Retailers shift their ad spending from TV, radio and print ads to digital ads.
The combined offering broadens site operators’ ability to see whether or not site design is serving visitors effectively – and how to fix it.
Online marketing analytics provider Coremetrics Inc. has acquired WebCriteria, a provider of online scenario optimization services, in a move that supports the company’s ongoing expansion from data source to a source of data-driven business recommendations. Terms weren’t disclosed.
Coremetrics’ Chi-Hua Chien, director of marketing, defines scenario completion as consumers’ completion of any defined online activity that makes the site operator money – such as when a consumer makes a purchase, for example – or saves money, such as when a consumer answers his own question online versus contacting the call center. Scenario optimization is designing the site to increase the likelihood a visitor will successfully complete the desired activity.
The combination of WebCriteria’s Site Analyst scenario optimization product – now to be known as scenario analysis, a module on Coremetrics’ Marketforce analytics platform -- with Coremetrics` existing analytics capacities will add more actionable insight to metrics, says Brett Hurt, founder and chief architect at Coremetrics. Coremetrics’ platform already captures and stores all visitor and clickstream activity from which retailers can build highly segmented customer profiles. “Now, with the scenario analysis product, once those segments are identified by looking at the profiles, you can hone and focus on the scenarios that that specific segment of visitor is trying to complete,” says Hurt. The combined offering will help e-businesses analyze scenario completion and identify and execute improvements, as well as measure the effects of those changes, he adds.
The addition of scenario optimization not only expands Coremetrics’ offering for retailers, who currently make up about 80% of the company’s client base, but positions it to expand further into other industries, such as financial services and travel, that also are managing a broad range of complex online applications.
“It’s very hard based just on raw data to do anything to improve your business, because all that is is a set of numbers,” says Chien. “What we hear from clients more and more today is that they want to understand not only what is happening but why. They want to know answers so they can take remedial action to correct a problem, or if things are going well, perpetuate those results throughout their channel.”