Use AI to enhance the customer experience and increase lifetime value (LTV)
Marketing, like technology, moves fast. New tactics and strategies pop up, but which should the marketer hone in on? It’s a challenge to evaluate the ROI of each tactic and even harder to ensure the customer lifecycle journey is unique and personalized.
Remix Institute’s AI technology provide AI tools and products to augment a marketer’s tactics arsenal. Also, it integrates seamlessly with the marketer’s customer lifecycle journey programs as well as marketing automation platforms (such as Marketo, Pardot, Selligent, etc)
Remix Institute can build and deploy AI models that predict what a customer will do next:
- Will they purchase a certain item?
- Will they respond to a Direct Mail, Email, Paid Search, or Social Media campaign?
- Will they open an email we just sent?
Our automated machine learning technology (AutoML) can answer questions like these in a rapid manner that yields results. Our technology can assist with automating high-frequency decision-making so you can focus on strategy. We can also provide a game plan on what to do with those Customer Prediction scores and integrate them into your customer lifecycle marketing programs and marketing automation software.
One of the most important metrics in any business is a customer’s lifetime value. Usually, it’s easy to calculate how much a customer has spent with you and what were the total costs and ad dollars spent for that customer’s patronage. This is known as the historical customer lifetime value.
But what if you want to predict the customer’s lifetime value in the future? This is called the predicted customer lifetime value. RemixInstitute’s AI technology is able to read in several data points about your customer, look at past purchase history, and predict what the customer’s lifetime value will be in the future.
Having this critical data point about your customer will allow you to tailor offers for them. Knowing how much they will be worth in the future will tell the marketer how much they’re allowed to spend on each individual customer.
Lots of tactics and marketing channels are out there: direct mail, email, Google Ads, Facebook ads, retargeting, affiliates, programmatic ads, native, SEO, etc. The list goes on. But certain questions come up whenever a marketer has to budget their ad spend:
- What tactics yield the highest ROI?
- What channel has the lowest cost to acquire?
- What channel has the highest repurchase rate and lowest churn probability?
- What channel has the highest average order values?
- What channel has the highest average customer lifetime value?
- Which channels and tactics have reached a point of diminishing returns when it comes to ad spend and ROAS?
Remix Institute’s AI technology has optimization algorithms that augment the marketer’s decisions on where to allocate ad spend dollars to yield the highest ROI, ROAS, and customer lifetime values.
Remix Institute can build and deploy customer prediction models and score every customer in your database with a probability of churn (ie the probability that a customer will stop buying from you.) This can be done for users at any stage in their development cycle with additional goals of determining the behaviors that are leading indicators of disengaging behavior that leads the churn.
Another popular method we have deployed is predicting WHEN a customer will churn.This information used in conjunction with a solid customer reinvestment strategy can guarantee you will receive the highest customer lifetime value for every customer.
Product recommenders are quickly becoming a key tool in big tech company’s AI arsenals. According to McKinsey, 35% of what consumers purchase on Amazon come from their product recommenders. 75% of what customers watch on Netflix come from their movie recommenders. Recommenders also enhance the customer experience by providing relevant, customized recommendations and not one-size-fits-all suggestions.
Remix Institute can build and deploy upsell and cross-sell recommender systems similar to Netflix, Amazon, and Spotify recommenders.
Our AI Recommenders can build Netflix-style “Top Products For You” algorithms so you can up-sell customers.
Our Automated Market Basket Models can build Amazon-style “Frequently Bought Together” algorithms so you can cross-sell customers and add to their market basket.
Remix Institute can build and deploy Business Sentry Bots that monitor the KPIs and “health” of your business and alert business leaders of any anomalies or failures so the business can get back on track. The alerts can come via messaging apps or via email. They won’t overcrowd your inbox, and our algorithms are designed to minimize “false positives” (ie telling you that something is wrong when it really isn’t).