Today’s marketing stack is missing something. For years, brands across industries have utilized a variety of technology solutions to execute sophisticated consumer marketing campaigns across many digital channels. These campaigns draw upon 1st, 2nd and 3rd party data to ensure the most relevant communication to each audience.
At the same time, these brand marketers leverage coupons and other promotions as a vehicle to motivate purchase. Interesting enough, the technology utilized to deploy both online and offline offers is often not responsive to the robust data created by modern marketing.
More often than not, marketers are using “point solutions” for their promotions — basically out-of-the-box coupon capabilities provided by a given marketing technology company (email service providers , social workflow tools, eCommerce providers, etc.). While these companies provide unique codes, they usually lack critical security features, and more importantly, don’t connect digital behaviors to an actual sale for closed loop measurement. Furthermore, these companies are only tied to a specific channel —one for email, one for social, one for display, etc. — so it is impossible for the marketer to connect the dots across channels. So, it’s easy for a brand to waste valuable dollars, as the same consumer gets the same promotion across many channels — as these point solutions typically don’t talk to each other.
The solution? PromoTech.
At RevTrax, our goal is to make it easy for marketers to do smarter promotions. We found the current fragmentation and disconnect of offer data crazy. We saw this as an opportunity for our platform to fill this void with a new category – PromoTech, providing valuable connective tissue between Marketing and Advertising technology providers.
With PromoTech, RevTrax partners tap into a dedicated, intelligent promotions platform that unifies offers and data across all channels and devices. Without this platform, marketers are missing out on critical data assets to personalize promotions. Why invest in all this great data if you can’t use it across your marketing efforts?
To understand if PromoTech is a fit for your brand, asking yourself the following questions:
- Do I have a unified approach across all channels that recognizes the same consumer and nurtures them towards conversion?
- Can I connect promotion distribution to the resulting online or offline sales?
- Can I easily change promotional values based on audience segments, channel and other inputs?
- Can I easily change promotional creative and language based on these same inputs?
- Do I understand how different data segments are driving sales?
The RevTrax platform is built to solve for these important questions. Our brand clients can utilize 1st, 2nd and 3rd party data to personalize the promotional experience across all digital channels and connect each stage of the funnel to any purchase – online or offline. As we began partner conversations with leading marketing clouds and data partners, we were challenged to go a step further.
- Nielsen Marketing Cloud challenged us to dynamically change offer values and creative in-real time based on DMP data.
- IBM challenged us build a way to share consumer behaviors with Watson Campaign Automation via their Universal Behavior Exchange so any of the Watson components can help push the consumer along the journey to purchase.
- Salesforce challenged us to build a way for CPG clients to utilize coupon redemption data to create individual segments of shoppers for all retailers who sell the client’s products based on redemption data.
- Rakuten challenged us to change the affiliate marketing experience by determining in real-time if a consumer is new or existing and augment the consumer’s offer experience to ensure incrementally for advertisers.
In today’s environment, where brands from every industry are feeling tremendous pressure from external forces (Amazon-fication, Google/Facebook owning your data, the rise of private label, etc.), understanding your customer with an owned data asset has become more important than ever. But what good is data if it can’t be utilized effectively and easily across campaigns and channels?
It’s never been more important for brands to start solving these problems. Smart marketers are already beginning the realize that solving these issues are fast becoming “table stakes.” And PromoTech is a critical piece to connecting the dots.
Seth Sarelson is the Co-founder and Chief Operation Officer of RevTrax
Learn how to leverage first-party purchase data to close the path-to-purchase loop by tying specific offline customer purchase data to all online marketing channels and tactics — download the First-Party Purchase Data White Paper and drive meaningful growth.