With the launch of Audience Insights, e-commerce marketers gain access to the industry's fastest and most in-depth dashboard for behavioral- and product-based insights for any audience segment they choose to create. Once marketers creates an audience within Bluecore, they can now access Audience Insights to visualize how a particular segment is predicted to engage and convert, and then develop campaigns and strategies to maximize results.
"While digital marketing and CRM teams have access to a wealth of consumer, catalog and commerce data, the process of extracting meaningful insights from any of them remains cumbersome and cost-prohibitive," said Fayez Mohamood, CEO and co-founder of Bluecore. "The foundation of a Decisioning Platform solves for this by quickly ingesting these massive data sets and generating comprehensive insights in a matter of minutes. Analysis like this would typically require additional manpower, another third-party solution and days – if not weeks – of data analysis. Empowering marketers through tools like Audience Insights is crucial for retailers who want to be successful in this competitive marketplace."
Audience Insights' simple workflow and highly visual output helps marketers and their digital and customer retention teams quickly observe trends and opportunities within specific consumer audiences. These observations are made possible through a patent-pending integration technology that ingests both customer and catalog data to deliver retail-specific insights. This real-time understanding of customer activity and catalog changes gives marketers insights such as products that convert at the highest rate, products that are the highest revenue drivers for a given segment, or "Hidden Gem" products that present the most opportunity for new incremental revenue.
Lifestyle apparel retailer vineyard vines recently used this "Hidden Gems" feature in Audience Insights to uncover a new product line to market more effectively. By acting on this insight and strategically promoting the product line, the retailer saw significant incremental revenue growth in the following three months.
"Audience Insights helps us not only understand our customer segments, but uncover opportunities to improve customer experience by delivering products and messages that our customers want," said Lindsey Worster, vice president of marketing at vineyard vines. "This level of detail into the make-up of individual audiences empowers us to communicate to our customers on a hyper relevant and personalized level. One of our corporate goals is to build great relationships with our customers and the Audience Insights tool is helping us accomplish that goal."
With Audience Insights, marketing leaders can learn how their most valuable customer segments are performing relative to other customer groups, and how their campaigns fare with those audiences. Marketers can analyze this data week over week and plan marketing strategies against specific segments of their customer base.
The Audience Insights dashboard answers questions such as:
- What is the value of this audience? A look at the percent of overall revenue, average order value (AOV), average number of products per order, average lifetime value and average predicted lifetime value
- What is the health of this audience? A breakdown of lost, active and at-risk customers
- Where can I contact this audience? Details on how many customers in a particular audience can be reached in a given channel, such as email, social, display or onsite
- How is this audience engaging with products? Showcases "Rockstars," "Cash Cows" and "Hidden Gems" products
- How is this audience engaging with my site? Easily understand event trends, site conversion funnel and site events comparisons
- How is this audience engaging with my emails? A detailed view of delivered, opened and clicked emails, as well as unsubscribes based on individual audience segments
- Who are the most interesting customers? An anonymous look at individual consumers broken down by "top spenders," "top browsers" and "highest potential"