The most prominent section of the Opportunity Radar screen is the target selector, which has a list of metrics and differently colored boxes.
These boxes represent a different group of individuals you can select for targeting or for look-alike models, each of which are color-coded based on their recommended strategy.
Green Boxes - High value targets that you want to grow and retain.
Yellow Boxes - Customs fading in loyalty that require retention efforts.
Red Boxes - Customers at high risk of churn for whom you must facilitate a winback purchase.
You can select multiple boxes to expand your target, though typically it is recommended that you only select similarly colored boxes - i.e., those with a similar messaging strategy.
The three target types at the bottom of the screen (“Customers”, “Emails” and “DM Recipients”) will tell you how many customers, customers with valid email addresses, or customers with valid mailing addresses exist in your selection.
Opportunity Radar also presents you with six unique strategies. Each strategy has its own target designed to maximize engagement and conversions.
Click on any of the buttons to view an explicit data-based strategy that selects the best group for which to implement the strategy selected. Each strategy recommends an executable course of action for you to take based on the members of that strategic target:
Maximize the Value of MVBs
Your MVBs are your most valuable buyers and are typically responsible for a large percentage of your revenue. Provive MVBs with perks, loyalty benefits, and other personalized forms of recognition.
Rescue Our MVBs in Decline
Since your MVBs are so valuable, it is critical to maintain them - particularly when their brand engagement is slowing down. Therefore, your message to this target must be more aggressive - like a personal phone call from a service advisor, or a special, time-sensitive gift card.
Convert Trial Buyers
Trial buyers, or one-time-buyers - make up the largest percentage of your customer base, and many never buy again.
In turn, the goal for this target is to incentivize a second purchase in order to bring them deeper into the fold and maximize their value.
Offer a reasonably aggressive promotion to drive them to buy again - like a special limited time offer.
BuyerGenomics’ typical bounce backs purchases occur around 201 days between transactions.
If you time it properly, bounce back messaging (in which your offer is unique and appealing) can be very effective.
Multi-buyers are those who have bought multiple times but have not reached MVB status.
These customers require messaging that expresses gratitude for choosing your company and providing special opportunities - like membership into an exclusive discount program.
Rescue Faders & At-Risk
Faders and At-Risk buyers are those who are most likely to stop spending with your brand and fall into attrition.
To ensure that these customers do not leave forever, stimulate them with fresh content, substantial, aggressive offers, and creative, personalized messages.
Premium vs Extended Targeting
If your database is large enough, you will have the option to choose between either Premium or Extended targeting. The former is pared down and more specific, while the latter is broader with a larger number of customers.
Premium targeting focuses on efficiency, where as Extended focuses on volume.
Smaller databases do not have the option to choose between the two - instead, the best target is selected to optimize efficiency at low volume.
Once you’ve selected your target and messaging strategy, your next objective is to determine the proper mode of delivery.
You have three options to choose from:
This option allows you to create look-alike targets for your most desirable customers in order to acquire more of them.
It is recommended that you only use the green square for look-alikes, since those are the high value ones you want more of.
The email option lets you deploy email to whichever group you select.
Again, we do not recommend mixing colors for this option, due to the fact that your email should correlate to a singular, distinct strategy.
This gives you the number of unique, deduplicated households you can mail to within your selected group.
Similar to email, we recommend splitting up exports for each group you wish to track, and vary your messaging for each one. This way, you can view subsequent reports and identify the highest performing groups.