that there is no longer a “networking perimeter”, but rather a multitude of endpoints including mobile, IoT, and more. The key takeaway was that insider threats are a human problem, not a technology problem. This means cybersecurity professionals must understand threat actors and the data they’re going after, and then assess an action plan to protect their organization’s data. 

Raj Badhwar from Voya Financial led the conversation on quantum computing and the risks they will pose in the near future. Due to quantum computing’s ability to have 2^N states simultaneously, which leads to superior speed of performing unstructured search and the capability to perform faster factoring of semi-primes, it will eventually pose a security threat. This means that enhancing cryptographic schemes, such as lattice-based, multivariate, hash-based, or code-based cryptography, should be prioritized by today’s CISOs.

Jennes Zhang from Procter & Gamble discussed cybersecurity in a HyperCloud environment. In the past, his team outsourced much of their IT and found that they didn’t have enough security. As of three years ago, the team started to handle their core competencies internally, which dramatically improved their maturity level over time. He made the point that the cloud works best when you can manage the workload dynamically. P&G took initiatives such as establishing security operations centers to monitor security operations 24/7, mandate security agent installation for every application, implementing a micro segmentation capability, and more.

Recruitment and training in the Cybersecurity space is a challenge, but Jennifer Watson, CISO at Celanese tackled the subject in her workshop discussion. The question is: where do you start? According to Jennifer you can start from scratch, or a “green field”; a partial team, a team that is organically grown; or a mature team, which means holding onto existing talent. She emphasized the importance of looking for soft skills when bringing in talent, and then working on developing hard skills through good mentorship. On the subject of retention, employers must create a clear career path for new talent while also enabling flexibility within the work environment.

For the final workshop of the Assembly, Eduardo Lopez, DCISO, USCIS, talked about Identity Access Management. Eduardo notes that Internal access controls are the core element of security best practices, and they are the CISO’s responsibility. Logical access control tools should make the user experience as seamless as possible, and building in automation is key. He also provided insights on best practices for Privileged Access Management, Secrets Management, and more.  

The Latest from our Cybersecurity Thought Leaders

Day two of the Assembly started with a thought-provoking keynote panel on building a culture of cybersecurity led by Keri Pearlson, Executive Director, Cybersecurity at MIT Sloan with panelists Paul Connelly from HCA Healthcare, Andrew Coyne from Mayo Clinic, Sachin Kothari from Johnson Controls, and David M Monahan from Bank of America. The panelists agreed that privacy and security go hand in hand, security awareness campaigns are essential, and technology alone is not enough to maintain security within an organization. They talked in depth about focusing on using communication to promote security awareness. Panelists also noted that testing is essential, but the goal should be to teach employees best practices, not to punish them for their mistakes. Another common theme among panelists was the importance of strong cybersecurity leadership when creating a culture of security.

Check Out What’s New from Our Solution Providers

Palo Alto Network   GitGuardian   Threat Locker

Cloud Range   BeyondTrust   Qualys   Fortinet

And the Winner of The Millennium Mission Prize is…

The winner of the Transformation CISO Millennium Mission prize is Keith Stocks, Vice President, Information Risk Management at Union Bank! We are thrilled to donate $1,000 to Asian & Pacific Islander American (APIA) Scholars on behalf of Keith Stocks.

Michael Leiter Set to Keynote Our Upcoming Transformational CISO Virtual Assembly

The conversation on cybersecurity is more important now than ever, and we are honored to welcome our Keynote Speaker Michael Leiter to kick off the discussion at our Upcoming Transformational CISO Virtual Assembly on June 8-9. Michael Leiter is currently a Partner at international law firm Skadden, Arps, Slate, Meagher and Flom, head of the firm’s CFIUS, National Security, and International Trade practice, and co-head of the firm’s Cybersecurity practice. Leiter previously served as the Director of the National Counterterrorism Center (NCTC), appointed under President Bush and asked to stay on for the Obama administration. 

In his keynote, Michael Leiter will discuss Cyber Insecurity and Global Insecurity and what it means for companies. A true security expert in both the private and public sector, Leiter is sure to deliver an unforgettable keynote. To tune in for this session, request an invite here.

About Michael Leiter

Michael Leiter is a Partner at Skadden, Arps, Slate, Meagher and Flom, and head of the firm’s CFIUS, National Security, and International Trade practice, and co-head of the firm’s Cybersecurity practice. He joined Skadden having served in numerous senior national security, technology, and business roles over the past two decades. While in government, Mike served multiple administrations, most notably as the Director of the National Counterterrorism Center (NCTC), having been nominated by President George W. Bush, confirmed unanimously by the U.S. Senate, and asked to remain by President Barack Obama. As the Director of NCTC, Mike led the primary organization in the U.S. government for analysis and integration of all terrorism intelligence, and he was intimately involved in all aspects of the operation that resulted in the death of Usama bin Laden. In the private sector, Mike led M&A and a $2.5B business for Leidos, a Fortune 500 technology company, as well as overseeing government and commercial cyber operations for Palantir Technologies. Mike currently serves on numerous boards, to include as Chairman of the RAND Corporation. Mike received his J.D. from Harvard Law School, where he graduated magna cum laude and was President of the Harvard Law Review. He subsequently clerked for Justice Stephen Breyer and Judge Michael Boudin, and also served as an Assistant U.S. Attorney in the Eastern District of Virginia. Prior to Harvard Mike served as a Naval Flight Officer flying EA-6B Prowler electronic warfare jets in the U.S. Navy, and participated in combat and peacekeeping operations.

#MillenniumLive with Care Analysis

Meet the Care Analysis team on this week’s episode of #MillenniumLive! We sat down with the team to discuss how Care Analysis is working with healthcare facilities to improve both the quality and cost of care, leading to greater patient satisfaction and increased HCAHPS scores. The easy-to-implement platform utilizes data to provide insights on potential areas of improvement and identify data-driven solutions.

Watch the video interview below, or listen to the podcast episode on Spotify, Apple, Google, or SoundCloud.

Solution Synopsis

Care Analysis is an advanced clinical analytics solution that acts as a digital doorway across health information systems. The platform allows teams to access intuitive dashboards to actively manage employee performance, optimize staffing, and even prepare for litigation and regulatory surveys. Implementing both predictive and prescriptive analytics, Care Analysis reveals blind spots so that data-driven decisions can be applied and validated with confidence. By providing a 360-degree view of entire data systems from the broadest level down to the most detailed datasets, Care Analysis transforms the patient experience by balancing the quality of care with an understanding of cost and financial resiliency.

Improving Retail Data Insights in 2021

Contributed by DELVE

Last year, we saw the COVID-19 pandemic alter buyer behavior as consumers migrated to digital purchase channels, engage in brand switching, and change consumption patterns. This disruption stress-tested the data capabilities of retailers and brands as their historical demand models and forecasts were rendered obsolete and they scrambled to analyze real-time data on new consumer behavior patterns. 

For leaders like Amazon, they extended their competitive advantage (and revenue growth). For others, it was clear that they had gaps in their omni-channel customer insights. Only by gaining a clearer picture of buyer/customer journey behavior can retailers improve corporate decision making across areas as broad as product assortment, demand generation, customer experience, and loyalty initiatives. 

As customers use more channels and touchpoints to shop, the customer journey has become increasingly complex. Delivering the type of seamless, personalized omni-channel experiences customers expect requires a data-driven marketing approach — one that can integrate customer data from numerous sources and derive real-time and predictive insights. Yet over half (51%) of retail and consumer goods marketers report not having a completely unified view of the customer journey. The biggest challenge, according to 70% of consumer packaged goods companies, is the inability to integrate data from multiple sources.

Data-Driven Marketing: Why Solve Now 

McKinsey & Company reported in the first half of 2020 that consumers have vaulted five years in the adoption of digital. And while consumers will eventually return to shops when the outbreak is over, the new normal will still include more online activity than previously. In fact, 75 percent of consumers using digital channels for the first time say they will continue to use them when things return to “normal. 

McKinsey & Company goes on to say that “Marketers will need to think through how to manage today’s new wave of data and how to use it to better personalize offers and messages to ever-narrower customer segments. Analytics will need to play a core role not only in tracking consumer preferences and behaviors at increasingly granular levels, but also in enabling rapid response to opportunities or threats. 

What Retail Leaders Do Differently 

Retail leaders understand that unified customer insights can deliver measurable financial gains and early-mover competitive advantage. 

(1) Tightly integrated, first-party data strategy 

(2) Apply real-time data insights to inform real-time decision making 

(3) Develop comprehensive attribution models to inform media mix decisions and capture efficiencies

(4) Use predictive models to identify high-value, high-conversion potential audiences 

So how do retail marketing leaders do it? 

They apply 11 techniques to drive marketing efficiency and deliver superior financial performance: 

  1. Clusterization – a data-driven analysis that allows you to take a large group and identify those members who share similar traits, such as demographics or psychographics, and then segment them into different clusters (audience segments) to attract similar individuals or look-alike audiences. 
  2. Frequency analytics – analyzing how many times an ad is shown in a given time period, or how many times an ad is shown to a given audience in order to help you determine what is the most effective frequency for running an ad. 
  3. Customer journey mapping – a way to visualize the journey customers go through as they interact with your brand across channels and marketing touch points during their purchase process. 
  4. Marketing mix modeling – a statistical approach to determining how each channel is performing so you can allocate budget effectively across channels and products. 5. Data-driven optimization – common media optimization efforts include improving CTR, CVR and ROAS for a single media channel such as PPC, display or paid social. More advanced optimization approaches take into account all of the media touchpoints involved in a single retail campaign (paid media, earned media, owned media, shared media) whereby ROI is measured (and optimized) at a campaign level. 
  5. Attribution modeling – understand which marketing channels are converting and their associated ROI. While tools such as Google Analytics default to last-interaction for their attribution reporting, assisted attribution can also be set up for a more complete view of the path to conversion. 
  6. LTV prediction – calculate the value of a customer over their shopping lifetime based on their predicted behavior. This allows you to identify the most profitable segments and prioritize your marketing spend on those segments. 
  7. Next Best Action – using customer behavior data to intelligently predict the intent of an individual customer and to then offer next best product recommendations based on that customer’s tastes and preferences. Predictive recommendations can increase your revenue and overall profitability by driving engagement, improving conversion rates, maximizing retention, and informing precise seasonal relevance. 
  8. Sentiment monitoring – using machine learning, you can scan social media posts and consumer reviews to understand how customers feel about your products or what topics they are interested in, thereby allowing you to assess the health of your brand and the potential for customer churn. 
  9. Automated insights reporting – providing the right types of insights at your fingertips and eliminating the manual, time-consuming task of compiling and interpreting that data yourself.
  10. Self-service analytics – allows you to democratize data analysis throughout the organization and deliver powerful insights through the use of engaging dashboards to answer ad hoc questions without the need for an analyst or data scientist. 

The Business Benefits of Getting it Right 

The combination of targeting high-value, high-conversion potential audiences and personalizing offers to their specific needs, can deliver big financial gains: 

  • Reduce acquisition costs by as much as 50%
  • Increase marketing spend efficiency by 10 to 30%
  • Reduce churn 10% to 50%
  • Reduce retention discounts 20% to 35%

For a deeper dive, check out a series of white papers by data analytics agency and Google Top 25 partner, Delve — or talk to their experts at the virtual Transformational CMO Assembly and Transformational Retail Assembly, May 25-26. Request an invite here.

About DELVE 

DELVE helps brands improve marketing ROI and accelerate revenue growth by identifying and converting their most profitable audience segments. As a data science expert, we integrate disparate data sources and technology stacks to deliver analytics and predictive insights that business leaders trust to improve decision making. As a digital marketing partner, we act as an extension of brand marketing teams to plan, deliver and optimize analytics-first media campaigns to accelerate lead generation and recurring revenue growth. As a technology consultant, we provide digital skills training and technology integration services to sharpen digital competency. With locations in North America and Europe, DELVE is trusted by brands around the world for efficient revenue growth. DELVE is a certified Google Marketing Platform Partner, a Google Cloud Certified Services Partner, and one of Inc. 5000’s fastest-growing companies.