5WPR CEO On Succeeding with Algorithms

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5WPR CEO On Succeeding with Algorithms

 

Much has been written lately about ways and strategies for brands to ramp up sales after COVID-19. Of course, each suggestion must be a fit with the industry, but one pathway applies to nearly all. And that pathway is algorithms. CMOs and their public relations, marketing and IT staff might wish to apply and leverage most, if not all eight.

Popular

New visitors to a brand’s website can often benefit from recommendations based on the historical experience of what have been the most popular items purchased by customers. This can be particularly helpful when visitors land on a page without having searched for an item. In addition, that most popular information is best used in communications to new customers, as well as to customers for whom little information is known.

Trending

Like the popular recommendation, identifying products that have been trending recently could appeal to new customers and visitors where little consumer information has yet to be gathered. A headline and link to trending products on a brand’s website would also be useful.

Contextual

Demand for a product often heightens desire. This is why consumers sometimes receive a note upon purchasing an item online that says, “People who bought xxx also bought xxx” with a link to it.  The same can be performed for consumers visiting the website and viewing a product. Switch out “bought” for “viewed” in the note.

Browsing History

Visitors who browse two or more pages or who click on specific items generate a path towards helping marketers understand their interests. Offering similar products at the time will enhance chances of positive results.

Purchase History

One of the most important algorithms, this helps brands learn more about their customers and also equips them to tailor future communications. Important data to gather would be whether the product was for the consumer or purchased as a gift.

Interest Based

This algorithm gathers much of the earlier data and as much other personal information from current consumers. This allows marketers to create individualized profiles of customers and target ads and communications based on their buying history and interests.

Predictive

Some marketers believe this is the strongest tool in their arsenal. Predictive looks at how much time passed by looking at all aspects of the customer journey, from when a customer visited the brand’s website to search for items and made a purchase, opened their email, made another purchase, etc. Over time, predictive can be helpful in informing brands when and what the customer is likely to buy again, the average amount of purchase, etc.

Custom

There’s no one-size-fits all algorithm and many brands will likely have to tailor theirs to make a  better fit. Similarly, not all of these may be appropriate. CMOs and their teams will need to put their heads together and determine which are appropriate for their industry.

Follow-up

As in all marketing plans, CMOs need to lay out goals and a calendar to check in on, measure, and compare the progress of not only utilizing any of these algorithms, but also reserve time to assess progress with an eye to refining the plan, when and if necessary.


Is the NFL Ready for Kaepernick’s Return? - Ronn TorossianAbout the Author: Ronn Torossian is CEO of 5WPR, a leading PR agency.

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