Did you know that over 60% of digital marketing spend by consumer products companies in 2018 either had a negative return on investment, or the return on the brand’s investment was not even measured? (source: https://www.alixpartners.com/media-center/press-releases/consumer-products-companies-wasting-half-digital-transformation-investments/). In a world where consumers spend more and more time online, it seems like the perfect place to reach them, and yet one has to wonder why so much advertising spend goes down the digital marketing drain.
Spotting the opportunity that digital marketing has to offer, many companies simply throw money at the problem, hoping that it will work. Needless to say, that approach has to change. More precise, and targeted methods are required to achieve tangible results, which engage consumers directly, and which can be measured.
So, what would these more targeted methods look like? To properly incentivise behavioural change amongst consumers, it is necessary to personalise the advertisements they see. Different people respond in different ways to offers, based on a number of different behaviours. We use Artificial Intelligence (AI) to learn those behaviours, and deliver personalised offers, which uniquely drive behavioural change for that individual.
One size does not fit all
AI allows for more effective spend of their advertising budget, by tailoring the offer elasticity to the consumer. When you think about it, offering someone who has no interest in tanning products, 20% off site-wide from a fake tan brand, doesn’t really do much, does it? However, offering someone 20% off your fake tan brand, whose data proves they normally purchase fake tan regularly, but not your brand, seems much more targeted, and appropriate. With ProMotion, potential new customers, returning customers, and lapsed customers, can be targeted in different ways, rather than taking a one-size fits all approach, which is less efficient.
Transactional Marketing – How Does It Work?
Transactional marketing means advertising spend is directly linked to consumer purchase, and allows online to offline attribution. This means that when a consumer buys in-store, you can attribute it to your online marketing.
What does ProMotion offer?
Here at ProMotion, we utilise transactional data, accessed securely via open banking, in order to enable users to link their bank accounts and seamlessly receive cashback rewards. The transactional data also provides our algorithm with a unique data source.
By feeding transactional and physical activity data into our algorithm, we can ultimately drive an increase in healthy behaviours, improve social perception of brands, and allow brands to achieve marketing goals which far exceed current return on investment from digital ad spend. Brands can be sure that their cashback offer is availed of, as we show it to the people who are most likely to be influenced by it to make a purchase with you.
Want to give it a try? Contact our team today: firstname.lastname@example.org
Don’t take too much advice. Most people who have a lot of advice to give — with a few exceptions — generalize whatever they did. Don’t over-analyze everything. I myself have been guilty of over-thinking problems. Just build things and find out if they work.