Big Data technology solution vendor Monetate will make its LivePredict customer segment discovery tool available this summer. LivePredict will automate customer segment discovery by sifting through volumes of Big Data to find segments marketers want to focus on.
Specifically, LivePredict will enable digital marketers to match campaigns and promotions with the groups that respond best to them, as well as identify customer segments within visitors and purchasers, and create targeted customer experiences for them in real time. Monetate made the LivePredict announcement at its third annual Agility Summit being held this week in Philadelphia, PA.
Monetate Helps Retailers Woo Consumers with Superior Customer Experience
The upcoming LivePredict release follows up on research Monetate released about a year ago that indicated 73% of consumers would buy again from a retailer if they had a superior customer experience, while 89% would shun a business if they had a bad experience. As reported by CMSWire, important elements of a superior customer experience include:
- Responding in a timely manner to user comments -- positive and negative
- Validating experiences -- good and bad
- Being available and helpful, across platforms, online and offline
- Treating your customers like people, not potential revenue
- Being personable, authentic and transparent
By sifting through Big Data around a retailer’s site visitors and identifying customer segments for tailored promotional activities in real time, LivePredict will help retailers provide several of these elements. Big Data analysis alone is not enough to guarantee a superior customer experience, but it can serve as a critical building block.
Monetate – Big Data, Big Plans
The release of LivePredict is just one part of a number of activities Monetate plans to undertake in order to make 2013 a big year for the still-growing company. As reported by the Philadelphia Business Journal in February 2013, the Pennsylvania-based Monetate more than doubled its revenues, customers and employees during 2012 and is looking to “significantly grow” its 140-person staff this year.
In addition, Monetate is still using a US$ 15 million round of venture capital financing it received from Boston-based Open View Venture Partners in August 2011 to spur growth. Currently, Monetate claims to influence 20% of all retail dollars spent. Monetate CEO David Brussin is quoted in the Business Journal article as saying widespread acceptance of data analysis due in part to the high-profile successful use of data-crunching by figures such as former Oakland Athletics GM Billy Beane and President Barack Obama during the 2012 campaign is helping boost his company’s profile. Monetate bears watching as the no-longer-so-new-year progresses.