LONDON, August 8, 2013 /PRNewswire/ --
New cloud-based product automatically identifies high-value customers and allows marketers to target them with experiences that drive higher conversions, loyalty and revenue
Monetate today announced the launch of LivePredict, an automated segment discovery product that automatically identifies valuable customer segments and the attributes that define them, and gives marketers the ability to instantly take action by targeting offers and content specifically to those segments.
LivePredict addresses the shortcomings of traditional testing and segmentation, which has marketers swimming in data trying to determine which content to target to which group. LivePredict identifies, at the brand and campaign levels, highest and lowest-performing segments, ranked by Impact Score (performance of the segment compared to the site average, multiplied by number of visitors in that segment), which allows marketers to understand the potential business opportunity of each segment.
LivePredict also surfaces customer groups that respond well to a brand of campaign, but have a lower number of visitors. This High Potential dashboard helps marketers drive strategy and determine where to focus their efforts, in other marketing channels, to drive more of those high-value customers to their digital sites.
- (Watch Monetate CEO David Brussin discuss how LivePredict will change the customer segmentation game)
"LivePredict by Monetate provides us with insights about our customers we could otherwise never uncover," said Gregory Phillips, senior web analyst, testing and optimisation at OfficeMax. "Before LivePredict, we might have run an A/B test on our site and evaluated the results across the whole customer base to determine if it was a success. With LivePredict, we can see the highest and lowest performing segments for each campaign we run, right within the user interface. So what we might have seen as an overall miss before actually could have been really successful for certain segments of our customer base. This insight allows us to target the campaign to segments that responded positively and try a different approach for the segments that didn't respond well the first time around."
"LivePredict offers a new way for marketers to understand and influence digital visitor behaviour," said Brian Hawkins, Partner and Optimisation Specialist at Web Analytics Demystified. "Enabled by Monetate's proactive targeting technology, LivePredict automatically surfaces customer segments that might otherwise go unnoticed or undiscovered, potentially driving significant changes in customer acquisition strategies and internal resource investments."
With LivePredict, a brand can uncover insights - at the account and campaign level - like:
- The brand's customers in Manchester have a much higher conversion rate than visitors from other regions. The marketer can use this information to prioritise customers from the "Manchester" segment, geo-target them, and deliver even more relevant experiences.
- Customers coming to the brand's website from tablet devices convert a high rate, but have a lower average order value (AOV) than desktop users. The brand can use this info to deliver product recommendations to customers on tablet devices that will help drive up-sells and higher AOVs.
- Customers who live in areas with high income levels do not respond well to flash sale-campaigns. A brand can use this info to exclude those customers from flash sales and instead deliver experiences that reflect these customers' affinity for certain brands and categories.
"LivePredict delivers the future of personalisation for marketers," said David Brussin, CEO of Monetate. "With LivePredict, segmentation and personalisation are no longer a time and labour intensive guessing game. For every campaign run on their websites, marketers can see which customer segments responded well and which did not. Smart marketers are focused not on the transaction, but rather on fostering a lasting relationship between consumer and brand. LivePredict helps them create that lasting bond."
LivePredict is delivered to clients in a Software as a Service (SaaS) model. It is part of Monetate's suite of personalisation and customer experience optimisation technologies, which also includes badging, mobile/tablet, personalisation, prediction, recommendations, visual search and testing products.
Monetate empowers marketers to leverage big data to create more personalised and engaging online customer experiences. By providing a more relevant web experience, leading brands are able to anticipate and react to consumer preferences to generate stronger customer relationships and significantly increase profits.
Monetate drives billions of pounds of revenue every year for some of the best-known brands in the world, including Patagonia, The North Face, National Geographic, Kiddicare, L'Occitane, Best Buy, and Macy's. The company's comprehensive product suite and conversion expertise enable marketers to deliver a more relevant customer experience with unprecedented agility.
Leading marketers rely on Monetate's cloud-based browser technology to achieve a new level of speed and control, allowing them to run 16 times more optimisation campaigns compared to industry averages. The Monetate technology includes advanced products for testing, merchandising, targeting and cross-channel consistency, providing an opportunity to bypass IT restraints and react in real time to customer demands. Monetate also helps marketers implement best practices and drive online revenue through its expert strategic services and content publishing teams. For more information visit http://monetate.com/ or follow us on Twitter @Monetate.