Millennials continue search for new avenues of fresh food distribution, cutting the ‘cable cord’, and driving the growth in grocerant niche Ready-2-Eat and Heat-N-Eat fresh prepared food according to Steven Johnson, Grocerant Guru® at Tacoma, WA based Foodservice Solutions®
Are you attracting yesterday’s customers, today’s customers or tomorrow’s customers? Punchh, is a leader in digital marketing solutions for physical retailers, announced the launch of “Predictive Customer Lifetime Value (PCLV).” This is the first solution of its kind built specifically for the physical retail world, Punchh PCLV uses machine learning to calculate the CLV of each individual customer using projected estimates of the customer’s monetary worth to the business over time. So, we ask do you have the right mix of customers to drive growth in both the top and bottom line?
Punchh uses a sophisticated machine learning model, that restaurants, grocery stores, convenience stores, and dollar stores can run campaigns that take into account the predictive lifetime value of any given customer, or target a group of customers within a specific PCLV range. Do you understand what the right mix of customers is by daypart, meal, menu?
Punchh CEO and co-founder Shyam Rao stated “Machine learning is ushering in a new phase of retail marketing where knowing your customer’s history is not good enough - you need to predict their future,” … “Simple patterns have always been an important part of retail marketing - knowing which customers come in on a Tuesday, the profile of a customer who buys one product or another—but now those are table stakes. The real power of Machine Learning is being able to predict, down to the cent, which customers are going to be worth your marketing spend.”
Punchh PCLV can act as a brand’s virtual data scientist, considering every data input from an individual’s past purchases to large-scale customer profiling. From the moment a customer makes their first purchase, Punchh can instantly predict their CLV, then constantly refines that prediction as the relationship between the brand and customer deepens. Based on that PCLV, retail marketers can create target segments with this data to, for example, encourage high CLV segments to enroll in rewards programs while offering low CLV segments incentives through coupons.
Punchh currenlty is being used by more than 65,000 physical retail locations across the globe to serve more than 70 million consumers. Mobile referrals through Punchh generate a 60 percent higher customer lifetime value than when they come through any other channel. What are your customers worth?
Are you looking for a new partnership to drive sales? Are you ready for some fresh ideations? Do your food marketing tactics look more like yesterday that tomorrow? Visit www.FoodserviceSolutions.us for more information or contact: Steve@FoodserviceSolutions.us Remember success does leave clues and we just may have the clue you need to propel your continued success.