Understanding who your customers are and where they are in their journey with your brand is critical to meeting your marketing goals. A timely message can re-engage a customer at risk of churning. Personalized offers can turn an occasional buyer into a devoted customer and advocate.
But you have to meet them where they are, in real-time, with the right message and your manual processes for customer segmentation just won’t cut it.
- You can define what you think makes up a good target audience, but you might make an assumption that’s just not accurate.
- You can work from a list of at-risk customers, but if it’s outdated, a “renew now” message sounds tone-deaf.
- You can set time based triggers and still have poor conversion rates as a result of sending a message at the wrong time of day.
Now available in the Lytics platform, Lytics Predictive Audiences gives you the tools you need to easily deliver timely messages, content recommendations, and personalized website experiences that increase conversions and engagement.
With Lytics Predictive Audiences (Request a Demo here), you don’t have to decode which attributes directly contribute to short- and long-term customer value, and you don’t have to iterate the process every time you want to send an email, create a social media campaign, or customize content on your website. Instead Lytics powerful AI, combined with accessible first-party behavioral data and an intuitive dashboard, puts the power of Data Science in the hands of your entire marketing team.
Three new behavioral scores
In fact, we’ve added three new behavioral scores to Lytics, which will increase teh accuracy of any lookalike models you create by up to 10%. These three scores are consistency, which measures the stability of a user’s engagement pattern; maturity, which indicates how long a user has interacted with your brand; and volatility, which measures how sporadic (or predictable) a user’s behavior is while interacting with your brand.
Let’s take a quick look at how you can use these scores. Consider pairing consistency with propensity scores to create more accurate models to predict customer churn and target users with win-back programs before they bounce. You may want to look for users similar to those showing high levels of maturity and consistency to invite them into a rewards program via ads, emails and in-app notifications. Finally, run a test with your lookalike models currently targeting high intensity behaviors and see if ad campaigns improve when you focus on users with low volatility.
You can find out all about these new (and Lytics’ six original) behavioral scores in our product documentation on our behavioral scores.
Lytics Predictive Audiences makes developing lookalike models incredibly easy
Lookalike models analyze traits of key segments of your customer audience and identify other customers who share those traits–then you can use marketing tactics to drive a specific activity such as a conversion or subscription. Here are some examples:
- You have identified a set of high-value customers and you want to identify new customers who exhibit similar characteristics, so you can maximize their customer lifetime value.
- You have a set of customers who have churned, so you want to identify at-risk customers in your audience and intervene with messages or offers to keep them engaged.
- You have customers to whom you have successfully upsold additional services, and you’d like to identify similar customers for special outreach from your account team.
- You have a segment of lapsed customers you’ve won back, and you want to figure out ideal targets for winback messages.
In each of these cases, you start with a clearly defined group of customers (say “churned” or “high value”) and Lytics Predictive Audiences helps you easily identify a lookalike group of customers or prospects that show similar characteristics and that you are able to market to.
Lookalike models used to require time and resources from your data science team or were built into a black box tool that gave you no way to validate how the model worked.
Lytics Predictive Audiences saves time and increase impact
We’ve made the process of building lookalike models faster and simpler. The technology that powers Predictive Audiences has always been part of Lytics’ AI/ML engine, but now we’re giving you more direct control. You don’t need to be a data scientist (or even consult with one) to get started.
Here’s how simple it can be.
- Identify the group you want to target by searching for important attributes like recent purchaser, subscriber, etc. Lytics’ AI/ML will analyze and identify the attributes, especially the first-party behavioral data points, that make them distinct from other customers.
- Define your priorities between reach and accuracy. Do you want to target a wide range of somewhat similar customers (high reach) or precisely target those who are nearly identical (high accuracy)? The choice is yours. The important thing to realize is that reach and accuracy are inversely related. The more accurate you want your list to be, the fewer members it will have, generally speaking.
- And here’s a key difference maker. Because the lookalike model lives inside your Lytics CDP, you can market to it by pushing it through your entire suite of action tools like email automation, your website CMS, Facebook and Google advertising–through any channel you use to communicate with customers and prospects.
It’s that simple.
Lytics Predictive Audiences are self-learning
When you build a model, Lytics’ AI does all the heavy lifting. You don’t have to set criteria or refine the list. You don’t have to iterate the process for every email, social campaign, or content update. The ML is constantly learning and improving.
Lytics Predictive Audiences’ lookalike models are dynamic self-tuning lists. Customers can move on and off the list (and back again). If they’re similar to your target audience at any moment in time, they’ll receive the appropriate experience, whatever shape it may take:
- A special offer
- A personalized email
- A relevant content recommendation
And that leads directly to better conversion rates, increased impact, and improved ROI.
Complete our Request a Demo form to learn about how Predictive Audiences can help you.