Lytics, a customer data platform (CDP), is offering a set of new marketing tools inside Lytics View that provides recommendations for improving performance based on artificial intelligence in as little as seven days.
Seven days may seem like a long time when considering that the internet provides instant gratification for most services, but traditional CDP platforms historically can take anywhere from three to five months, up to multiple years to get up and running, says Lytics President Jascha Kaykas-Wolff joined the company about five months ago after serving as CMO at Mozilla.
A few companies have been testing the tool in the past month. The idea is to improve performance in less than 30 days. “It’s a fairly bold promise,” Kaykas-Wolff said.
Lytics uses machine learning to make data actionable. The company spent the past few years building its AI models, testing and refining them with data from hundreds of customers to determine things such as how customers behave across channels, how they convert, and what type of content to produce.
Publishers can use Lytics View to make personalized content recommendations that increase reader engagement and drive subscriptions. Consumer packaged goods companies can use the platform to lift online sales through personalized digital offers. Technology companies can use it to reduce churn by predicting and proactively reaching out to disengaged customers through their preferred digital channels.
Kaykas-Wolff believes there is a misconception that companies need to complete a 360-degree view of the customer project before delivering on customer experiences.
He says the company has discovered that approximately 92% of outcome variabilities can be traced to customer activities measured through affinity and behavioral data. That means much of the time that organizations spend collecting, cleaning, and consolidating data doesn’t add immediate value to improve business performance.
“About 70% of implications for digital transformation fail,” he said. “We believe it fails because monolithic [strategies] focus on accumulating all the data first, which creates a long and slow process.”
Kaykas-Wolff says the time factor -- that this new process takes seven days or less -- is key.