DURHAM, N.C.--(BUSINESS WIRE)--Windsor Circle, a leading Predictive Marketing platform, announced a new way to measure impact for clients and surface it directly in their App, allowing retailers to better understand how predictive marketing impacts their business. Windsor Circle is the first Predictive Marketing platform to use revenue lift instead of revenue attribution to prove value for their clients.
Using randomized control trials (RCTs), also known as split testing, Windsor Circle data scientists estimate revenue lift and associated 95% confidence intervals on a campaign by campaign basis and overall. “The problem with touch-based attribution is that it’s difficult to say which touch, if any, motivated a purchase. Combine that muddiness with the host of other things that drive purchasing behaviors and it’s difficult to determine the true value of a marketing service. RCTs allow us to ignore all of the confounding factors and focus on the value that Windsor Circle provides for our clients,” explained Bryan Shepherd, Senior Data Scientist at Windsor Circle. “They go beyond last touch attribution and even multi-touch attribution to truly help retailers isolate the impact of the money they spend with Windsor Circle. Our goal is to give our clients confidence, based on rigorous statistical methodology, that the investment they are making in Windsor Circle is worthwhile.”
Last touch and multi-touch attribution are common methods in the industry for proving value; however, the methods can be flawed - with neither method distinguishing revenue that would have occurred anyways. “The customer journey is a long and convoluted one. Last touch attribution looks at the last channel a customer interacted with and gives 100% of the credit for the sale to that channel,” stated Harry Kaplowitz, Product Manager at Windsor Circle. “Last touch gives you insight into what the last channel was before the sale, but it doesn’t give the whole picture and, in many cases, retailers and brands make budgeting decisions based on this inaccurate data. Multi-touch attribution is a little better, creating a more complete picture of all of the channels involved in driving a sale, but it leaves out a wide swath of channels, such as offline sources.”
Retailers and brands can look to revenue lift to understand the impact of Windsor Circle software without having to worry about whether vendors are taking credit for the marketer’s work, double counting, or even understating the results. “The beauty of revenue lift is that it’s unbiased and calculated based on each individual client’s data,” stated Kaplowitz. “As a marketer, you’re surrounded by metrics that carry caveats and half-truths; the outdated way of proving value is being replaced by calculating revenue lift using a statistically valid experimental design that helps marketers determine whether a solution is, in fact, working for them.” Windsor Circle clients are seeing a 20%+ lift in revenue.
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Windsor Circle’s Predictive Marketing Platform helps retailers increase revenue from existing customers and grow customer lifetime value across channels.