Qubit Adds Machine Learning to its Digital Experience Management Platform
On Wednesday, Qubit updated its digital experience management (DXM) platform by adding a machine learning engine to the mix, and introducing several other features designed to help companies reach untapped customer cohorts with relevant messaging that stimulates sales. With the addition of Qubit ML, says Bud Goswami, head of data science at Qubit, "we now have this nice feedback loop of collecting, understanding, actioning, influencing, and measuring in one technology stack."
Qubit's DXM platform, Goswami explains, collects first-party digital behavioral data from different channels, including websites and personal apps, before placing it into a process of consolidation and enrichment that gives end users "access to a wealth of information with super low latency."
With added machine learning capabilities, the platform can uncover insights that help marketers identify targeted customer segments, to engage them with programmatic messaging, such as product recommendations or emails. Users can also ask customers for information via Qubit's Visitor Cloud hub and measure the performances of the campaigns.
The "opportunity mining" function leverages proprietary machine learning algorithms to uncover potentially un-monetized groups of customers to marketers. "In customer segmentation, there are so many ways to slice and dice your customers, but a natural question that arises is: Why should you care?" Goswami points out. The reason for caring about a particular segment is most often determined by the marketer, but Qubit challenges this notion, with the goal of figuring out for them what they typically neglect. "We ask a very direct question of the data, which is which cohorts are you systematically under-monetizing and observing in a statistically valid way." The marketer can access the platform to see the potential revenue opportunities and create segments.
The benefit of opportunity mining is that it enables automation along two axes, Goswami says. "It systematically searches through billions of simulations of your customer journey, and all the potential axes for customer discovery," which is not possible at the hands of a human. Additionally, it makes sure "that the output is statistically valid, so that the marketers aren't effectively fooling themselves and chasing customers that appear to be undermonetized as an effect of randomness."
Goswami also highlights the system's ability to create retrospective segments by sifting through amassed data to determine how cohort membership might have looked historically. "Traditionally, cohort membership is forward looking," Goswami says. The retrospective view will be useful to companies hoping to better understand seasonal variations in their websites’ traffic. For instance, a retailer that plans to hold a sale during a festival or on Black Friday can use insights from Qubit ML to see how shopping behavior has changed over time and make appropriate adustments.
The release also includes a workflow that enables marketers to set and define business rules so that technologists can make creative changes to digital properties such as websites.
"There's a class of [vendors] in the market which only aim to understand your customer, and then there's a class of technology in the market that only aim to influence your customer; the fact that the Qubit ML offering, particularly through 'opportunities,' introduces this vital 'and' in the 'understand and influence' is definitely going down quite well," Goswami says.
In a statement, Patrick Dobbs, a technical architect at Victoria Plum, an online seller of designer bathroom goods, attested to the power of Qubit’s platform, particularly its Live Tap offering, which integrates with business intelligence or analytics software such as Tableau or Qlik:
"At Victoria Plum we use, and have used, a whole host of business intelligence, and reporting tools, hoping to gain valuable customer understanding. Live Tap is now the best way we’ve found to get customer insights every day. Nothing else gets close in terms of freshness and flexibility. Armed with these capabilities we’re now looking to the future, to build out real-time dashboards, as no other reporting tool can update as quickly."
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