For example, petrol cost raising always impacts retailers and many of them are intended to scale up retail prices. Big chains have more space to maneuver, they fix prices not to lose their customers. Small and middle ones should find out alternatives. Personalized promo campaigns can be very useful to retain customers in this case. When you know what customers buy, at what station, what time, with what price, basket size, and many other parameters, you do not randomly promote discounts, referrals, or bundlings. Segmenting customers according to their consumption models, we promote the right product to the right customer.
But manual segmentation takes lots of hours which means you are not fast to respond to the market needs. With the help of Megainsight we automated segmentation. Customers' cohorts are made automatically now and it takes minutes, not hours anymore. Megainsight system analyses not only separate customers (one can always buy the same items) but takes into consideration behavioral similarities of other customers to enhance promo campaigns further. These are very complex calculations that are performed based on machine learning algorithms and applied to predict customer's desires.
Then the system automatically checks conversions of promo campaigns and retrain itself to make each promo maximum relevant to each customer cohort. If some coupons remain non-demanded they disappear from the list of coupons and are replaced by others. As a result, the customer always receives up-to-date promos. This feature is very important because customers change their consumption behavior from time to time.
When do I recommend Megainsight platform?
- when you need a fast and powerful tool to grow revenues, retention, and LTV
- when you have a strong competitive environment
- when you do not have time to segment customers manually
- when your current loyalty program is not enough