Encouraging your prospects to make their first purchase can be one of marketing’s biggest challenges. But what if you knew who was teetering on the fence of their first purchase, would you change the way you targeted them to ensure a purchase? What if you could act before your prospect even had the chance to consider going elsewhere?
For any e-commerce business getting that first purchase is crucial. Footasylum was looking to find a way to increase the number of customers in their database by identifying prospects on the brink of conversion.
RedEye’s Predictive Modeller, part of their Marketing Automation solution, Contour, allows businesses to shape the future by predicting the likelihood that a prospect will convert. Armed with this information, marketers are able to act proactively to get the outcome they want.
RedEye implemented their Prospect Conversion Predictive Model to Footasylum’s contactable database of prospects. The model predicts the likelihood that a prospect will make their first purchase. From this, two segments were created – those with a high propensity and those with a low propensity.
To highlight the effectiveness of the model, RedEye split each of these two segments 50/50. One half received an enhanced campaign, with the aim of prompting a conversion. The other half, the control cell, received Footasylum’s business-as-usual email campaign.
The model provided advanced analytics about Footasylum’s prospects, allowing the creation of a dedicated multi-channel journey that was geared towards encouraging prospects that are likely to purchase, to convert.
By understanding their prospects better than ever before, armed with detailed information about their likelihood to purchase, Footasylum was able to focus on creating separate messages for each group, specifically designed to spur conversion.
Looking at the ‘high propensity to convert’ segment, Footasylum saw a 27.5 per cent increase in conversion rate, when comparing the segment that received the dedicated campaign against the control cell. This showcased that with more customer information and the right messaging the marketer was empowered and able to deliver far more relevant communications to individual prospects.
Finally, looking at the segment of prospects that the model identified as less likely to convert, Footasylum doubled sales – a 115 per cent increase. Being able to identify those less likely to purchase and introducing communications that aimed at nurturing rather than converting, unlocked the potential of this segment and empowered the marketer.
The Predictive Modeller made this an option. As simple as it sounds, identifying these two groups and tailoring specific messages to tempt them, has proven to have a massive impact.
You can read the full case study here.