How to Create, Capture, & Leverage First-Party Purchase Data to Drive Meaningful Growth (part 1 of 2)
Author: Jonathan R. Pinney
Not all digital coupons are created equal.
You may be asking why that matters in a conversation about data.
It matters because the right digital coupons can provide you with a deep well of first-party data that you can’t get anywhere else. The right digital coupon can tie a specific consumer to the online engagement that activated their purchase intent and resulted in an actual purchase, closing the online-to-offline path-to-purchase loop and giving insight into how other consumers could be activated in a similar way.
Unfortunately, most brands overlook this data or don’t even know it’s available.
Following is how to create, capture, and leverage this often-overlooked gold mine of first-party
Every brand team knows that certain messages resonate with a target audience while others do not. After all, finding and delivering the appropriate message to the appropriate audience is one of the primary goals of brand marketing. Delivering that consistent message through all touchpoints should be a top priority.
As such, this messaging should also remain consistent through digital promotions – one of the closest trackable touchpoints before a consumer purchases your product. Personalizing your digital promotions allows you to deliver the appropriate message and offer to each of your target audiences.
But what if your organization does not have a CRM program? Is it possible to personalize your digital promotions without CRM?
The answer is: Yes.
By using the right incentive platform, it is possible to personalize your promotions without a CRM program by using information you know about anonymous consumers.
In this whitepaper we will discuss the types of data that can be used to personalize promotions and how to enable that personalization. Doing so could lower redemption costs, increase redemption rates, and help gain market share.
Building an effective digital offer is no easy task, with many different aspects going into it. Of course, there is the finance side: figuring out budgets and the best discount for your marketing dollar. But what if you understood your customer just a little bit better?
At RevTrax, when we enable our clients through our OfferArchitect™ product, we put both monetary and non-monetary insights to work. We consider non-monetary insights comprised of psychological, social, cognitive and emotional factors on purchase decisions, and utilize the most advanced research techniques, including data science, and multivariate testing. Here’s a glimpse into the process we take at RevTrax to provide our clients with creative digital offers that increase in-store traffic:
RevTrax often receives and answers requests for proposals (RFP) from consumer package goods companies looking for a digital coupon provider. The irony? We dedicate an extraordinary amount of manpower to each RFP, but they are too often evaluated based on the limitations and experiences of working with legacy digital coupon platforms, and do not consider the advances in both customer engagement and digital incentive technology. Certainly, historical experience is the foundation for formulating future action, yet it often neglects evaluation of alternative, more effective solutions in the marketplace. Quite simply, overreliance on the past often inhibits forward-thinking decision-making, which results in perpetuating the status quo instead of innovation.