Not all customers deliver the same value, and its important to understand the value each customer segment can provide to your business.
Identifying high value, loyalty or repeat customers, is an obvious place to start, but these represent a small percentage of your customer base. There are plenty of opportunities to drive growth, reduce the cost of acquisition and improve return on your marketing activity by exploring the less obvious and much larger customer segments within your business.
Using ML (Machine Learning) models such as propensity to purchase is an excellent way of identifying both high and low-value segments. Focusing time and effort on customers who are most likely to purchase, and spend more money with you drives marketing effectiveness and ROI.
Conversely and often overlooked. Creating negative audiences (excluding customers from your marketing efforts/campaigns) from those customers that are unlikely to purchase and even if they do, are likely to be low-value customer also drives marketing effectiveness, ROI, and reduces waste.
Doing this can be time-consuming, and with some of these segments being low-value customer sets. The ability to identify and group customers quickly and easily is essential to ensure you don't waste more time and resources identifying them than they might be worth to your business.
The Wondaris Customer Intelligence dashboard runs a series of Statistical, Machine Learning and Artificial Intelligence models over your data to help quickly and easily identify your customer segments and provides single-click activation of these audiences to multiple activation platforms and surfaces.
When it comes to navigating Google Ads with new privacy, browser, and regulation changes, Google developed their Customer Match tool to help bridge the gap, enabling organisations to better leverage their 1st party data for advertising campaigns.
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