Journey 2016 summit is a wrap and what a fantastic event it was! More than 140 marketing and compliance professionals gathered in center city Philadelphia for Jornaya’s Journey 2016, a summit dedicated to understanding how to observe and leverage the consumer’s buying journey.This was the inaugural year for Journey Summit, and we were blown away by the positive response we received from our attendees.
Beginning the Journey
We kicked things off last Tuesday evening at the historic Carpenter’s Hall in Old City. Attendees enjoyed food, beverage, and networking and were treated to special tours of the upstairs—not offered to the general public, hosted by special guest George Washington.
Hosted by Grow.co Founder Jay Weintraub, Jornaya’s summit featured 15 speakers who each provided insightful views into the strategies they are using to acquire and retain customers. Our speakers featured marketers from leading brands such as Facebook, Quicken Loans, SolarCity, AllWebLeads, and Datalot.
There were some great topics covered at Journey 2016, on the stage, over meals, and during networking breaks. Here are some of the key themes that were presented throughout Journey Summit 2016:
Cost Per Acquisition Isn’t Everything in Customer Acquisition
Keynote speaker Peter Fader, kicked things off by providing one of the most memorable and thought-provoking sessions of the day. Fader, a professor at Wharton and author, has dedicated the better part of his career to the study of making customer centricity profitable. Customer centricity isa way of doing business with your customer in a way that provides a positive customer experience before and after the sale in order to drive repeat business, customer loyalty and profits.
One of Fader’s most poignant statements that resonated with attendees was that many marketers are so overly-focused on CPA (cost per acquisition) that they may lose sight of the fact that what really matters is Customer Lifetime Value (CLV.) The idea is not to acquire customers as cheaply as possible because focusing only on the quantity of customers means you are not considering the potential lifetime value those customers could mean to your business. Ideally, we should be focused on the cost to acquire the value of the customer.
To find value, you can’t treat all consumers the same, and you need to embrace heterogeneity. Identify what differentiates your most loyal (or lazy) customers and go out and find more of them. Don’t waste resources trying to make a bad-fit customer love you. Instead, spend more on finding as many good-fit prospects as you can.
It seems like common sense when you hear Fader say it, but so many digital marketers have been conditioned to focus on CPA as their leading metric, that they have lost sight of the long term vision of CLV.
Facebook Lead Ads Session was a Hit
As mobile becomes a key focus for marketers, the session about Facebook lead ads, provided by Facebook Product Manager Jyotika Prasad, was fascinating. As usual, Facebook is changing the game of leads, in particular making mobile leads viable and effective, as well as moving from lead gen to helping increase the customer dialogue. Not only are more people spending time on their mobile devices, they are spending more time on apps. In fact, Prasad noted that 54 percent of digital time is being spent in apps, which is why Facebook lead ads are meeting with wild success for advertisers.
Collecting & Connecting the Dots: Jornaya’s Plan to Shine a Light on the Consumer Journey
Just before the lunch break, Jornaya’s SVP of Product Bruce Ernst delivered a fascinating presentation on how marketers are currently observing their prospects and customer’s actions across the web. As illustrated in the picture below, marketer’s today can see prospects when they visit their own web properties and can see those consumers again after they become a customer. The challenge is that marketers have no visibility into where those consumers are in between, with no avenue to access data about their activity on other websites outside their own brand.
Ernst explained to attendees that filling that gap and illuminating the full customer journey is where Jornaya comes in, and then walked them through several different products Jornaya has in development to solve this problem for marketers. (Stay tuned in coming months for more on this.)
TCPA Fireside Chat was a Hot Topic
Attendees were witness to a conversation between some of the most knowledgeable and experienced professionals today who deal with the Telephone Consumer Protection Act (TCPA) on a daily basis, including Terence Gonsalves, a partner at Katten Muchin Rosenman LLP; Shawn Solon, corporate counsel at Quicken Loans; Micheal Gooding, deputy general counsel at Fidelity Life Association; Deborah Solmor, vice president & deputy counsel at CEC; and the moderator, Michele Shuster, partner at Mac Murray, Peterson and Shuster LLP. The panel discussed the most current hot topics in the TCPA realm, including the PACE association’s request for repeal of the recent FCC declaratory ruling regarding automatic telephone dialing systems, the related issue of consent revocation, and more.
And So Much More…
Other sessions covered topics of interest such as Targeting; Designing a Top-Performing Acquisition Program; Connecting Leads, Clicks, and Calls for a Unified View of the Consumer Journey; and Attribution.
Attendees also enjoyed learning which of Jornaya’s customers took home the five Customer Innovation Awards, which we were thrilled to hand out, before closing remarks from our Founder and CEO Ross Shanken.
The day was topped off with a closing reception at JG Domestic, where attendees had a few more hours for networking and a chance to discuss their observations and takeaways from the summit with one another.
Based on the feedback we’ve received, our inaugural Journey summit was a big success and we’re already looking forward to our next summit.