August 9, 2013
It’s a really exciting time here at Monetate! We’re launching LivePredict, our new automated segment discovery product that helps marketers easily find their valuable customer segments and take immediate action on this knowledge with one-click campaign creation.
In the past year, clients and prospects have echoed some common challenges in growing their ecommerce businesses. They talked about drowning in data, spending days figuring out which customers are important and why so they can deliver the right offers and content that will drive performance. They liked how testing provides them with a good way to gather information, but were frustrated when many tests didn’t show meaningful lift (and the reality of untargeted testing is this happens more often than not).
To provide a great customer experience that keeps website visitors coming back and converting, marketers know they have to deal with these challenges now.
That’s where LivePredict comes in. We knew there had to be more going on underneath the surface of most tests, so we did further analysis on campaigns that showed no lift to see if we would find anything interesting at the segment level. And we did, over and over.
To help marketers tap into these hidden opportunities, we built LivePredict to analyze data at both the campaign and site level in order to identify segments that over- and under-perform. And then LivePredict makes this insight even more useful by ranking segments with an Impact Score that is based on the size of a customer segment and its performance against your website’s average.
What that Impact Score does is really tell you about the current business value of a segment on your website. It says, here are customers who are reacting differently than the general masses, either positively or negatively, and you can change up the experience for them via different offers and content that could drive a better response.
But we also found value in what we call High Potential segments. LivePredict features a dashboard that shows the segments that are really outpacing the mean for targeted KPIs, but have low-volume traffic. This insight helps marketers use their inbound marketing channels more efficiently to drive more of these valuable customers. To make it an even bigger win for marketers, LivePredict also identifies the channels that are doing the best job of driving this traffic. Who doesn’t want to improve customer acquisition along with their marketing spend?
Once you know who to target, it’s time to match these segments with the right content that will improve their customer experience. LivePredict gives you a dropdown menu of campaigns that have performed well and not well for each segment so that marketers can make inferences about what content persuades these specific groups to engage or exit.
Now for the part that’s really going to blow your mind: In one-click, marketers can add these segments to a campaign. Or, a single click can exclude a low-value segment from a campaign. Super cool, right?
That was one of our major priorities for LivePredict: To move beyond analysis of what’s merely interesting in customer data to what’s actionable. If there’s one thing we’ve learned working with leading ecommerce brands, it’s that companies that take action on customer insight grow 33% faster than the rest of the industry.
In fact, here's what Monetate Founder & CEO David Brussin, has to say about the power of LivePredict to help ecommerce businesses thrive:
Like David said, LivePredict is all about knowing your customer and taking action!
Amy Wilson is Monetate's dreadlocked goddess of product management. Besides enjoying her work with Monetate's super-smart software engineers to develop forward-thinking products, Amy enjoys going outside, going to concerts, and going to concerts outside. Favorite Thomas Edison quote: "Hell, there are no rules here, we're trying to accomplish something!"