Adaptive Lifecycle: Why We Built It [RS Labs]
There has recently been a lot of hype about marketing automation and predictive analytics. But no tool on the market has been able to deliver on its promises. Marketers are still spending hours and hours manually building campaigns and workflows, still using human intuition to make decisions about their customers, and have only rudimentary predictions available to forecast the future of their business. It was clear to us that no marketing technology company had figured any of this out yet.
Figure 1: A powerful tool in the market for building segments, which often needs an I.T. resource, is typically a required step before using a lifecycle management program.
Figure 2: A powerful lifecycle management drag-and-drop tool in the market, which requires a marketer to determine and set each step and action.
At Retention Science, our robust predictive engines know everything about your customers, from who they are and what they are interested in; to how much they will spend in the future; and if they are at risk of churning from your business. We know if they need to receive a cart abandonment reminder, or if they should get a birthday email instead because it has a higher probability of conversion. Or if a product they have high affinity to just had a price drop. So if we know all this, why build a tool to force marketers to tell us what to do? And taken a step further, why not just take the action ourselves?
Figure 3: Retention Science’s Adaptive Lifecycle takes all the actions for you, and provides details of each algorithmic decision with performance metrics.
Now all that is needed is an email template for each lifecycle stage, and a pool of incentives for our price sensitivity models to select from, and Adaptive Lifecycle will immediately start managing all of your customers. When we say no more campaign and segment and workflow tools with dozens and dozens of settings, we really, really mean it.
Figure 4: Retention Science’s Adaptive Lifecycle has one simple screen to add templates and incentives.
When marketers are freed from hours and hours of work in campaign managers, segmentation builders, and drag-and-drop workflow tools, they can focus on strategy, keeping their brand top-of-mind, and coming up with creative content to engage their customers. Marketers can run A/B experiments in our platform and still send time-sensitive promotional emails, which complement Adaptive Lifecycle’s continuous management of the customer base. All of this performance data keeps feeding back into our machine learning models, and the algorithmic decisions will keep improving and adapting.
Adaptive Lifecycle’s algorithms can process a lot of data. In fact, we parse through billions of records a day to produce predictive insights and recommendations, which has led to big increases in engagement and retention for our partners like The Honest Company, who has seen a 170% lift in conversion rate, and Target, who has seen a 34% lift in repeat purchase rate. Our “always on” algorithms can identify patterns and anomalies and make sense of them, and then respond in real time with the strategies that carry the highest probabilities for success. Adaptive Lifecycle is leading the way for the next generation of algorithmic marketing products, and is truly the future of marketing at your fingertips today.
See part 2 on how Adaptive Lifecycle works behind the scenes, in The Science Behind Adaptive Lifecycle.
About the Author
Derek Kwan is a builder of products for Retention Science, crafting data science into strategic tools for marketers. With 15+ years of experience in the marketing and ad tech industries, he previously led product innovation at Yahoo and YP. Derek also trains his game theory skills in his spare time as a poker player.