Eliminating wasted costs and driving ROI.
In the past six months, promotional marketers have faced pressure like never before to improve profitability. The economic strains brought on by the COVID-19 pandemic have made ROI a bottom line game-changer for retailers in particular. With an unrivaled level of uncertainty, only one thing has become certain: a one-size-fits-all approach to marketing and discounting simply can’t work any longer.
The truly innovative brands are revolutionizing their marketing strategies within months to drive more profitable sales because they know the key to a marketer’s COVID problems: which customers need a discount and which don’t. Promotions that align with a consumer’s previous behavior are much more likely to convert than ones that don’t.
Here’s how products like RevTrax’s Predictive Purchase Data can enable broader personalization use-cases for marketers.
1) Audience Analysis
Targeting relies on determining who should receive an ad or a discount. Personalization means determining what the consumer should see. The process involves file syncing with a client, including aligning on desired information with regard to consumer records. Then a target consumer audience is determined with various types of predictive models, including price sensitivity, retailer preference, best time to engage, and more.
This audit returns a score between 0-100 based on the likelihood a customer is discount sensitive or whether they could be a full-price buyer. Ultimately, this analysis and ranking determines if a consumer is willing to pay full price or needs a discount to make a purchase.
2) Behavioral Insights for Brands
The traditional use of machine learning to classify consumers has been around for ages, but expanding on that with previous behaviors and causal analysis — which should be in compliance with all major data privacy laws — determines what type of offer, if any, will motivate an individual consumer to convert.
In real-time, clients can make API calls to RevTrax to change what content is shown to consumers to align better with desired personalization information.
3) Data Application
They do that with a data-backed approach that relies on leveraging previous customer behavior and insights to deliver personalized experiences. Instead of a 20 percent discount across the board, marketers can increase profitability by pinpointing which customers are best served by customized discounts.
Demographic targeting is effectively dead. In this tumultuous time, marketers can focus on tailoring product offerings to customers based purely on profitability, not just the top line.
The ultimate end to capitalizing on previous customer behavior is to eliminate wasted costs and drive ROI, two key components as we enter Q4 of 2020 and the pandemic still raging. These marketers will be able to increase conversions, loyalty, and sales on their end, while the customer experience improves as well.
As executives have struggled with how to continue to react to severe changes in consumer behaviors, successful marketing strategies run as a premium. RevTrax’s PPD product gives marketers the essential view into unique consumer behaviors, and adds a new proactive understanding of each consumer’s ability or willingness to pay for products and services. Demographic and psychographic info many marketers have already can only go so far. The final predictive ingredients will be able to make all the difference when it comes to maximizing margins into 2021 and beyond for consumer businesses.
Interested in learning more? We would love to help you with your promotional marketing needs. Speak to a specialist today about Predictive Purchase Data and other RevTrax solutions.