An Assessment of MCM's Data Ecosystem and Measurement Approach
1
The Background
Long-term business growth for a luxury global retailer.
MCM, a premier global luxury leather brand, has seen significant increases in awareness and revenue in the U.S. market over the last several years. However, with the relaunch of their website in 2018, the brand wanted deeper insight into its performance and conversion behavior in order to drive long-term business growth.
2
The Strategy
Discovering growth opportunities through data–
With a very aggressive e-commerce revenue target, we needed to help MCM understand the types of data they needed to analyze to identify growth opportunities across their omni-channel ecosystem.
Because MCM’s analytics team was primarily focused on CRM and not digital, Code and Theory partnered closely with their in-house e-commerce and analytics teams to provide oversight and ensure efficiency and efficacy.
A refined measurement approach–
We started by assessing the MCM data ecosystem to identify opportunities and gaps to connect and enhance the customer’s experience throughout their lifecycle. In addition, we refined the measurement approach to align with the current customer experience.
Through these key activities, Code and Theory identified the current data strategy is driven by acquisition and conversion.
- Measurement exists but is fragmented
- Campaign learnings are not used to inform future optimizations
- Customer lifecycle focuses on acquisition of new customers
- Conversion is the focus while behavioral insights are limited
- Omni-channel engagement is not connected
3
The Results
Phase 1: Refined Measurement Approach
For the first phase of our engagement, Code and Theory developed a holistic measurement framework driven by overarching business goals and objectives, and then translated it into different touch-points across the customer journey. We also analyzed existing site performance and customers’ engagement on the homepage and key templates to identify opportunities for optimization.
Campaign measurement: Defined a campaign measurement approach including communicating insights and recommendations organizationally.
Data capture strategy: Developed a data tracking structure to ensure consistent data capture across marketing channels.
Behavioral insights: Identified micro conversation behavior by capturing behavioral events along the customer journey—including pathing between products, engagement with modules, content, and promotions.
Omni-channel insights: Identified behavioral connection points between the site and store, and developed measurement requirements for them.
Refine the existing segmentation approach: Identified the best customers based on engagement and transactional behaviors.
Phase 2:
Following Phase 1, Code and Theory continued to enhance behavioral tracking and analysis on the site.
How MCM leverages our learnings/results–
Learnings were used across their marketing, social, CRM, and omni-channel teams. These learnings served both as a conversation starter and a foundation for optimization.
The findings and recommendations from the implementation audit were used to enhance their analytics tracking.
The behavioral insights from the analysis were used to optimize their template design.
