WALTHAM, MA--(Marketwired - Aug 13, 2013) - In an era of data-driven marketing and social marketing, marketers are increasingly looking for ways to unlock the power of relationships. However, marketers are still frustrated by big data, according to a recent eConsultancy report, "Online Measurement and Strategy Report 2013." While traditional marketing metrics rely on targeting high spenders, using Net Promoter Scores, etc., Pursway has found that leveraging a more accurate, scientific approach based on big data can help marketers socialize their data -- giving them a way to understand and leverage their customers' and prospects' real-world relationships to substantially improve customer acquisition, cross-sell and retention.
Improve Campaign Performance
"Marketers are constantly focused on improving campaign effectiveness -- more data is great, but more impactful and easy-to-work-with insights are better," noted Steven Fuld, senior vice president, Sony Corporation of America. "Pursway has shown the ability to efficiently give us a single view of customer and prospect data, analyzing true relationships between the people in our databases, and identifying real purchase influence."
Pursway overlays its proprietary relationships database onto existing customer and prospect data to socialize data -- identifying important social relationships and uncovering true influence relationships between people across databases. Pursway's Influence Value Order (PIVO) technology identifies those people who disproportionately influence the purchase and use of specific products or services in a particular population. Harnessing the power of those influencers has consistently proven 2-5X ROI for primary marketing programs. Examples include: an acquisition referral program for one of the top credit card companies; churn reduction program for a top telecommunications provider; cross-selling campaigns for a leading consumer electronics retailer; and an acquisition advocacy initiative for one of the largest U.S. banks.
Identify Purchase Influence
"It's not easy to identify the people with the greatest purchase influence -- they are not necessarily the big spenders, vocal brand champions or social-savvy consumers with 500+ Facebook friends and an active Twitter," added Ran Shaul, founder and chief client officer, Pursway. "If you dig deeper, it becomes clear that consumers are rarely true 'friends' with their complete Facebook/Twitter circles, so they have no influence. Applying our technology to existing marketer data can find the 10 percent of people who drive 50 percent of a company's revenue -- and help marketers better target, measure and monetize those relationships."
Pursway Connect -- a proprietary database of more than 100 million U.S. consumers and their social relationships -- transforms existing customer and prospect databases into an exclusive Social Graph built from thousands of open web sources (e.g., alumni lists, event attendees, employment history, blog responses) to mathematically identify true influence relationships. After overlaying the brand's unique purchase data, Pursway delivers topic-based PIVO influence indexes (which range from 300-600) to pinpoint the eight to 15 percent of people in its existing base that when they buy their real-life friends will follow for a specific purchase category.
Key influence findings based on Pursway's proprietary technology:
- Consumers are 2X more likely to buy a specific product if their close friends did, yet most marketers cannot identify the real-life relationships between their customers
- Top 10 percent of influencers can drive up to 50 percent of a brand's revenue, yet most marketers cannot pinpoint these individuals in their database
- Purchase influencers are usually NOT who marketers think they are -- they are often not the high spenders, vocal brand advocates or social media superstars
- Purchase influencers are category experts but tend to be the people others ask about products rather than the people who proactively discuss products
"Marketers can no longer rely on antiquated targeting techniques. Even those forward-thinking marketers at the forefront of social media marketing are missing the mark as social media simply can't prove any substantial conversion to real sales," added Shaul. "Now is the time to make measureable metrics take center stage so companies can improve customer relationships and better target top consumers to both drive sales and increase customer loyalty. Especially as harnessing the power of purchase influencers can be as simple as realigning an existing marketing program and its budget to better target those influencers."
To learn more, download one of Pursway's topical whitepapers, case studies or eBooks.
Pursway dramatically improves customer acquisition, cross-sell and retention by unlocking the power of customer and prospect data. Leveraging sophisticated algorithms and its proprietary database, Pursway imprints a social graph onto existing and prospect data, identifying actual relationships between buyers and empowering marketers to better target customers with demonstrated influence over others' purchasing decisions. Serving customers such as Comcast, Orange and Sony, Pursway consistently increases companies' marketing ROI by 2-5X. Backed by Battery Ventures and headquartered in Waltham, Mass. and Herzliya, Israel, Pursway is led by a team with a proven track record in advanced machine learning, social network analytics, and consumer marketing disciplines. For more information, visit www.pursway.com.