The Data Challenge
Most of us have already heard of the term “Personalization Payoff.” When a brand is successful in providing a relevant experience that connects with its audience, consumers “reward” the brand with quicker conversion rates, higher shopping cart values, and ongoing loyalty. It’s not surprising that 74% of marketers believe personalization and optimized experiences improve engagement; modern marketers know personalization is the key to being competitive in every industry.
But why, then, do so many marketers and their companies continue to struggle to personalize? According to Experian Data Quality Report, 94% of brands face challenges related to personalization. When you dig into the results, it’s clear this struggle relates directly to these companies’ lacking accurate and accessible data. These were the top three challenges in the report:
Without access to precise and complete insights, companies have trouble delivering engaging experiences for their digital customers.
Introducing Campaign Insights
This is why we at Oracle Maxymiser are excited to announce enhancements to our Campaign Insights solution! Part of our Predictive Insights capability, this solution provides predictive analytics that help marketers drive successful testing and personalization campaigns across all their digital channels, including websites, mobile sites, and apps. Predictive analytics is the use of data to develop customer profiles, discover the factors that lead to certain outcomes, and predict the most likely outcomes under certain conditions.
Imagine you just ran an A/Bn test across your entire audience to figure out which banner should be displayed on your homepage. The results show Experience A is the most popular with your audience as a whole, across all segments. However, to get more granular, one segment may have preferred Experience C to Experience A.
With Campaign Insights, you can figure out which visitors or audience subsets preferred certain experiences. You may find, for example, that visitors based in Seattle preferred Experience B. You may find that visitors who came via iPhone tend to preference Experience D. With this level of insight, you can more easily understand whom you should be targeting with what content to drive an even higher uplift in conversions and produce a successful personalization strategy.
How It Works
Oracle Maxymiser supports marketers in all their personalization initiatives by ingesting all available customer data in their marketing ecosystem. That includes session data and behavioral browsing data that is being tracked in real-time by Oracle Maxymiser, on top of CRM data, DMP audience segments, web analytics, social content, and purchase history—not to mention offline data that can be imported into the system.
Our insights solution is unique in the industry. Our proprietary algorithm tracks every action customers take on your site and maps these actions to their profile data. With this information, the algorithm automatically starts to segment your audience. The output is a report, Campaign Insights, that highlights new customer segments and their preferred content on your site. These insights indicate which customer segments can be targeted in future personalization campaigns to drive maximum uplift in conversions.
What Makes These Insights Unique?
Go here for more information about our predictive insights.