Monetate, a solutions provider of big data insights, personalization, merchandising and more, has announced the launch of LivePredict, an automated segment discovery product that automatically identifies valuable customer segments and the attributes that define them. The tool gives marketers the ability to instantly take action by targeting offers and content specifically to those segments.
LivePredict addresses the shortcomings of traditional testing and segmentation, where marketers find themselves swimming in data trying to determine which content to target to which group. According to a company-issued statement, LivePredict identifies, at the brand and campaign levels, the highest and lowest-performing segments, which is ranked by Impact Score (performance of the segment compared to the site average, multiplied by number of visitors in that segment), allowing marketers to understand the potential business opportunity of each segment.
“LivePredict by Monetate provides us with insights about our customers we could otherwise never uncover,” said Gregory Phillips, Senior Web Analyst, testing and optimization at OfficeMax. “Before LivePredict, we might have run an A/B test on our site and evaluated the results across the whole customer base to determine if it was a success. With LivePredict, we can see the highest and lowest performing segments for each campaign we run, right within the user interface. So what we might have seen as an overall miss before actually could have been really successful for certain segments of our customer base. This insight allows us to target the campaign to segments that responded positively and try a different approach for the segments that didn’t respond well the first time around.”
With LivePredict, a brand can uncover insights – at the account and campaign level – like:
● Customers coming to the brand’s website from tablet devices convert a high rate, but have a lower average order value (AOV) than desktop users. The brand can use this info to deliver product recommendations to customers on tablet devices that will help drive upsells and higher AOVs.
● Customers who live in areas with high income levels do not respond well to flash sale-campaigns. A brand can use this info to exclude those customers from flash sales and instead deliver experiences that reflect these customers’ affinity for certain brands and categories.
LivePredict is delivered to clients in a Software as a Service (SaaS) model and is part of Monetate’s suite of personalization and customer experience optimization technologies, which also includes badging, mobile/tablet, personalization, prediction, recommendations, visual search and testing products.