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What could your business do with a 300% increase in subscriptions or sales? How about an 80% decrease in acquisition cost?
When The Economist chose to centralize their data and harness the power of customer data, machine learning, and AI through Lytics, those are the powerful results they reaped.
It all started with a commitment to customer centricity.
As Steve Lok, Head of Marketing Technology and Operations at The Economist, explains in this video, “We’ve promised to…be customer centric. We’ve all been trying to get to that point where we can really identify an individual customer and understand who they are, who they are to us…and what they might be looking for.”
With these goals in mind, The Economist chose Lytics Customer Data Platform and hit the ground running. They used the platform to aggregate data from multiple channels, de-anonymize that data, stitch it together into user profiles, and feed it back into their marketing channels to find and attract new customers.
The Economist also used Lytics predictive scoring technology to identify the right customers for each marketing offer. Using knowledge of each user’s subscription status and Lytics’ predictive scores, they served up subscription ads to the right users at the right time. They also used behavioral scores and content affinity to point users toward the content they were most likely to engage with.
As Lok explains, “We’re able to serve a piece of information to a user [based on] who they are, where they are and what they’re thinking…With a platform like Lytics, we’re able to look at persistent profiles and layer data science on top of it. That data science allows us to actually understand what this data means when it comes to a particular person, how they might be feeling and what they might want to do next.”
Lytics predictive scoring, content affinity, and other capabilities weren’t just small steps toward the customer centricity The Economist was committed to. They were huge leaps toward achieving real business goals.
Ultimately, The Economist decreased acquisition costs by 80%, grew digital subscriptions by 3X with behavioral scoring and predictive modeling and increased overall on-site time with Lytics’ data science-based user affinities.
The Economist team was thrilled and, in Lok’s own words, “The capability…and possibility that’s there with Lytics and The Economist combined…is probably limitless as we move into the future.”
If those results have you excited (they excite us!), we’d love to talk about how Lytics data science, predictive scoring, content affinity, and other capabilities can grow your business or check out more client results that will blow you away.