When IDInteract Founder, CEO and Chief Architect Matt Standish managed 1,769 applications, 25 petabytes of data and seven channels, as well as spent hundreds of millions of dollars to do so as a mobile executive at companies like AT&T, T-Mobile, Motorala, what did he get? A ton of reports.
Despite the countless resources at Standish’s disposal, he wasn’t able to take unstructured data and make it actionable. Using that data in a very relevant way to understand customer intent is one of the many reasons he founded IDInteract in January 2012, which he says was the right company at the right time.
Eleven months later, IDInteract launched its Demand Exchange platform, which integrates raw data from social sources, such as Facebook and Twitter with client mobile applications and proprietary CRM systems to help marketers identify and engage with highly qualified individuals and prospect clusters.
With predictive analytics and propensity-to-buy algorithms, Demand Exchange identifies consumers’ intent to make a purchase in real-time, enabling marketers to reach out with targeted offers via Facebook posts, direct messages, and personal tweets designed to meet individual demand.
“To fully enable digital marketing we need to shine a brighter light on customers by leveraging the ‘dark’ unused data from their social and mobile activity in addition to any useful CRM data,” said Standish. “Getting at dark data will help enterprises really understand what their customers and prospects need most, and satisfy that demand. The problem is how to collect, analyze and leverage all that data so it’s truly useful for driving meaningful customer interactions leading to revenue. With the launch of Demand Exchange, IDInteract ups the ante, flipping traditional supply-focused CRM on its head with a fully integrated offering leveraging multi-channel data to monetize consumer demand.”
One way Demand Exchange does this, is by providing businesses customer profiles. These profiles include the likelihood a customer will be a first-time purchaser or their potential for usell/cross-sell and win-back based on demand signals. Profiles also include the consumer’s privacy on Facebook, Twitter and Google+ (e.g. high, medium or low), as well as their persona mood (e.g. content). Additionally, businesses can see the person’s last social media updates, mobile phone number, number of mobile downloads and the list goes on.
Key features of the Demand Exchange platform include:
- IDIntent – Sources data from social media channels, client mobile applications and CRM systems. By sourcing “dark” data from social media and mobile applications, Demand Exchange enables clients to tap into largely unused but highly valuable real-time information about what consumers are doing, considering and purchasing. This channel agnostic approach to data collection eliminates the need to invest in channel specific tools, and paints a more accurate picture of consumer demand for particular goods and services.
- IDPersona – Consolidates multiple data points into singular contextual consumer views for individuals, groups, events and communities called “Personas.” Personas contain and continually update privacy, viral score, brand consideration, and historical and potential revenue contribution information. Consumer “demand signals” within Personas are analyzed using proprietary algorithms to determine real-time intent. Personas allow a marketer to sense shifts in market perception and understand the real-time demand curve for their company and its offerings.
- IDAnalytics – Predictive analytics and propensity to buy algorithms are applied to Personas to determine the highest revenue potential prospects for each client. Using Visual Market Intelligence (the abstraction of raw data into easy to understand graphic formats) the Demand Exchange user interface presents this information to clients marketers can quickly focus on the most valuable prospects relative to their business objectives, leading to increased revenue and ROI.
- IDOffer – Empowers marketers to manage a standing inventory of offers ranging from reference information, content links and promotions. IDOffer automatically recommends prospects for client interaction pre-aligned with available offers. This automation capability introduces efficiency to what is currently a labor-intensive and manual process.
- Measurement & ROI – Continually measures, tracks and reports the status of customer interactions to help enterprise digital marketers measure campaign effectiveness and ROI.
IDInteract is working with a number of large companies, such as big retail stores, to pro sports teams, to subscription services. The company’s primary focus is large organizations, however, it does have a very automated system that small- and medium-sized businesses could get onboard with.