Data science is crucial for marketing, and Konnecto uses different instruments to analyze consumer behavior. Suggesting COVID-19 has permanently changed consumer attitudes and habits would be an understatement. A startling 67 percent of consumers claim that since the pandemic began, their online spending has increased. Additionally, there were 900 million more online users in 2021 than in 2020, an increase of around 4.5 percent annually.
However, one concern remains as marketers look ahead to a world without pandemics: how can businesses stay up with the always-evolving consumer journey?
Konnecto uses data science to identify weaknesses in a customer journey
The pandemic and recent privacy law reforms in the EU and the US have altered how marketers track their online customers. The pandemic drove more customers online, upending the traditional sales funnel. As a result, there is now a market for companies like Konnecto, a platform for consumer journey analytics that tracks customer journeys using data science rather than third-party cookies.
From telemedicine to financial services, consumer experiences that used to take place offline are now taking place online. And because more customers are searching online, on social media, and various other places to get answers to their questions, brands don’t really have any idea at which point in the journey the customer decided to leave and choose their competitor, “Erez Nahom, the CEO of Konnecto, told VentureBeat.
Brands are using consumer intelligence solutions to comprehend market dynamics and take preventative action to avoid playing the guessing game. These tools can assist organizations in determining the most effective ways to interface and communicate with their customers to satisfy growing customer demands and preserve client loyalty.
However, Konnecto, according to Nahom, identifies the most important weaknesses in a brand’s customer journey and offers precise, prescriptive advice to maximize business results, as opposed to piecing together data and metrics from several platforms.
“Brands that work with Konnecto won’t need to run queries or take a deep dive into their data.” They’ll get daily recommendations across their digital marketing investments that will tell them what to do and why, with complete compliance with global privacy regulations, “said Nahom.
Reverse engineering customer journeys that led to conversions with a brand, its competitors, or on a marketplace accomplishes this.
“We essentially go from the moment of transaction backward all the way to the early funnel to the first interaction that consumers have with the brand,” Nahom added.
Konnecto has assisted several Fortune 500 organizations, including Coca-Cola, MassMutual, eToro, Lego, and Mercedes-Benz, by providing them with crucial behavioral data and highly targeted recommendations to increase online sales and enhance marketing ROI.
Konnecto’s clients have tripled, and its revenue has grown by more than 500% in the last six months. The Israel-based company recently received $21 million in series A fundraising from a group of investors that included TPY Capital, Mindset Ventures, Differential Ventures, SeedIL Ventures, and Magna Capital Partners. PeakSpan Capital served as the lead investor in the deal. The business intends to use the money from its most recent investment round to keep investing in R&D and expand its infrastructure to keep up with demand for its expanding platform.
“The main goal for us right now is to improve the existing models that we have and build additional models that can essentially find more vulnerability points in more datasets and create more accommodations for different teams,” explained Nahom. Check out the most popular data science techniques of 2022 before you leave to seek more insightful information on your customers’ journey.