In today’s fast-changing digital landscape, the cost of customer attention is escalating like never before; cost per click (CPC) increased 42 per cent on mobile and 26 per cent on desktop from the first quarter of 2016 to the first quarter of 2017, driving customer acquisition costs (CAC) higher. In fact, most businesses are failing due to low Lifetime Value (LTV) to CAC ratios, and are facing the “one time buyer” problem.
While digital ad spending worldwide is hitting US$269 billion according to eMarketer, most digital marketers are blind-targeting wrong customers in ad channels, therefore creating marketing waste. So, the question in every digital marketer’s mind is: How do we increase ad spend efficiency and return-on-ad-spend (ROAS) by targeting the right audiences?
That’s exactly the market gap that Insider identified. The tech startup located a major problem – the mistargeting of ad spend into ad channels that were not reaching out the right audiences – and created a new category – Predictive Ad Audiences – that powers the acquisition optimisation strategies of some of the world’s leading brands including OLX, Virgin, Huawei, Dominos, New Balance, and Nissan.
This is how it works: the visitor’s likelihood to convert a certain product can be predicted in a seven-day timeline. Visitors are then grouped into segments based on their likelihood to convert, which marketers can then use in Adwords, Facebook, and other ad channels. By solely targeting those visitors who are likely to convert, marketers can make smarter investments and increase ad spend efficiency and, in turn, return on ad spend.
Insider is not yet another ad-tech company. Rather, it is an artificial intelligence and machine learning-powered predictive marketing platform. Insider provides conversion and acquisition optimisation from a single, unified platform, making lives of digital marketers much easier.
The predictive modelling algorithms feed on unified historical and real-time data across web, mobile web, and apps to create predictive segments, including discount affinity, customer life cycle stage, likelihood to churn, likelihood to convert and more.
“Using Insider, we leverage predictive segments which help us deliver specific offers to those cart abandoners who are more likely to make a purchase, driving even better results. Insider helps us do everything we used to do better to deliver great customer experiences” said Huawei’s Self-Operated E-Mall Department Owner, Tan Mingyang.
The startup also offers a comprehensive AI-backed mobile web and mobile app marketing platform, including the first mobile web exit intent technology and AI-backed category optimiser, helping digital marketers deliver smoother and truly unique experiences.
As APAC is heavily mobile-first, brands are investing in mobile apps to deliver better experiences, leveraging on the significant difference in user preferences and behaviour when it comes to mobile usage. Going into a market and delivering a one-size -fits-all experience blindly, without experimenting and optimising experiences across touch points based on the conditions and preferences of each unique user, will set marketers up for failure.
With powerful marketing technologies in hand, brands can dive into their customers’ needs and preferences, and provide every individual with relevant and personalised messages on web, mobile web, and apps in a timely and sensitive way.
“Insider has enabled us to implement ideas quickly and effectively, which is essential to our promise of delivering an interactive and responsive brand experience. Insider is a continuously evolving all-in-one marketing platform that allows us to access the latest technology, helping us create impactful customer experiences,” said Virgin’s eCommerce Director, Almir Smajlović.
Predictive technologies allow marketers to get one step closer to customers, allowing them to understand customers’ future behaviours and act accordingly. When marketers and brands make full use of such technologies, they can optimise conversion channels and curate their ad spend to get more return and make smarter investments. The emergence of predictive technologies provide marketers with unmatched possibilities of creating first-class customer experiences, driving loyalty and growth.
Find out how Insider works for you. Visit their website for more information.
Disclosure: This article is sponsored by Insider