The Playbook of TargetScore App

The Playbook of TargetScore App

MagicBean TargetScore is an app specially designed to boost the marketing conversion rate for eCommerce businesses. By simply specifying a product to promote, TargetScore identifies the optimal audience for that product, providing estimates for conversion rate and potential revenue. It even takes the convenience a step further by automatically syncing this information with marketing platforms like Klaviyo. With TargetScore, launching a highly targeted marketing campaign is just a few clicks away.

TargetScore builds a propensity model on the fly based on your input and provides you with the best audience to target.

1. Getting Started

It's very easy to get started with TargetScore.

  • Find the "TargetScore" app in your app list and click on it.
  • Click on the "[x]" located in the right sidebar, this will allow you to specify a product to promote and define the number of audiences to target.
  1. Product Granularity: TargetScore offers three options based on product, category, or brand, giving you flexibility in your promotional efforts.
  2. Name: once you decided the targeting product level, you can specify the name accordingly.
  3. Audience Size: the number of high-probability customers you would like to target in the campaign.

2. Understanding the App

2.1 Opportunity Size

TargetScore unveils your the opportunity size based on the historical transaction data, showing estimated conversion rates and potential revenue from your chosen audience.

It also displays the number of customers who haven't yet purchased the specified product. Furthermore, you can explore the differences in spending amount, number of orders, and order value between customers who have bought the product and those who haven't.

2.2 The Key Drivers of Propensity to Buy the Specified Product

TargetScore builds the predictive model based on customers' historical purchase patterns. It identifies key factors that drive customers to buy the specified product.

  1. Brand: what are the previously purchased brands that drive customers to buy the product?
  2. Category: what are the previously purchased categories that drive customers to buy the product?
  3. State: Is the geographical location of customers a key driver for their purchasing decision of the product?
  4. Orders: Is the total number of previous orders a key driver? Typically, the more orders a customer has made, the higher the probability of conversion.
  5. Amount: Is the total amount of previous orders a key driver? Typically, the more money a customer has spent, the higher the probability of conversion.

TargetScore can also process customer behavior data, such as product views, comments, searches, etc., if a user behavior tracking system has been integrated.

2.3 The Customers Most Likely to Purchase the Specified Product

TargetScore identifies potential customer most likely to convert, providing you with a detailed list of ideal customers for personalized outreach.

  1. Customer Id: the customer id in your store.
  2. Recency: the days since last order.
  3. Orders: the number of total orders so far.
  4. Amount: the total amount so far.
  5. Score: the predictive score. The higher, the better.

3. Integration with Klaviyo

3.1 Configure Klaviyo Integration in Magicbean:

  • Click on the "integration" icon located in the right sidebar.

3.2 Sync customer profiles from TargetScore to Klaviyo

  • Hover over the '...' located in the top right corner and click on 'Sync' from the dropdown menu.
  • In the popup window, choose an existing list or create a new one in Klaviyo by inputting a new list name.
  • Click the 'OK' button, and your customer profiles will be synced to the specified Klaviyo list effortlessly.

4.Summary

MagicBean TargetScore is a predictive tool for eCommerce businesses to boost marketing conversion rates. By analyzing historical purchasing patterns, TargetScore identifies potential customers most likely to convert and provides the capability to launch a targeting campaign in just a few clicks.