WALTHAM, MA--(Marketwired - Dec 19, 2013) - Pursway, an innovator in big data marketing analytics, today announced a milestone year and shared predictions for what's in store for marketers in 2014.
During 2013, the number of consumer records scored using Pursway's PIVO Influence technology quadrupled to more than 150 million, and the company's clients now include category leaders in industries like financial services, credit cards, retail, hospitality and communications. Pursway's proprietary database of social relationships, Connect, has now identified more than 120 million people and three billion social connections in North America alone.
Pursway's success reflects marketers' intensifying need to increase campaign effectiveness and drive sales results. In an era of social-savvy, data-driven marketing initiatives, marketers are increasingly looking for ways to unlock the power of relationship-based marketing. With Pursway, harnessing the power of purchase influence and interpersonal relationships can be as simple as realigning an existing marketing program and its budget to better target customers and prospects based on the principle that people tend to buy what their friends buy. Pursway gives marketers a way to identify these real-world relationships within their own data, and use them to turbocharge customer acquisition, cross-sell and retention.
Appointing CEO Dave Ellenberger, a seasoned technology executive, early in the year, the company has continued to scale its operations to meet industry demand as companies realize the power of data-driven marketing technology. The company also recently closed $7.2 million in funding to fuel expansion and accelerate product innovation.
Recently revealing retail shopping trends, Pursway has taken a more active role in sharing insight to help marketers rethink their campaign strategies. Today, the team shares its thoughts on five key trends that will shape marketing decisions in 2014, including:
1.) Marketers will be tasked with demonstrating the ROI of "social marketing" initiatives - As the novelty of social marketing wears off, marketers will face increasing pressure to demonstrate ROI from their social endeavors. This will shift their focus from simple likes, tweets and shares to activity with direct -- and measureable -- sales impact. The "social" will become more about leveraging true social influence among friends through the use of complex analytics.
2.) Lifetime customer value will reach beyond the individual - Marketers will learn the added value of building relationships with influential customers, who are not necessarily the big spenders or those with the broadest social web presence. Instead, the focus will shift to customers who can influence the purchasing decisions of their friends, family and other close personal relationships to drive increased sales and make a significant impact on the bottom line.
3.) The power of word-of-mouth marketing will surge - A new spin on a beloved classic will emerge as the most powerful marketing tool in any marketers' arsenal. As consumers become immune to the online rants of self-proclaimed industry/product experts thanks to the saturation of social media with marketing messages, the power of offline, interpersonal relationships and influence will once again reign supreme. Simply put, people are more likely to buy what their friends buy ... and those friends with real influence typically aren't the 500+ Twitter followers filling their online world.
4.) Big data will be the big equalizer, not the big divide - Many are predicting big data will further divide marketing and IT as CMOs and CIOs battle over data analytics ownership. Leaders at progressive companies will do the exact opposite -- allowing big data to bring the two together. Those companies will have a competitive edge as they will be able to make the most of their data rather than wasting time fighting over ownership.
5.) Media buys will become more targeted - The value of mass media reach will be trumped by the sales potential of reaching the right target at the right time through the right channel. As advanced data analytics opens new views of customer and prospect buying patterns and the influence exuded on purchase behavior, marketers will start to test the waters of extremely targeted media buys. The strategy of blasting emails to entire databases will start to be viewed as an inefficient and ineffective relic.
"We're in the midst of a marketing transformation -- an era in which marketers will come to fully value, understand and leverage the power of the consumer. And not just for individual sales. The power of the consumer runs far beyond their own wallet," added Dave Ellenberger, chief executive officer, Pursway. "Progressive marketers will make 2014 the year of a renewed focus on word-of-mouth marketing. They will unlock the full lifetime value of their customers and prospects, while improving customer relationships/loyalty thanks to the power and insight of advanced data analytics and social graphing capabilities."
To learn more about how Pursway is changing the game for direct marketers and customer relationship management professionals alike, take a look at what executives from SONY have to say about their experiences.
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.