Brands need more sophisticated ways to market, target and engage consumers.
COVID has created such an economic upheaval, crashing through countless industries and sectors, that the continued unpredictability has been more than enough to make business leaders and marketing executives panic. We don’t have a COVID-19 crystal ball to see how the uncertainty caused by the pandemic will pan out, but we can see that consumer spending is shifting amid the pandemic. Simultaneously, marketing needs to shift along with it. But that shift needs to look at what’s happened already in a more sophisticated way, not what might be.
The pandemic has forced industries into an age where traditional marketing technology and tactics are either unavailable, archaic or suboptimal — all within a span of half a year. While demographic marketing and targeting has done wonders for businesses in the past, and incremental changes followed the natural evolution of said technology, that era is now over. Demographic data is static, while behavioral data is not, which means marketers can still target effectively during times of when consumer preferences shift.
In a COVID world, brands need more sophisticated ways to market, target and engage consumers now than ever before. Enter: behavioral targeting and segmentation.
Ultimately marketers want to get the best possible return on investment on any given campaign. Delivering promotions that match with an audience’s previous behavior is more likely to drive conversions than ones that are generic. Marketers and the brands they represent can’t simply try their hardest to get consumers to their website and show them products they believe those particular demographics are inclined to buy the most, all while offering them the same watered down 20 percent offer served to every customer online or in-person.
General demographic targeting is dead. Promotions that align with a consumer's previous behavior are much more likely to convert than ones that don't when a customer is much less apt to adhere to general targeting initiatives.
Over the past decade, RevTrax has already collected and analyzed billions of consumer behavioral insights, on a predictive engine built without the use of any sensitive personal information or any private consumer data, which could help marketers in this tough spot to understand who should receive an offer and what amount that offer should be.
With predictive purchase data (PPD), companies can see rise in new business, customize to encourage repeat customers, drive continued engagement and other key metrics. By expanding on the traditional use of machine learning to classify consumers in this manner, PPD determines what it will take to motivate an individual consumer to convert — which ultimately maximizes ROI and increases marketing efficiency in an economic atmosphere seemingly devoid of that.
With so little room for error, marketers should be looking to optimize campaigns which means employing better methods of targeting and marketing. With Q4 of 2020 already here, especially ending a tumultuous year, brands need a way to eliminate wasteful spending and drive ROI that may make or break them. We can help brands get the most out of their marketing with RevTrax AI and PPD.
Interested in learning more? We would love to help with you with your promotional marketing needs. Learn more about RevTrax AI and Predictive Purchase Data by speaking with a specialist today.