Lisa’s App of the Week: Iterable

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Summary

Marketing’s role should not stop at acquiring new customers. That’s where Iterable comes in. Iterable is a marketing automation platform that helps businesses engage their customers, using real-time behavioral data, through personalized and targeted campaigns across various channels, including email, mobile push notifications, SMS, and more.

By Lisa Heay, Director of Business Operations at Heinz Marketing

We’ve been talking a lot about customer-led growth this year—for good reason.  Many companies have been struggling with this tough market, and many have faced budget cuts and slow purchase cycles.

In dark times like these, it’s important to turn your focus inward to get the most out of what you already have—your existing customers. 

In “Marketing’s Role Post Purchase”, Payal Parikh explains that it’s more important than ever to remember that loyal customers are an important source of cash flow and organic growth. With a reduced marketing budget, it is essential to bring in revenue from key customers.

Why?

  • The cost of new customer acquisition is 5-7x more than to maintain an existing one
  • The success rate of selling to existing customers can be as high as 70% compared to 20-25% for new customers. 
  • Greater ROI – a 5% increase in retention rate can increase company revenue by 25-95%

Marketing’s role should not stop at acquiring new customers. That’s where Iterable comes in.

Who are they?

Iterable describes themselves as “the top-rated AI-powered cross-channel customer communication platform that helps organizations to activate customers with joyful interactions at scale. With Iterable, organizations drive high growth with individualized, harmonized and dynamic communications that engage customers throughout the entire lifecycle at the right time.”

Iterable is a marketing automation platform that helps businesses engage their customers, using real-time behavioral data, through personalized and targeted campaigns across various channels, including email, mobile push notifications, SMS, and more.

This company piqued my interest because they are all about hanging on to those customers you already have. Iterable brings together your customer data and communication channels to craft the perfect customer experience. 

Key Features

Personalization: Iterable emphasizes the importance of personalization in marketing. Users can create highly targeted, personalized and dynamic messages based on customer behavior, preferences, and other relevant data, all with the aim to improve engagement and customer satisfaction.

Data: The platform captures customer information and stores it indefinitely, allowing for accurate segmentation and personalization in your customer communications.

Automation: Users can set up automated workflows and campaigns triggered by specific customer actions or events. Automated sequences like welcome campaigns, abandoned cart reminders, and others designed to nurture leads and drive conversions. I personally like the visual sequence builder Iterable offers.

Reporting: Iterable provides analytics and reporting tools to help businesses track and optimize the performance of their campaigns and various audiences. Users can gain insights into metrics such as open rates, click-through rates, conversion rates, and more. 

AI: The part that captivated my intention most was their use of AI.  Martech is evolving every day, but some of the larger marketing automation platforms are lacking in their use of AI. In fact, Iterable’s use of AI was just featured in destinationCRM.

Iterable’s AI can help you create audiences that are most likely to deliver on your business goals, and help you understand data points. It even helps you know when to communicate with send time optimization and brand affinity to know who may be all in vs. those who aren’t ready to commit. 

I’m sure I’ve just scratched the surface on what this platform can do.

Resources

If you’re thinking about Iterable and want to learn more, there are plenty of resources available on their website:

It looks like you’ll need to reach out to the company directly to talk about pricing, but the reviews posted to G2 are highly favorable.

In addition, just over a month ago, Iterable was named by Gartner as a Challenger in the Magic Quadrant for Multichannel Marketing Hubs.

Best yet, the company talks about their core purpose centered around people and enriching the relationships between consumers and brands. It’s all about authenticity and joy – and the world can definitely use more of that.   

Embrace those relationships and let Iterable help. Check out their website to learn more: https://iterable.com/.

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