Chris Hong, CEO
COVID-19 has created a new paradigm to online advertising and its role for commerce. Acquisition sources such as social media and digital marketing have carved out a new role in many industries and with more competition in the online space, new and current businesses are both having a more difficult time converting potential customers to paying customers at an ideal acquisition rate. Marketing is considered a two-sided conversation, first part focusing on acquisition and second part focusing on retention. With many businesses targeting the acquisition part of the equation, retention and loyal customers are often overlooked. Bigin (short of Big Insight) delivers marketing insights through analyzing and forecasting user behavioral data to use action. “As firms spend money on acquiring users through various media sources, they are often less focused on retaining the users that they have already spent the money to acquire. We help in managing and analyzing user data to bring key insights to deep personalization and make retargeting more effective,” says Chris Hong, the CEO of Bigin.
Bigin, considered as a total marketing automation platform, automates specific marketing actions at different stages of the acquisition process using specific algorithms and scenario analysis based on each user. For example, a user who has visited a store for the first time and has added a product to the cart can be reminded via a push notification at a specific time of the day to increase conversion effectively. This type of automation significantly reduces the workload of marketers and improves ROAS with small needle movers that eventually add up to overall user acquisitions during the entire user journey process.
Bigin also focuses on identifying loyal and potential loyal users by creating customer segments based on RFM (recency, frequency & monetary) and RFD (recency, frequency & duration) models. “At Bigin, we use AI to understand user behavior across key industries of our focus (fashion, beauty, F&B) and deliver industry-wide insights that can be useful for our clients, as well as user behavior on the client websites,” says Chris.
We use AI to understand user behavior and deliver industry-wide insights that can be useful for our clients
The company is in the process of developing key patents for this purpose to replace the third-party cookie and understand user behavior with its proprietary fingerprinting technology. “We are preparing for the impending death of the third-party cookie by developing our own response to customer fingerprinting,” says Chris. Instead of collecting third-party data, Bigin uses proprietary data collection methods to accurately target customer segments that enable a variety of marketing strategies.
Chris shares success cases of increased purchase conversions for a beauty eCommerce in South Korea. With Bigin's AI algorithm, the client analyzed their customer data to identify “conversion ready” loyal customers. With this specific customer segment, the company initiated three campaigns; providing exclusive coupons to these loyal customers, sending messages to the loyal customers with repurchase benefits, and recommending products that individual customers often viewed. By doing so, the shopping mall's loyal member's revisit rate doubled (from 11 to 23 percent) and purchase conversion rate improved to two digits (from 7 to 11 percent). The client was able to identify their loyal users and convert a specific user base at an efficient conversion rate that ultimately increased revenue.
With more success cases like the case above, Bigin plans to become a one-stop solution for eCommerce companies by expanding its business areas to retargeting, automating customer segments via unique fingerprinting technology and a full funnel CRM tool that can analyze and recommend actions based on historical and first-party data. Chris shares, “We ultimately want to help grow the entire marketing funnel market, at all stages and helping our clients connect and deliver to their most loved customers.”