MyBuys recently introduced Predictive Remarketing, a consumer profile-driven remarketing suite designed to drive higher response rates from consumers across all channels including display advertising, email and direct mail. MyBuys also recently announced the acquisition of online remarketing provider Veruta, a move designed to power the display advertising component of the new suite with its advertising platform.
MyBuys said the Predictive Remarketing solution is helping its clients drive more than 500% improvement in click-through rates (CTRs) and over 50% improvements over all other remarketing offerings. MyBuys solutions are designed to predict what shoppers want to buy and present multiple options to each consumer through display ads.
Retail TouchPoints had the chance to catch up with MyBuys CEO Bob Cell for in-depth insight on how predictive remarketing can enhance retailers’ operations to offer an enhanced customer experience.
Retail TouchPoints: MyBuys recently introduced the consumer profile-driven remarketing suite. Can you share more about this concept and how it will impact the retail environment?
Bob Cell: Remarketing has proven to be a very effective way to bring shoppers back to a retailer’s web site. When that remarketing is dynamic and personalized to each individual, the impact is up to 5 times greater. MyBuys has been remarketing through email since the company’s inception in 2006, and we’ve now added remarketing through ads and direct mail. This gives retailers three proven methods and channels with which to bring consumers back – using the right channel for each consumer.
The impact on retail? Higher ROI for the overall marketing spend. They shift a portion of the money they used to spend on customer acquisition (SEO, SEM, brand advertising) over to remarketing, which is a more cost effective use of precious marketing dollars.
Retail TouchPoints: The company also recently announced the acquisition of Veruta. Can you share some of the nuances of how the company’s solutions will complement MyBuys?
Cell: Veruta has two key elements: a dynamic ad delivery capability, and a real-time spend optimization solution. By combining these two elements with MyBuys personalized recommendations, retailers get the one-two punch: more targeted ads getting to consumers through the most cost effective ad network. No other remarketing or brand advertising solution on the market has the combination.
Retail TouchPoints: Shopper data is becoming more necessary than ever to better service the product-savvy consumer. From a trend perspective, can you speak to the importance of shopper data for retailers?
Cell: Memory matters. The reason a Nordstrom personal shopper is so effective is that they know individual customer preferences on products, categories and brands (they keep them handy in a little black book), and they proactively reach out to these customers to inform them of changes in the assortment that might be of interest.
Retailers that capture and retain information on each consumer — even anonymous information — can proactively reach out to individuals with something relevant to say, can bring them back to the site and drive more purchases.
MyBuys does all of this automatically, and we leverage ads (anonymous consumers), email (when a consumer has opted into a retailer’s marketing programs), and direct mail (when a consumer is a pre-existing customer and is not on the ‘do not mail’ list).
Retail TouchPoints: Can you elaborate on the concept of predictive remarketing and how it impacts retail operations?
Cell: The biggest impact remarketing has on a retailer’s operations is increasing turns on inventory — because we help them sell more. And since we are able to match specific consumer preferences with inventory, we can make sure that items move without having to resort to deeper and deeper discounts. Predictive Remarketing drives consumers back to the retailer’s site because we put relevant products in front of them — in their inbox, in their mailbox, or on other publishers’ web sites. When they come back, they buy.