- Do you want to create even more accurate customer segments or audiences in order to better align with your marketing goals?
- Is it important for you to increase the conversion rate of ad campaigns, while optimising ad spend?
- Are you measured in how efficiently you acquire new customers or drive customer lifetime value (CLV) with existing customers?
- If the answer is ‘yes’ to any of the above questions, read on…
Calculated Attributes is a new standard feature of Zeotap CDP that allows you to link more granular events data or user-level attributes to customer profiles that generates more accurate audience segments ready for ad campaign activation. An event can be defined as:
A record of user activity or user data that is collected by or uploaded to Zeotap CDP from a client’s data source or API source. Each event is counted as one incoming row of data, containing up to 300 attributes or columns, coming in from: (a) tracking of real-time actions performed by users on client’s websites; (b) ingestion or update to existing client’s CRM; (c) flat files uploaded by client in the CDP; (d) requests to the CDP as API calls.
Previously, an audience was created using a single attribute, such as Purchase History, but with Calculated Attributes you can combine additional profile attributes, such as a timeframe: In the Last 3 months.
By allowing you to combine granular revenue or purchase data with a specified time period, this allows for more accuracy when finding your most valuable customers or finding users most likely to churn.
With the ability to combine different attributes you have the flexibility to create more granular audiences in just a few clicks in the platform, which enables you to closely align with campaign goals. Previously, this type of granularity would only be available via input from an analyst or data engineer.
Let’s take a look at the new feature through the lens of one of our key personas – Michael the Marketing Guru.
User Story 1: Drive monthly repurchases (retail sector)
Meet Michael…
Michael works for a retailer and his performance is measured on driving customer growth: upsell and cross-sell of products to existing customers.
Michael realised that the majority of new customers lapse after the first purchase. Michael’s goal is to ensure customers make a second purchase within 1-2 months of the first purchase. As a solution and incentive for new customers, Michael set up a customer growth campaign that sent a newsletter with discount vouchers to new customers who made at least 1 purchase in the last 2 months. Michael used Calculated Attributes in the following way to create an audience segment ready for campaign activation:
1. Define the calculated attribute, as follows:
a) First attribute = purchases made in the last 2 months
b) Second attribute = purchases made in the last 1 month
2. Create a segment: use the calculated attributes to filter those users who have made a purchase in the last 2 months, but not in the last 1 month.
3. Send a newsletter to these segments with discount vouchers and watch conversions improve.
Formula:
Purchases made in the last 2 months (First attribute) –
Purchases made in the last 1 month (Second attribute)
= customers who have purchased in the last 2 months, but not in the last month (accurate campaign segment)
As Calculated Attributes can be applied to many use cases, let’s look at another key persona who operates in the travel sector.
User Story 2: Show ads of personalised room sizes (travel sector)
Meet Amanda…
Amanda works for a travel agency and her performance is measured on online conversions.
Amanda diagnosed the challenge: a poor conversion rate was due to a lack of personalised ads to align with a customer’s room size preferences.
As a solution, Amanda used Calculated Attributes in the following way to create a more personalised audience segment ready for campaign activation:
1. Define the calculated attributes: use the Property Type of each user to identify what the customer is most interested in. Refer to the below image for clarity. See screenshot below:
2. Note that the duration for which this computation run varies per requirement. We recommend that you keep this duration similar to the average conversion window for your platform.
3. Create a workflow: whenever a customer searches on the website, use the Calculated Attributes feature to enrich the customer’s keyword search.
What’s new?
Calculated Attributes is found under the Catalogue section of Collect (a section of our platform) and is housed within an easy-to-use interface to create new attributes of a user by aggregating their event data over a specified time period. You can use over 10 types of operators to generate actionable insights and then leverage these insights to create more nuanced cohorts.
Key functionality:
- Create new user-level insights by aggregating isolated user actions
- Aggregate data using 10+ different kind of operators, without writing a single line of code
- Segment and filter users in Connect & Workflows based on calculated attribute values
What are the benefits?
- Enriched insights about existing and new customers.
- User-friendly interface that enables advanced segmentation without the need for any external assistance.
- Create time-sensitive audience segments, customised to the length of your sales cycle.
- Audience segments can be activated at scale and speed, as they are refreshed daily to fuel an always-on marketing strategy.
- Granular audience segments improve campaign personalisation that ultimately drives more conversions.
Get in touch with us today to learn more about how Calculated Attributes can help you create actionable audience segments that improve the personalisation of marketing campaigns and drive an average of 15%-35% higher efficiency.
Request a demo here.
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