Brands that offer motivation-based personalization can increase their profits by up to 15%
The disruption caused by COVID-19 has impacted consumers in a myriad of ways forcing brands to adapt on the fly. Traditional marketing methods, which have proven successful in the past, are now under review or being abandoned completely as marketers look to close the revenue deficit created by the ongoing pandemic. The days of generic, one-sized-fits-all marketing are gone.
Delivering the same offer to every customer that may or may not interested is no longer a viable promotional strategy. Treating each website visitor as a separate and unique entity and engaging with them in a more complex interaction than the conventional one-size-fits-all strategy has become paramount. 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. This is why we are releasing our latest product: Predictive Purchase Data (or PPD for short). PPD empowers brands to leverage behavioral insights to create and deliver better performing offers and incentives, eliminate waste and drive campaign ROI.
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 Predictive Purchase Data, companies can see a rise in new business, repeat customers, engagement and other key metrics by:
Increasing conversions, loyalty and sales with predictive behavioral targeting
Maximize ROI and increase marketing efficiency by leveraging consumer behavioral insights to deliver promotions that match with your audience's previous 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:
Promotions that align with a consumer's previous behavior are much more likely to convert than ones that don't. Rather than using demographic targeting, which involves displaying ads based on demographic information about a consumer, PPD allows for individualized targeting based on previous behavior exhibited.
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.
Improving customer journeys through motivation-based personalization
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.
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. Delivering promotions that match with an audience's behavior is more likely to drive conversions that ones that are generic.
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.
Realizing the full potential of your audience data and determine ideal promotion strategies
“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.”
A complete consumer profile is the holy grail of first party consumer data for any industry that sells products or services. Having a 360-degree view of a consumer empowers marketers to fully understand an individual customer’s path to purchase. PPD allows you to leverage an array of scalable data 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 most likely shopping at specific competitors for a given category of product, the behavioral insights gained from PPD can have a lasting impact on determining ideal promotion strategies.
Consumers behave similarly regardless of industry, with each consumer having 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 investment 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 eliminate waste and drive marketing ROI.
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.