Monetate Personalization Platform Overview
Monetate is a leading personalization platform designed to help ecommerce and digital businesses enhance customer experiences, drive engagement, and boost revenue. Here’s a detailed look at what Monetate does and its key features and functionality.
Core Functionality
Monetate enables businesses to create, test, and deploy real-time personalized experiences across various digital channels. The platform captures and analyzes customer interactions, behaviors, and historical data to develop comprehensive and continuously evolving customer profiles. This data is used to drive personalization, ensuring that customers receive relevant and engaging experiences tailored to their individual needs and preferences.
Key Features
Personalization Structure
Monetate’s personalization framework is structured around four primary components: WHO, WHAT, WHEN, and WHY, with an additional component, HOW, for Automated Personalization experiences.
- WHO — Audience Targets: Segment customers based on various criteria such as marketing referral channels, visitor type (new vs. returning), location, behavioral interactions, device information, and more. This includes leveraging data from CRM tools, POS systems, and BI platforms.
- WHAT — Site Changes: Make any changes to the online experience, including inserting, editing, or hiding content. This can involve actions like inserting lightboxes, countdown timers, product recommendations, and editing site navigation. These changes can be made using a WYSIWYG editor or by deploying JavaScript, CSS, and HTML code.
- WHEN — Campaign Timing: Schedule multichannel experiences with fixed start/stop times and dayparting. This allows for dynamic delivery of changes, such as flash sales or call center availability.
- WHY — Experience Purpose: Evaluate experiences against business KPIs using various testing strategies, including full-page tests, A/B and A/B/n tests, multivariate tests, and dynamic auto-optimized traffic allocation.
- HOW — Context (Automated Personalization): Utilize Engine Context, which involves context variables that influence one-to-one personalization decisions. This ensures that the personalization engine delivers experiences based on a collection of distinct data points.
Experience Types
Monetate offers several experience types to cater to different business needs:
- 100% Experiences: Quickly make site content changes without developer support, ensuring all visitors in a defined audience see the same experience.
- Standard Test Experiences: Conduct controlled tests with fixed traffic distribution to understand how different variations perform.
- Dynamic Testing Experiences: Use dynamic auto-optimized traffic allocation to continuously optimize test results.
- Automated Personalization Experiences: Leverage Engine Context for automated, one-to-one personalization.
Feature Experimentation
Monetate’s feature experimentation allows businesses to test new features on a small group of users, manage feature flags, and make real-time adjustments. This feature enables gradual rollouts, easy rollbacks, and the identification of the most effective features and personalization tactics without risking negative impacts on users.
Additional Capabilities
- Data Integration: Enrich customer profiles with data from other systems via the Monetate JavaScript API, ensuring a holistic view of customer behavior and preferences.
- Real-Time Adjustments: Utilize reporting and analytics tools to quickly identify issues and make necessary adjustments to optimize business KPIs such as engagement, conversions, and revenue.
- Merchandising and Testing: Integrate AI-driven search, merchandising, and testing capabilities to enhance conversion rates and generate significant revenue.
Benefits
- Enhanced Customer Experience: Deliver personalized experiences that make customers feel valued and understood.
- Business Growth: Optimize across the right business areas by testing different experiences and identifying the best-performing versions.
- Risk-Free Experimentation: Test new features and personalization strategies without full impact on users, with easy rollbacks if needed.
- Scalability: Support millions of individualized sessions every day, helping businesses scale their digital strategy and revenue.
In summary, Monetate is a powerful personalization platform that empowers businesses to create highly personalized, real-time experiences, test and optimize these experiences, and drive significant revenue growth through its robust features and functionalities.