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How data stitching may change campaign ROI
Data stitching is buzzing around the online space, but many brands don't fully understand what data stitching is or how to use it. I recently chatted with iJento's Paige O'Neill, who explained that stitching links behavioral data, multichannel interactions and customer profile information together to personify [one customer's] data.
Paige O'Neill, CMO, iJento: Visitor stitching, enabled by advanced marketing technology, links these multiple points of contact together into a single cohesive picture of the customer, so you can see that the same person visited your site five times from three different devices. We call these individualized profiles, which comprise a full story of preferences and history, Customer DNA. From this Customer DNA, marketers that use our technology can get a complete view of their customers and create advanced segmentations that predict which customers are most likely to buy, what they are most likely to buy next and which ones are at risk of buying elsewhere.
Kristina: How can data stitching be used to increase conversion rates?
Paige: The stitching process provides deep insights into how customers and prospects consume web properties and content, including an understanding of how specific content elements are contributing to conversions. This improved understanding of content performance enables marketers to make rapid improvements to campaign elements, which enhances performance and ROI. Recent data show that nine out of 10 customers are willing to switch to a competitor for a better experience, so if marketers can understand and dynamically improve the customer experience, they'll simultaneously increase conversion and decrease churn. Data stitching offers concrete insight to marketers, going far beyond gut instinct and instead taking specific, data-driven actions that improve campaigns on the fly.
Kristina: Customer experience is huge right now for retailers; several studies have noted that shoppers come back more often and spend more if the experience is good. How can data stitching help brands improve the customer experience?
Paige: You're completely right about customer experience - research shows that more than half of customers are willing to pay more for a better experience. That's why we think a strong understanding of Customer DNA is critical for marketers today. Let's illustrate this with an example. Anna, an imaginary online customer, visits a retail website on her laptop, then again on her iPad. That same week she makes a purchase on her iPad, calls in to a customer service center to make a change to her order, then tracks the order via laptop. Without data stitching, Anna might be treated as several different customers based on these interactions, and that can have disastrous results. [With data stitching] her customer journey has come to life: We know that she's a 29-year-old female with a yearly income of $45,000 to $55,000, she visited the company website seven times in the last 90 days, uses her iPad more than other devices, tends to open deal emails and so on. Any marketer will tell you that with this much information at their fingertips they'll be able to create better customer experiences and higher lifetime value per customer.
You can read part one of my chat with Paige and iJento, including how the platform answers a problem for advertisers, here.
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