Enhancing Marketing Metrics with Know Your Whales: Guide for Merchants

In today's world, data is the most valuable commodity, making analytics crucial for businesses across all sectors. Like oil, raw data is valuable but useless without refinement. Depending on the business, insights from data can drive customer retention, upselling, targeted marketing, and much more.

Noda’s Know Your Whales (KYW) tool provides these insights, helping merchants refine marketing strategies and identify clients with high lifetime value (LTV). KYW, however, takes data analytics a step further. It is built on the open banking infrastructure, where traditional banks share data with licensed providers, like Noda, via APIs. When merchants onboard with Noda, they can access KYW user insights as soon as the first transaction has been made.

But how can merchants benefit from the KYW tool beyond the obvious? Here, we explore actionable tactics for using the tool to grow your business.

Data Enrichment and Analysis

First and foremost, KYW offers extensive data enrichment features. When a company integrates Open Banking APIs to collect information on potential users, the tool can segment these users based on their spending habits outside the merchant’s platform. For example, KYW can identify customers with high discretionary spending, which could mean that their LTV is higher.

Targeted Marketing Campaigns

With this enriched data provided by KYW marketing teams can craft campaigns to engage high-potential users. In practice, this could look like email re-targeting, custom offers and additional bonuses. For example, if an online gaming company was using this tactic, they could offer exclusive in-game items and early access to new features for users who were high spenders in similar digital domains.

Performance Tracking and Optimisation

Yet launching targeted campaigns is just the beginning. Merchants can further benefit from KYW by continuously monitoring campaign performance. This allows them to measure strategy effectiveness, make real-time data-driven adjustments, and develop better segments and tactics to optimise the use of this data.

Benefits of Using KYW

Here are some results from our clients who used KYW to improve their acquisition metrics.

• Increased ROAS: The tailored marketing campaigns by a Noda client led to a 20% increase in Return on Ad Spend (ROAS). By focusing resources on high-value users, they achieved better conversion rates and higher revenue.
• Higher Conversion Rates: The conversion rate of targeted users increased by 25%, showing the effectiveness of tailored marketing strategies.
• Improved User Retention: The company saw a 15% increase in user retention among the targeted segment. The exclusive offers and personalised engagement strengthened the relationship with the merchant and their brand.
• Enhanced User Insights: The data collected and analysed through KYW provided valuable insights into user behaviour, enabling the merchant to refine future marketing efforts.

 Final Thoughts

Leveraging Noda’s KYW can help merchants tailor marketing strategies, craft targeted campaigns for high-value clients and improve a wide range of metrics. The data-driven approach can also strengthen customer loyalty to your brand and fuel your business growth.