This is a recording of the webinar about how to use predictive analytics in your account. In this webinar, we covered:
- How Predictive Analytics are Calculated
- How to Use Predictive Analytics in Klaviyo
- Live Q&A with One of Klaviyo's Data Scientists
We run these webinars once a month! If you missed the last one, you can watch the recording below or register for the next one on July 1st, 2019 at 11 am EST.
- Best Practices for Using Customer Lifetime Value (CLV) Data
- Best Practices for Expected Date of Next Order
- Create a Value-Based Lookalike Audience with Klaviyo CLV
- Calculating Your Average Order Value (AOV)
- Get to Know Your Customers (At Scale!)
I don’t see Expected Date of Next Order in the predictive analytics. Where can I find it? Where can I find this value in a segment?
If you head into a particular customer's profile, in the predictive analytics box, the diamond represents the customer's expected date of next order. To segment based on expected date of next order, select that you'd like to segment based on properties about someone and choose expected date of next order from the dropdown.
Can you clarify the lifetime value number? This is what they are projected to spend in the next 12 months?
Yes, predicted customer lifetime value refers to what a customer is projected to spend with you in the next year. Historic customer lifetime value refers to what a customer has spent with you in the past. Total customer lifetime value is a combination of the two numbers.
Where can I find the Repeat Nurture Series flow?
Head to Flows > Browse Ideas and search for it within the flow library.
How many orders/subscribers/historical data is ideal for the algorithms to be accurate? I know you mentioned the minimum numbers but what are the ideal numbers?
As long as you have the values for predictive analytics to be enabled in your account, the model should work with accuracy; however, the more data in your account the better.
If you build a segment of CLV > 500, does that mean none of the customers currently have a $500 in purchases? If a customer then purchases $500 in an order, do they move out of the segment?
If you build a segment that targets people with a total CLV of greater than 500, that means that all customers who have a combined historic and predictive CLV of greater than 500 will be included in the segment. If they spend more than 500, they will continue to be in the segment even if they do not make another purchase because their historic CLV will be at least 500.
Is there a way to incorporate secondary orders that come in through an API (ie google sheets via zapier) in predictive analytics?
Not currently, but it is on our radar.
How could we use this data for projecting impulse buyers?
You don't need predictive analytics to target impulse buyers. You can, however, create a segment of customers who have a short window between opening an email and purchasing from you and further personalize your messaging to that group.
If you have a pop up from another app will Klaviyo's come up instead or in addition?
Klaviyo's popups will come in addition to another 3rd party app popups. Make sure to disable one if you don't want customers to receive double the messaging.
This feature has been around for a while. How accurate the predicted date of next order is? What is the percentage of orders placed exactly on the predicted date?
Does Klaviyo recognize historic purchase data from ecommerce platforms or just the data that Klaviyo has from the start of using it?
If you've integrated with your ecommerce store, Klaviyo will use all of the historic data that you have in the algorithm. If you're coming from another email service provider, make sure you integrate with that platform as well so you will have engagement information for your customers to use.
Any case studies you can share on customer success stories with using predictive analytics?
All of the suggestions in Best Practices for Using Customer Lifetime Value (CLV) Data and Best Practices for Expected Date of Next Order come from customer success using the predictive analytics features.
For predictive analytics, are customers calculated by people who buy? So if you have over 500 customers but 400 customers that placed an order. I would not see that?
No, you would need to have over 500 customers who have purchased. You can find more information about the requirements for predictive analytics to be included in your account in our article on Guide to Klaviyo's Predictive Analytics.
Does the machine learning component of predictive analytics take into account seasonal sales variances? Or is it projecting sales upon a more blanket purchase frequency?
It currently does not look at seasonal variations, but is on our radar.
How frequently are the analytics numbers updated? Daily/Hourly/Real-time?
They are updated in real time.
I have a couple thousand of customers that placed an order but barely any are repeat customers. Does it make sense to have predictive analytics?
Yes! If you meet the criteria predictive analytics will automatically be included in your account. You can try to turn on the Repeat Nurture Series flow to drive one time shoppers to repeat buyers.