Bringing Data Science to Retail

Get a complete view of your customer, so no money is left on the table.

The 21st century consumer’s path to purchase meanders through a stream of data and information. In today’s digital world marketers need to understand audiences and apply insights to deliver relevant experiences to their consumers. But that is not as easy as it sounds – Google and Apple are both significantly restricting the amount of information available to marketers by limiting the effectiveness of advertising cookies.

Making informed decisions is now critical for marketers looking to deliver the most impact with their campaigns. Each company’s strategy will vary based on its business goals and their specific audiences, what remains true is the necessity for accurate and actionable data.

Combining Datasets

Data captured by a company typically only encompasses a few interactions with a digital advertisement or website engagement. Finding more insights on how a consumer interacts with a social media post and mobile app is possible but still we are missing critical pieces of the consumer experience. Building a complete vision requires the integration of all available data collected and will help achieve marketing objectives.

But what if your company does not own those data sources? Partnering with a data specialist, like Drop for Business, will allow you to access that information – developing a more enriched image of the consumer.

Uncovering data insights with a partner comes with many advantages. Drop for Business maintains a growing consumer dataset where members share their transaction data in exchange for monetary reward in the form of Drop points. This data encapsulates all of a consumer’s spend in various categories including competitive retailers, an avenue of data that is typically unknown to a company.

Integrating Analytics

Once a complete view of the consumer is generated it is time to use this information in decision making. Identifying valuable customer segments and applying them to marketing strategies turns insights into valuable actions:

  • Personalize customer experiences with audience-level data.
  • Segment customer bases to reach specific audiences with custom messaging.
  • Analyze marketing channel effectiveness and optimize budget allocation.

Getting a more comprehensive understanding of consumer behavior leads to more effective marketing efforts. In turn, these efforts go on to improve the bottom-line performance of a business. Marketers with integrated technologies are more able to deliver experiences to consumers that delight each time they occur.

How can Drop for Business help?

Integrating more data into your marketing strategies enables you to gain actionable insights that prioritizes your business needs and understands your customers. For the best impact, the sources of the data must be reliable and up-to-date – Drop for Business currently provides a complete view of consumers from a combination of surveys and real-time, first-party data from billions of transactions, to truly understand your customer’s actions and future intent. With all this data in hand, you can be sure to target the right customer, at the right time to supercharge your ROAS.

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    Winning Share of Wallet

    Strategies to winning the consumer’s attention and ultimately the sale.

    Strategies to Win Share of Wallet During Key Shopping Moments

    The consumer journey is a fundamental pattern that marketing and advertising strategists use to drive results. Shoppers today are inundated with influence and information coming from mixed media. What was once a direct shopping journey has been made an exploration, with the ease of access to information.

    As a result, advertisers must find ways to influence a sphere of customer journeys that lead to their brand and products. How?

    1. Aim to reach people, not personas

    Target people who are exhibiting signs of being in-market for a purchase. Typical strategies attempt to identify trends using a data set customized to their unique business. Understanding the indicators of a motivated shopper is not easy, but when done right enables marketers to close the sale.

    2. Deliver a quality experience

    It is key to ensure that the experience of your brand is high quality to make the shopping experience as seamless as possible. An easy experience is critical to building a base of brand loyalists.

    3. Always stay credible

    The multiple touchpoints between a brand and a shopper are each opportunities to build trust. To help, strive to anticipate consumer apprehensions and then address them during the shopping journey; ensuring that the message behind your brand is cohesive will help consumers make an informed decision that they can feel good about.

    4. Identify your moments

    While it is easy to identify that a prospect is actively searching for your product online, it is not always easy to understand where the shopping journey started. The desire to make a purchase can stem from a moment not directly related to the product – understanding these moments enables marketers to double-down on what is working.

    People make deliberate decisions about shopping, weighing many individualized factors to make their choices. With abundant information available online, it is now the objective of the advertisers and marketers to generate a holistic strategy that caters to the fragmented journey outside of their own digital properties.

    Gaining a view into the activity and actions of a consumer requires insight about their daily lives outside of interactions with a specific brand environment. In addition to making great content, it must be delivered to consumers at a time that matters to them outside of the traditional shopping journey. A prospective consumer that discovers content should be able to relate to the content as well as find it useful and trustworthy – keeping the brand top of mind for a purchasing decision.

    How can Drop for Business help?

    Many marketers are partnering with companies that specialize in connecting consumers with products and services that are specific to their needs. Drop for Business has over 5 million members that receive their own tailored content which is most relevant to their lives. Members choose to share their shopping behavior with Drop in exchange for Drop points, ensuring a clear exchange of value and maintaining trust between the member, Drop, and our brand partners.

    With this data, Drop for Business is positioned to segment, target and tailor content to meet consumers at these unique key shopping moments and ensure an efficient conversion of lapsed shoppers while maintaining a healthy relationship with loyal shoppers. By maximizing this strategy, marketers are able to promote customer loyalty as well as attain more customers, thereby increasing share of wallet.

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      Driving Scale with Card-linked Offers

      Drive 10x more scale than affiliate offers – here’s how to do it.

      Card-linked offers (CLO) are a great tool to drive in-store activations and reward your most loyal customers. But that is not the only reason why they’re becoming more popular with business and consumers alike. CLOs with Drop for Business have proven to drive 10x more scale than affiliate offers – here’s how it works.

      Affiliate Marketing

      Affiliate marketing is an advertising model where publishers (such as Drop) earn a commission for successfully promoting a product or service for an advertiser (ie. brand or merchant). The publisher is rewarded a payout for providing the result desired by the advertiser, usually the sale of a product.

      Affiliate marketing attribution is tracked via unique web URLs, capturing data points that inform the advertiser where the end-customer originated from and attributes the sale to the publisher responsible for attracting the customer to make their purchase.

      While affiliate marketing has been an extremely successful approach for direct to consumer and ecommerce businesses, traditional brick and mortar businesses struggle with associating online marketing activity to offline purchases.

      Card-Linked Marketing

      A new advertising channel gaining popularity with the rise of open banking is card-linked marketing (CLM). CLM operates similarly to affiliate marketing, with the key difference being publishers and advertisers attribute customer purchases using the bank-level transaction details, rather than web URLs. Card-linked offers are capable of measuring both online and offline purchases, and gaining traction with omni-channel and brick and mortar marketers.

      Benefits of Card-Linked Marketing

      Card-linked offers (CLOs) are the most popular way in which consumers choose to interact with brands on Drop and, as a result, they consistently unlock 10x more scale than affiliate offers.

      Card-linked offer attribution has historically been a challenge for marketers because purchases are measured in the bank environment as opposed to tracking click activity. Advertisers are accustomed to a 1-to-1 marketing attribution known as “Last-click Attribution”, where the last Publisher to receive a click from the consumer is granted commissions for the sale.

      But with Drop Pulse, our partner success tool, marketers get the best of both worlds, the increased scale of CLOs with the same last-click attribution as affiliate offers.

      Attribution with Drop Pulse

      Drop bridges the gap with a unique click ID that correlates the card-linked offer activation to the consumer’s transaction; Drop For Business is able to provide 1-to-1 tracking data to brand partners, accessible through Drop Pulse. CLO click attribution by Drop for Business is an order-of-magnitude improvement in marketing reporting that allows marketers to measure when the digital offer activation occurred and correlate it to the resulting online or offline purchase.

      At Drop for Business, we empower marketers to drive cost-efficient advertising campaigns by targeting the right customers, at the right time. Get in contact with our team and find out how Drop for Business is able to leverage CLO click attribution to exceed your advertising goals.

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      Learn how your business can see these results too