Brands that deploy behavioral marketing can increase their profits by up to 15%
Customers simultaneously crave personalization and privacy. With a rise in consumer privacy laws, the disappearance of cookies approaching, and web browsers cracking down on attribution, brands need to find other ways to meet consumer expectations in order to be successful.
True one-to-one personalization means recognizing, understanding and relating to consumers with individualized marketing. So, by interpreting a visitor’s intention in real-time using behavioral targeting, it becomes possible to respond to each intention in a personalized manner. In fact, according to Smart Insights, 63% of consumers will stop buying from brands that use poor personalization tactics.
This is why we are releasing our latest product: Predictive Purchase Data (or PPD for short). PPD is an additional data layer which helps brands to personalize, segment and target known and unknown audiences based on their behavioral tendencies, all in a privacy by design framework. There are zero dependencies on cookies, demographic data or browser preference, allowing for a non-intrusive, personalized consumer experience.
Over the past decade plus, RevTrax has collected and analyzed billions of consumer behavioral insights, which help brands understand who should receive an offer and what amount that offer should be. With this new data layer, brands can increase customer engagement, enhance brand loyalty, reactivate dormant consumers and drive repeat purchasers:
Leverage the power of predictive behavioral analytics to increase conversions, and enhance loyalty and sales
Maximize ROI and increase marketing efficiency by leveraging consumer behavioral insights to deliver promotions or journeys that match with your audience's likely buying behavior. By expanding on the traditional use of machine learning to classify consumers, Predictive Purchase Behavior (PPD) uses causal analysis to determine what it will take to motivate an individual to convert.
There are 6 predictive models available, all of which empower marketers to deliver a more personalized offer experience to consumers:
Rather than using demographic targeting, which involves displaying ads based on demographic information about a consumer, PPD is an extra data layer that allows for individualized targeting based on previous behavior exhibited.
“When personalization is done well, there's a 6.4x lift in satisfaction, further endearing people to the brand, cementing brand loyalty and encouraging them to shop more.” - SailThru
For example, if a brand utilized the Price Sensitivity predictive model, this would enable the marketer to tailor their media spend or marketing messages based on how likely a consumer is to respond to a discount or a price. Behavioral segmentation increases consumer loyalty, enhances the customer experience and increases conversions on a level unlike standard demographic targeting.
Improve the consumer journey and campaign outcomes for both known and unknown audiences
With changing consumer behaviors and attitudes due to COVID, it's imperative for brands to understand how consumers are reacting in real-time. By utilizing PPD, you will understand shifts in consumer preferences and determine the best course of action.
“With the ability to utilize predictive models that include responses such as price sensitivity ratings, retailer preferences, best time to engage and more, brands can view their customers in a new light.”
By viewing consumers as individuals and understanding what motivates them on a personal level, you will be able to engage them in a more meaningful way and achieve the business outcomes you are searching for. Which is important because as Salesforce states, 70% of consumers say a company's understanding of their personal needs influences their loyalty. And best of all, PPD allows brands to personalize for both known and unknown audiences without depending on cookies, demographic data or browser preferences.
For instance, a travel company could use the Price Sensitivity model to offer luxury accommodations to price insensitive customers verses economy accommodations to price sensitive users. Additionally, a luxury auto company could use the Full Price Buyer predictive model to only focus on those with a likelihood of paying full-price for a vehicle.
Increase consumer intelligence with an additional data layer that is non-intrusive and adheres to all consumer data privacy laws
A complete consumer profile is the holy grail of first party consumer data for any brand that sells products or services. Having a 360-degree view of a consumer empowers brands to fully understand an individual customer’s preferences. PPD allows you to leverage an array of insights from our predictive models as a new source of analytics for future marketing decisions, or in tandem with an already existing predictive algorithm.
Whether you are a CPG brand looking to grow sales within a specific retail vertical, such as grocery stores, or a Retail brand looking to focus their efforts on consumers who are brand loyalists and buy products at full price, PPD will provide you the necessary insights to personalize, segment and target to achieve these outcomes.
Regardless of industry, each consumer has their own set of behavioral preferences. Some consumers may be less price sensitive to organic food, but more price sensitive to a new car, or others may be more inclined to shop at a grocery store rather than a dollar store. Since each consumer has their own behavioral preferences, PPD can be applied across any industry. Realize the full potential of your audience data and provide each consumer with an experience that is tailored specifically to them.
"PPD offers a variety of predictive models, designed to deepen your knowledge of both current and potential consumers' purchase habits, allowing for the rapid deployment of impactful, data-driven campaigns, all while complying with all major data privacy laws."
Ultimately marketers want the best possible return on their campaigns. Delivering generic promotions to consumers without understanding their individual preferences isn’t a sustainable strategy, particularly during the ongoing health and economic crises. Understanding your audience’s behaviors and preferences are the key to driving efficiency and growth. With Predictive Purchase Data, companies can drive new business, customer acquisition, repeat purchases and brand loyalty.
Interested in learning more? We would love to help you with your promotional marketing needs. Learn more about Predictive Purchase Data and our other marketing solutions by speaking with a specialist today.