Summit’s ability to accurately predict future revenues from marketing helping Argos drive the most profitable year yet from digital sales has seen the agency win Retail Campaign of the Year at the Northern Marketing Awards.
The judges were impressed by Summit’s strategy and proprietary technology that uses predictive analytics to predict when consumers are likely to purchase a product. This has given Argos a distinct competitive advantage by ensuring the right search ad is shown at the right time, on the right device, while maintaining low cost of sale. Data from sources such as weather, location, seasonality, promotions and stock availability are analysed each day to help anticipate customer purchase behaviour resulting in greater accuracy of the predictions each day.
But it was the incredible commercial results that really helped Summit scoop the winning spot. The ‘ultra optimisation’ has seen Argos achieve new records in sales from PPC all while maintaining cost of sale. The automation in the platform ensured Argos were first to market with Boxing Day sales advertisements and reduced the amount of time that staff spent on manual campaign management.
The level of complexity and automation required to run the Argos campaigns is impressive, with Summit running ‘big data’ through millions of predictive models and running around 2 billion calculations a day. These calculations are then translated into accurate budget recommendations, revenue forecasts as well as bid optimisations for Argos’s hundreds of thousands of paid search campaigns. These recommendations are automatically published to Google within seconds.
Summit has been developing the predictive analytics tools into a multichannel performance-marketing platform called Forecaster. This product will be offered as a managed service for Summit’s clients or can be licensed for use by in-house marketing teams. Forecaster is due to be launched in the next few months.
For more details on the work we’ve done with Argos or the Forecaster product please contact Ben Latham on 01482 876 876.