We’re proud to present our second article for Markies Mondays, a weekly blog series designed to help you learn more about the 2020 Markie Award categories, finalists, and winners. Be sure to check back each week to learn how Oracle CX customers are driving success and building customer relationships that last.
Many companies are challenged with sorting through the endless volume of data to find valuable information. Companies that can successfully find the relevant signal in a whole cacophony of data noise will be the ones who separate from the competition and better serve customer needs.
As summarized in the description for The Insight Award for Best Use of Data: Data is everywhere, which begs the question: how are you using it? This Markie recognizes those in marketing, sales, service, and commerce applying data in ingenious new ways. If you’re using it to target, personalize, or pivot—and have seen ROI as a result—enter now.
This is one of the few Markie awards that covers all three business functions – Marketing, Sales, and Service because effectively using data involves the entire company. The judges and I have closely reviewed the submissions for this category in 2020 and can share these 3 valuable tips with you:
The key to sorting through the volume of data is to choose technology solutions that help understand, prioritize, and model likely outcomes. Healthgrades is a fascinating company that connects consumers with healthcare providers. Over half the Americans who visited a doctor last year visited Healthgrades.com. I’ll be sure to visit the site the next time I go to the doctor since it’s packed with helpful information about physicians.
Healthgrades needed to combine over 3.5 trillion pieces of data to predict visitors’ interests on the website. Using Oracle Eloqua, they’ve sent over 650,000 emails and achieved impressive results with over 50% open rates and 40% open-to-click rates. They’ve used many Eloqua capabilities through this program, including lead scoring, page tagging, segments, custom data objects, dynamic content forms, and field merges. Of over 150,000 users, less than 60 have unsubscribed or dropped out.
Take advantage of scale
Major League Baseball isn’t the only organization that’s increasingly run by statisticians and “number crunchers.” Most companies are hiring more advanced analysts to help maximize and improve how they’re using data. Many of our Markie submissions in this category gave credit to their statisticians, particularly across the travel industry submissions since these companies have so much data about consumers and our travel preferences. Alaska Airlines stood out among these travel submissions because they brought together data from a wide range of acquired companies to create a single profile of travelers to send a “Year in Review” summary. Using Oracle Responsys, the summary was the only fully-personalized, story-led, multi-channel account summary in the airline industry. As a result, they quickly saw positive results: revenue increased by 63%, the conversion rate increased by 54%, and bookings increased by 46%. You might say they used these enhanced data analytics to really “take off.”
Leverage past data to predict data
Certainly, predictive modeling isn’t a 2020 development; we’ve all been using models for decades to improve business performance. This year, many of our applicants were mining past behaviors to predict future behaviors, often in near real-time subsequent communications of the next best action and next best offer. I’m an avid book reader, so Dymocks‘ story stood out to me and the judges, as they won this year’s award. Dymocks sells over 40 million SKUs of products and wanted to efficiently and automatically help customers answer the question: “What should I read next?” They developed an algorithmic-based recommendation engine using past purchase data, product data, and trends like popular new items and authors. Capitalizing on online and in-store data, Dymocks uses Oracle Responsys to send automated emails of relevant recommendations. As a result, they increased purchase frequency and volume and helped readers uncover new treasures to enjoy. That’s a win for everyone!
What’s clear from every Markie submission in this category is this: we’re faced with a global challenge that will only increase in importance as data becomes more prevalent and senior executives have higher aspirations for how data should be able to help the business. The finalists for The Insight Award for Best Use of Data are actively tackling this problem by using technology, partners, and modeling to uncover new opportunities to leapfrog the competition and solve customer needs.
The Markie judges can’t wait to see what they do next.
To learn more about the 2020 Markie Award finalists and winners click here.