According to one recent study, by 2020, customer experience will usurp price and product as the #1 key brand differentiator.
Another study found that companies with $1 billion annual earnings earned an average of $700 million (70%) more within three years of making a serious customer experience investment.
And still a third study found that customers were willing to spend 13% – 18% more for a great customer experience.
In other words, it’s pretty clear that customer experience should be top of mind for marketers. It’s also pretty clear that most marketers aren’t yet getting it right (nearly 50% of customers say brands aren’t meeting their CX expectations).
Which is why we at Lytics are excited to announce a new feature. We call it Audience Discovery.
What is Audience Discovery?
Audience Discovery is all about understanding your customers so that you can provide better customer experiences that lead to higher conversions and better outcomes for your business goals.
Using predictive modeling, the technology taps into your customer data to identify who’s most likely (and least likely) to convert and why. With a single click, you can then take those audiences and feed them into marketing campaigns designed to help move them toward that conversion.
Turning data into business results
If you know Lytics, you know we believe that CDPs must do more than just centralize your data.
In the words of our CEO: “Just having a centralized data source doesn’t solve marketing problems…Without insights, more data just creates more complexity. This is why we believe it is absolutely essential that Lytics…provide insights that enable marketers to make strategic, data-driven decisions.”
And that isn’t just a smart talking point.
It’s backed up by our research, which found that users targeted with behavioral scores are 20 times as likely to interact with your brand as users targeted with demographic data alone.
Our new Audience Discovery feature is an extension of that line of thinking, that commitment to CDP technology that does more than just centralize data. CDP technology that you act on, act on confidently, and act on in real time to provide customer experiences that drive real engagement and conversions.
How does Audience Discovery work?
With Audience Discovery, you’ll have more data insights at your fingertips. You can see which campaigns, channels, and content are most likely to drive goals like email subscriptions, brand engagement, or repeat purchases.
For example, you might find that:
- Customers who read 2+ blog posts on Topic X are three times as likely to become email subscribers as those who engage with other topics on your site.
- New web visitors from Channel Y are 25% more likely to become highly engaged with the brand than those from Channel A.
- Customers who engage with Campaign Z are 17% more likely to make a repeat purchase.
Imagine what you could do with insights like these. Not only can you create hyper-targeted campaigns designed to reach your best customers (and skip over those unlikely to convert), but you can better assess channel performance, identify high-value and low-value campaigns, and get insights to improve your editorial calendars and content marketing efforts overall.
Even better, for every conversion point Audience Discovery analyzes, you’ll get an easy-to-read, real-time report with insights like these and details on how conversions are improving over time.