Optimove is one of our long time partners, ahead of Savant eCommerce Amsterdam we had a chat with Moshe Demri, VP of Revenue, to explore how relationship marketing and hyper targeted communication can increase revenues for retailers & brands. Here’s what we talked about!
What are the key challenges your clients are facing in 2019?
I think the first challenge is the ability to have a very granular and deep view of the customers, being able to use a system to easily segment the audience and get insights about their customers. Second, the ability to take action on those insights, learning about different patterns and behaviors that are happening within the database.
From a communication perspective instead, it’s all about communicating with your clients using a quick and smart omnichannel approach, being able to understand and learn from these communications, adding value to the conversations and continuously optimize their marketing initiatives.
Let’s talk about Predictive Behaviour Modeling. How does it contributes in strengthening the relationship with the customers?
Well, when we talk about predictions, we talk about trying to use predictions in order to get more reasons to communicate with clients and to start conversations. We use the predictions to spark different insights, for example to understand when they’re more likely to reactivate or when they’re about to drop out. Having a deep understanding of the customer allows you to constantly automate communication in order to reduce churn and increase retention. Predictions are either made to be broken or leveraged in order to get more revenue.
Could you give us an example of behavioural triggered interactions?
This kind of interactions are related with the pre-scheduled campaigns and automated actions. Once we understand when the customer is about to drop, we can communicate a very targeted message using email or social media to prevent the churning and/or to increase their propensity to reactivate. When it comes to real time communication like pop-ups and emails, we obviously want to combine the predictions and the segmentation with the real-time trigger. For instance, if a customer with high future value is abandoning the account, you probably want to send them a different pop-up compared to what you would send to a low tier customer. You want to be able to personalise and change the communication based on data and predictions.
Not only personalisation, but personalised relationship.
Could you tell us the advantages for a retailer to build this kind of personalised relationship with their customers?
We look at relationship marketing as a game of many small wins. We want to make sure that a series of communication has an overall big impact, as we’re talking about the 35% increase in revenues for retailers that are using predictive analytics and segmentation, following our approach and philosophy. A key aspect is not looking at the single campaign and trying to increase the conversion or the purchased amount from a single campaign. It’s much more relevant and beneficial to look at a combination of campaigns all together and try to use these combinations in order to see the overall effect of the entire marketing initiatives.
There’s a crucial difference between having an overall, clear view of many campaigns together and seeing the marketing effort as a mix of different unrelated campaigns.
Voice and voice search. How they will change the landscape of relationship marketing?
Well, we see voice and voice search as another way that customers or consumers can communicate with brands. For us it doesn’t really matter from a data perspective, as the data will be captured and it will become part of this holistic view of the customer. If from a brand perspective is more about the experience, for us is more about being able to collect the data and take action.
The challenge for us is to translate the data into a scheme that makes sense, while for the brands the challenge is to ensure a great experience while collecting data in a proper way.
If you would like to hearing more about Relationship Marketing and … the Director of Solutions Engineering of Optimove will join us at Savant eCommerce Amsterdam on 2nd-3rd April. Check the full agenda and list of speakers here!