In The Loop - November 2024
Welcome to the November edition of In The Loop.
Continuing in the vein of last month, we’ve been on the road again! We had the privilege of sponsoring and speaking at ObservePoint 's first European conference in Lisbon, where Matt Bentley , our Head of Data Architecture and Analytics shared some great insight on how to ensure data accuracy and compliance using ObservePoint (more on this below).
We’ve also got some key lessons on the power of personalisation to share – courtesy of Ata Mehmet , our Head of Customer Value, who attended the Monetate Elevate event in October. Plus, Owen Humphries will be sharing his thoughts and views on how to deliver a successful Winback campaign.
Enjoy!
Earlier this month we were very pleased to be a sponsor at ObservePoint 's first-ever European Edge conference, held in Lisbon.
Our partners, ObservePoint provide market leading web governance technology.
Matt Bentley , our Head of Data Architecture and Analytics took to the stage and shared some innovative use cases, utilising some of the coolest and most unique features of ObservePoint. These include:
If you'd like to know more about these and other use cases that Loop Horizon have delivered, feel free to reach out to us or contact Matt Bentley directly.
Winback campaigns can sometimes be overlooked, with acquisition activity seen as the priority in many businesses. However it can often be far easier to Winback a lapsed customer than acquire a new customer. Why? Because previous customers are more likely to engage, and respond positively – resulting in a higher conversion rate and a lower cost per conversion. By tapping into the reasons why they left and addressing their needs, businesses have the chance to revive previous relationships – converting lost customers into re-energised advocates of your brand.
One size does not fit all
Working closely with your insights team will pay dividends when it comes to understanding your lapsed customers. Once you have identified your inactive base, you can start to build in extra layers of segmentation such as reasons for leaving, features engaged with, offer acquired on, and channel preference – the list goes on.
Rachel Fox and Ata Mehmet had the pleasure of attending the Monetate Elevate event recently - an eye-opening showcase of innovation in the field of personalisation. 3 Big Lessons in personalisation stuck with us:
1. The Power of Compounding Benefit
‘Start small and build’ is something you’ll often hear me advise. When it comes to transformation, optimisation, and change, having the ability to start small, prove value, and then build out is often a winning process. It is far easier (and faster) to realise value when you start with small, well-understood improvements. And even modest successes, when properly measured, reported and communicated, can build on each other and act as real stimulus to further change.
2. Numbers Speak Louder Than Words
Linked heavily to the ‘Power of Compounding Benefit’, the ability to report back actual commercial or financial value is critical to personalisation efforts and adoption. This came up again and again during the event, and the lesson is clear – if you want business teams to invest in and adopt personalised approaches, you need to ensure you can measure the impact on the bottom line. Vanity metrics just don’t have the same effect.
3. Just Because You Can, Doesn’t Mean You Always Should!
Understandably, the topic of personalisation throws up questions around ethics, and the skilful positioning of personalisation to a) not be intrusive and b) not risk being insensitive if we’ve got it wrong. The question becomes, ‘how do we personalise without making our customers uncomfortable or getting it wrong?’
Overwhelmingly, the answer is to always use our best judgement in how, where and when we personalise. When in doubt, or working with potentially sensitive data, this will mean not personalising at all using a certain data point, or ensuring any personalisation isn’t overt.