As Product Owner for Marketing Technology at Summit I am writing this with slightly rose-tinted glasses but I, like many others at Summit, are passionate about the technology that we build and the service we offer to our clients.
We spend a lot of our day working with clients helping them get the most from our technology, listening to their feedback and working with our internal teams to develop these ideas into a practical solution that is easy to use and provides our clients with a competitive advantage.
Forecaster is great for a many number of reasons, but here are my top five.
1. Forecaster is more than a bid optimisation tool.
Behind every great piece of marketing technology is an even better team. In the case of Forecaster, we have a Product Strategy team who are more than just a customer service desk. They are a team of marketing experts with vast experience running paid search marketing campaigns for some of the biggest retailers in the UK. These experts are supported by an agile and flexible Product Development team who help build practical retail solutions for our client’s needs. Both teams are underpinned by a world class Data Science team which enables you to get the best from the Forecaster solution.
2. Forecaster is built with retailers in mind.
Forecaster has a completely unique set of retail buying triggers that includes seasonality, weather, promotions, stock, and audience modules. Each of which looks at several data points combining those with a retailer’s historical data to place the best bid across a given category, campaign, keyword or product:
- Seasonality – Forecaster classifies hundreds of different buying patterns to understand which products are about to hit their peak and which are about to show a decline in demand.
- Promotions – Maximise promotional uplift by automatically anticipating the effects promotional offers have on your campaigns, allowing you to spend your marketing budget at the right time.
- Weather – Understand how the sales of weather-related products correlate with the incidence of weather events such as rain and changes in temperature.
- Stock – Match spend to high stock availability and significantly reduce budget wastage across campaigns with little to no stock to drive more from your marketing budget.
- Audience – Maximise profit and performance by gearing budget towards customer value instead of single transaction return-on-investment targets.
3. One size definitely does not fit all.
Forecaster is not an out of the box solution that fits all. You have the ability to completely tailor and customise the Forecaster algorithm and buying triggers to align to your business goals, objectives and KPIs.
If you’re not sure how, then the team can help analyse your data and come up with the best approach for your business.
4. Take your optimisation to another level.
You don’t have to optimise to revenue anymore. You can optimise to profit. In some cases, we have seen an 18% improvement in channel profitability for the same spend by optimising to a profit margin as opposed to a ROAS, COS or CPA target.
Again, the profit optimisation model is completely bespoke to your business data and categories meaning you can update and customise the model as you add new product ranges.
5. Try before you buy.
Forecaster isn’t afraid to put its money where its mouth is. You can trial the solution before you invest, whether that’s a head-to-head trial like the one we conducted with La Redoute in 2020 or simply against your own optimisation methods internally.
If you want to #testyourtech or learn more, simply get in touch via [email protected] to find out what Forecaster and our experts can do for you today.