With our AI Assistant, we've added new ways to predict customer behavior and react accordingly!
Key Benefits
You can better target your customers with our new predictions, like those who just need that final push to make a purchase. This will help make the best use of your budget rather than wasting effort and money on customers who were going to convert anyway. See how to do this in the video guide "Cost reduction based on conversion probability" below.
Predictions use information from across Mapp Cloud to segment users into high, medium, and low levels of groups like:
Predicted Conversion Probability: the likelihood a customer will make a purchase.
Predicted Churn Probability: the probability of a visitor not returning.
Predicted Next Basket Value: how much the customer's next purchase is likely to be.
Predicted Customer Lifetime Value: how much will this customer likely spend with your company over time?
We've revamped our formula for Customer Lifetime Value, which is now called Potential Predicted Customer Lifetime Value. The calculations are now made using the Next Basket Value. This better incorporates the knowledge that you, as a marketer, can act to convert customers regularly rather than underestimating based on low expected repeat customers.
How does it work?
Our predictions are calculated by analyzing things like the number of a user's visits and orders, order value, and days since the first/last order.
We need a certain amount of data to start making predictions. As such, predictions may not be immediately available for your account.
Cost reduction based on conversion probability
Reactivate potential churn
Please see our How To for more details on the two use cases above.
Availability
This feature went live on November 7th, 2023, and is part of the Mapp AI Assistant package. Please contact your Customer Success or Account Manager for more information.
