Stephen Collins, President & CEO“Personalization” as a concept has garnered the attention of businesses across the e-commerce landscape. Be it for apparel, travel and hospitality, FMCG or even electronic goods, the new wave of marketing has left no stone unturned. Today, the idea of pushing tailored content to drive customer engagement and sales dominates the market. However, personalization is more than just being able to make recommendations based on past purchases and customer patterns; it is about providing a superior customer experience by genuinely understanding every customer. Technologies are rapidly evolving alongside ever-changing consumer expectations, leaving organizations in a constant hustle to keep up. The challenge lies in the fact that brands aren’t able to find an answer to one fundamental question: how to achieve personalization with optimal levels of proficiency at scale? Enter, Monetate—a personalization platform that empowers brands to interact uniquely with each customer at scale, delivering engaging experiences that drive business results.
“We provide online retailers with tools that help them ignite their data, understand their customers, and decide what content to display based on insights and analytics focused on customer preferences,” says Stephen Collins, the President and CEO of Monetate. He continues, “By continuously learning about their customers, and using those insights to deliver enriched experiences, brands can successfully enhance the web experience and build a stronger relationship with users.”
Powered by AI, the Monetate Intelligent Personalization Engine™ makes it easy for marketers and brands to test and optimize, segment and target, recommend products and even create true 1-to- 1 omnichannel experiences. Evolving from the traditional A/B testing—wherein companies could only test two variants (products, content, offers or display options) on their website to see which one resonated best with the audience as a whole; Monetate’s tool allows organizations to identify the best-performing content for each user, with its ability to test multiple variants at a time while factoring in customer data that speaks to individual preferences. It does so by continuously learning about a customer or a group of customers so that it can predict the content choices that will resonate—even through unpredictable changes in audience behavior due to seasonal shifts, emergency situations, or other circumstantial changes. By sharing insights with the organization about what worked best and for whom, the tool can help brands figure out what strategic sales or marketing approaches work best for their different customer groups and for their audience overall—all while delivering boosted results.
By continuously learning about their customers, and using those insights to deliver enriched experiences, brands can successfully enhance the web experience and build a stronger relationship with users
Collins highlights an instance wherein Travelodge, a British hotel brand, switched to Monetate to significantly change the landscape of how they were doing A/B testing. With their previous personalization solution, the hotelier had only been able to run four tests in the span of a year, and their business impact was being diminished by both the slow speed and high cost of getting tests up and running. After switching to Monetate, Travelodge successfully launched over 30 tests in less than a year and saw an incremental uplift in revenue amounting to at least 15x ROI.
Travelodge’s success speaks to the efficiency that the Monetate platform affords to the marketers who use it: either through placing Monetate’s tag on their website or through full server-side integration, brands can easily optimize content decisions and actions on the website and make adjustments to the experience at any time. This agility allows marketers to use their best creative abilities at a scale that only AI can provide, for results that speak to the power of both manual and automated approaches.
Recently, Monetate announced their partnership with Bazaarvoice, Inc., the leading provider of consumer-generated content (CGC) for retailers and brands. The collaboration will soon deliver a first-of-its-kind Product Recommendation Strategies offering to help drive post-holiday engagement. Looking ahead, the firm aims to significantly increase R&D around the idea of programmatic personalization, which will build further on the capabilities of Artificial Intelligence. “We want to help marketers build machine-enabled personalization into everything they do. It’s about more than the software: it’s an entire approach to customer relationships. That is the future of marketing,” concludes Collins.