Now we have a basic understanding of what is under the hood, we can look into the applications of purchasing time estimations and discover how these techniques are optimizing marketing activities. Forget about generic mailings at set times, but instead sent personalized mailings at times your customers have the highest likelihood of leaning towards a buying decision. Spend your marketing efforts effectively by setting business rules on which customers should receive your mailings based on effectiveness and/or return on investment. Decrease the number of emails sent and the risk of being perceived as ‘spammy’, but instead be of real relevance to your customers.
Furthermore, insights about which customers are most likely going to buy in a certain time-frame are providing marketers with the ability to focus on these customers. By for example combining mailings with personalized price discounts the customer can be motivated to buy at your shop instead of a competitors’ one. If we look at the other side of the spectrum, these insights can also be beneficial for detecting customers that are slowly leaving your webshop or brand behind, which can be spotted when customers are deviating from their individual buying patterns. Personalized price promotions can be targeted at those who need some extra attention to restoring the relationship with your customer. In the end, this will contribute to an enhanced customer life-time value and as we all know, keeping your customers is easier than attracting new ones.
In conclusion, when deploying the two aspects of relevance, personalization and timing, in an intelligent way a competitive edge can be gained over competitors while making your customers happy. Feels like a win-win.