Customer marketing and retention specialist Optimove announced that it has released Optimove 6.0, introducing a new customer lifecycle stage to its product: the visitor. Users can now automate targeted marketing campaigns for new visitors as precisely as they can for customers who have already made a purchase.
Optimove claims that its new product will not only save brands from wasting money chasing the wrong people in ‘blind retargeting’ of website visitors, but will increase the average conversion rate of site visitors by an estimated 25% in the process.
According to Optimove, 98% of people who visit a website never make a purchase. That means in today’s ultra-competitive online retail market, marketers are spending valuable dollars following consumers around the internet and retargeting them with ads for items they will never buy.
Optimove 6.0 brings together web analytics from new visitors with look-alike data, machine learning and artificial intelligence from its retention ecosystem to accurately predict a customer’s future spend before they make a purchase. Based on its predictions, Optimove segments site-viewers into micro categories and provides insights on which campaigns will be most likely to lead to conversion. Rather than go after everyone that visits their site, Marketers can use Optimove’s findings and automation tool, Optibot, to precisely target only those in the 98% that are most likely to eventually convert.
According to Pini Yakuel, co-founder and CEO of Optimove:
We’ve been highly focused on applying a scientific approach to relationship marketing, but realized that relationships start long before someone presses the buy button. Most acquisition marketers are focused on bringing in as many leads as possible and then parsing from there. With Optimove 6.0 we are flipping the funnel — taking post-purchase data and knowledge and utilizing it for smarter acquisition.
Optimove’s new release closes the gap between the often siloed acquisition and retention teams, whose opposing goals of lowering cost per acquisition and achieving long term customers tend to clash. Unifying these functions reduces conflicts of interest between teams and eliminates the data loss that occurs when moving from one CRM to another.
With this release, Optimove is officially transitioning from a customer marketing platform to a relationship marketing platform — with that relationship starting with the first website visit, or even before. The company predicts that after integrating the two lifecycle tools into a single CRM, marketers will see an average of 25% lift in conversion rates.
Optimove has been focusing on adding AI based tools to its arsenal, recently bringing on board AI expert Tal Kedar from Sears as its new CTO.