Companies are expected to increase partnership agreements this coming year as the shift to mobile and smaller screens makes personalizing consumer experiences and messages a requirement.
On Thursday, ContentSquare and Dynamic Yield announced a partnership that allows marketers to more easily identify consumers' intentions before they make a purchase. The companies have been working with retailers and brands such as Rebecca Minkoff to test the integration.
ContentSquare, a data platform powered by artificial intelligence, and Dynamic Yield, an AI-powered personalization engine, integrated their platforms, allowing brands to see what’s required to increase the odds of a conversion and determine the types of personalized content to invest in.
A lack of search options and a slow website can certainly prompt visitors to close the browser and look elsewhere. A typical bounce rate can mean that 97 out of 100 visitors abandon the website.
“In the experience of our clients it is four-times more expensive to pay for additional visits, ad clicks, then to improve engagement and conversion rates by mastering personalization and fixing leaks,” said Efrat Ravid, CMO of ContentSquare.
Ravid says that basically, the four-times better return on investment ratio applies to improving the return on ad spend, and the key performance indicator is the ROAS whether a brand does search engine optimization or runs paid-search campaigns. Both require the budget and the effort to bring people to the website.
“In repeated case studies and independent industry analysis, reviews show customer conversions increase from 5% to 55% each year, which means millions,” she said.
The idea is to combine the data from both companies to create customer-specific personalized data and analytics that provide the most accurate and personal user experiences on sites and apps.
The integration came easy, per Ravid, because both companies support the same types of companies, retailers, travel, luxury and fashion.