This one goes out to you, ecommerce business owners.
The Aberdeen Group released a fantastic study this year, which is available to anyone who takes 15 seconds to make a profile at this link: Aberdeen Group 2012 report.
Entitled “Divide & Conquer,” the report highlights the key differences between the ways “Leaders” in the online marketing world use predictive analytics and the way “Followers” use it. The results are extremely intriguing to anyone who’s interested in predictive analytics or increasing conversion rates, which, we assume, covers just about everyone reading this. If you didn’t feel like downloading the information-packed 16-page PDF, allow us to quote/paraphrase some key findings:
- - The largest gap between Leaders and Followers in terms of the “Fuel for your predictive model” is access to social media, with 41% of Leaders aggregating social data and only 24% of Followers.
- - “While most survey respondents (57%)—both Leaders and Followers—are able to customize offers for a specific market segment, Leaders differentiate themselves in their superior ability to customize marketing offers to individuals….Leaders are 70% higher than Followers.”
- - “The insights generated from a predictive model are rarely used in isolation. Commonly, the findings are incorporated into an existing business process or application. 46% of Leaders can perform this integration easily, only 26% of Followers can.”
- - “Data collected by the Aberdeen group in August 2011 found that companies using predictive analytics enjoyed a 75% higher click through rate and a 73% higher sales lift than companies that did not use this technology.”
Reading this, you’re thinking one of three things:
“I’m a Leader! Stellar!”
“Rats! I’m a Follower. How can I get better at this?”
“What the heck is predictive analytics? Can I use this?”
If you’re in the first group, then congrats. But to our hypothetical friends in the other two camps, you’re in good hands.
Let’s address each point briefly:
- Simple Relevance is one of the only recommendation engines for small companies that uses social data from partners such as Facebook.
- Simple Relevance provides personalized recommendations for each individual customer—past or future.
- Finally, at Simple Relevance we pride ourselves on our quick and easy integration. Unlike other engines, you don’t need a technical background or even more than 20 minutes to get everything up and running.
So join us, and be a leader in your industry.
