Customer data and analytics platform Decile has introduced its second generation predictive models aimed to empower marketers with deeper insights into profitable retention strategies and enhance their ability to identify high-value customers quickly and efficiently.
Decile’s latest upgrade leverages machine-learning and proprietary data models to forecast customer attributes such as propensity to repurchase and future lifetime value. Unlike standardized one-size-fits-all models that generalize data, Decile’s models analyze individualized customer-level data points within a brand’s first-party data, providing more accurate and actionable insights.
The newly-launched dashboard module further enhances usability by allowing ecommerce marketers to view predictive lifetime value for recently acquired customers. This valuable feature offers one-click access to metrics with adjustable parameters, such as product purchase affinities, enabling marketers to optimize product strategy and drive lifetime value for their brands.
“Gone are the days of judging the success of a marketing campaign based solely on platform reported conversions,” said Cary Lawrence, CEO of Decile. “What most marketers don’t realize is that oftentimes their top 10% of customers generate 40-60% of their total revenue and profit. This means brands should be focused on allocating resources towards engaging with their most profitable customers and our enhanced models and onboarding capabilities help them do exactly that. Our models identify which customers will be the highest value or have the highest propensity to purchase in the future, then classify them into segments that marketers can take action on with the right message.”
Decile’s second generation predictive models have demonstrated a 4x lift in accurately predicting customers who are most likely to make additional purchases, as well as identifying those who are likely to have a high lifetime value with the brand. This level of insight enables marketers to focus their efforts on high-value customer segments with precision and tailor marketing messages accordingly.
“The ability to predict a cohort’s future LTV or propensity to purchase enables marketers to target their most important customer more effectively than ever before,” expressed Lawrence. “For example, if a brand experienced a serious uptick in sales in a recent time period – perhaps they went viral or launched a new product – the old school of thought would be to target the entire group and hope for the same results. Like fishing with a net instead of a rod. Instead, through Decile, marketers are able to segment customers with the highest lifetime value and propensity to repurchase, and focus targeting efforts on them with effective and timely programs. The result is a more efficient marketing spend that results in better quality customers.”
As an all-in-one tool, Decile is helping brands streamline their tech stacks by bridging the gap between traditional CDPs and analytics softwares.
