Monetate & A/B Testing

Monetate, the world leader in personalization technologies for consumer-facing products, empowers advertisers to develop uniquely personalized interactions that surprise and thrill each customer, increasing loyalty and success. Monetate enables multi-channel personalization for the world’s most successful brands. The Monetate framework is transparent and autonomous, allowing it to function effortlessly through your marketing stack.

The Monetate Intelligent Personalization Engine simplifies testing and optimization, segmentation and targeting, and even the development of genuine one-to-one interactions. Marketers have the ability to exploit validated ways of enhancing the consumer experience online, via email, in smartphone applications, in store, and at other touchpoints with all of this in one personalization solution.

Its research and optimization software includes many creative features that help busy retail brands optimize their websites, without interfering with the customer experience. The platform’s competitive testing system automatically sends more traffic to winning combinations, allowing you to run experiments while reaching more benchmarks. The engine also addresses every part of the customer’s interaction with your company, from content and innovation to product reviews and deals.

Monetate’s software is the most comprehensive, efficient, and simple solution for optimizing and personalizing the customers’ experiences. The software also has its own tools for minimising flicker, speeding up loading times, and avoiding content interruptions when your tests are running.

• It’s free, so you can access any of the data regardless of where it is, make a decision at every touchpoint, and pull the results back into your data/analytics system.
• It functions in real-time, to allow connections focused on a customer’s in-session behavioral and event data that capture their interest in ever-shrinking purchasing windows.
• It’s simple and innovative, making it easier to increase transaction values and put more products in front of customers.
• It’s powered by artificial intelligence, allowing you to work on a one-to-one scale.

Monetate, which was established in 2008 and has offices in the United States and Europe, is used by leading brands all over the world and influences billions of dollars in sales for QVC, Newegg, Timberland, Carnival, The North Face, and hundreds of other industry leaders.

Kibo Software acquired Monetate in October 2019. (Kibo Commerce is a tech firm that provides merchants and branded suppliers with a cloud-based, end-to-end commerce solution.) Monetate is collaborating with Kibo, a supplier of personalization technology, to create a new hybrid service. The platform is intended to improve customer experiences through innovation, personalization, and segmentation.

This article is intended to act as a reference for you to better understand this tool, including its advantages and drawbacks.

Features of Monetate

Monetate offers intent-driven interactions to every user, every time, in order to turn your daily guests into your best customers.

Monetate, along with Certona, is part of Kibo’s personalization approach, allowing brands to connect individually with customers at scale, creating optimized interactions that produce effective business outcomes. Here are some of the features they offer:

Testing Optimization

Controlled or driven testing of creative recommendations, texts, UI updates, and other elements eliminates guesswork and increases ROI. Monetate, without the help of coding, can easily launch tests with A/B, multivariate, and dynamic testing across all of your networks with ease.

You can select which metrics to optimize against and track the effect of the experiments that are being conducted in real time.

1 to 1 Personalization

With Monetate’s powerful decision engine, one-to-one personalization is very easily possible. Develop and optimize the omnichannel consumer experience and create rich layers of adaptive recommendations, calls to action, and updates.

Customers are handled as individuals on a wide scale. It helps to integrate consumer data with third-party data, such as behavioral, attribute, and location information, so as to provide consumers with hyper-personalized shopping experiences.

Customer Segmentation and Targeting

You’ll stay ahead of market demands with the aid of customer segmentation and targeting, which is agile and easy to use. It also allows you to reach out to a broader spectrum of people with more personal points of view.

AI-powered decisioning leverages all kinds of customer data from all assets in real time, using what you know about your companies or consumers to provide meaningful content to the right audiences at scale.

Personalized Recommendations

Customers will be pleased with individually selected or algorithmically driven suggestions through all of the most complex product catalogs with tailored recommendations.

The artificial intelligence in Monetate’s decisioning engine enables you to quickly consider all of a shopper’s contextual characteristics and assess recommendation strategies that are more relevant to each specific consumer.

Customer Data Management

Customer data management enables you to understand and communicate with your customers in ways you’ve never done before. It has never been easier to obtain a full image of any customer or segment.

Monetate assists with the combination of first-party data with behavioral, historical, and third-party data to build an ever-changing profile, which you can use to deliver a personalized experience every time.

Audience Insights

These contribute to the advancement of modern analysis worldwide in order to achieve a better understanding of market behavior and preferences with less effort.

In a matter of minutes, you can find out what works and why, all inside the Monetate network. Both artificial personalization insights and native integrations with popular analytics tools are available.

Data Integrations and API

Monetate does more than just align with existing technological investments; it also aims to improve them. The transparent architecture of Monetate allows for data integrations and APIs for inputting data and providing real-time decisions to current applications.

Monetate Pros and Cons

Pros

• Monetate cookies offer behavior goals, enabling the business to have a more relevant performance.
• The interface is very user friendly, which means training a new employee is fast and easy. After getting the directions, you can figure out more on your own.
• Monetate’s service is useful, and the account managers work hard to keep it current. It has an outstanding support mechanism, whether by Monetate support or communication with account managers.
• The action creator is simple to use, even if you don’t know anything about HTML/CSS, and it helps launch experiences easily — which is crucial in a retail setting where things are constantly changing.
• Preview mode is particularly useful for determining what will appear in campaigns and promotions.
• With the help of analytics, you can figure out the pace on how well an event is going on with excellent and accurate knowledge and proper the amount of detail.

 

Cons

• Monetate’s feature set is comprehensive, which necessitates a steep learning curve.
• Online reviewers express frustration with the solution’s monitoring capability, claiming that reports are not available in real-time.
• The solution is expensive and would most likely be worthwhile only if you have a high amount of traffic.
• Some customers are dissatisfied with the user interface and have reported FOUC (flash of unstyled content) problems.

Monetate Pricing

Monetate is generally for larger businesses and the pricing reflects this. Unfortunately, they don’t have rates on their website, and the monthly/annual payments would be determined on an individual basis. Expect monthly starting fees in the four-figure range, but be assured that means you’re getting a premium testing program tailored specifically for online retailers.

Monetate vs. Optimizely

Various apps can help if you need a forum to increase conversions, observe consumer behavior, and sell the brand more effectively. Optimizely and Monetate are two products you may like to explore. Let’s compare these products to see which one best matches your needs.

Benefits

Optimizely has user segmentation tools that allow you to segment users that interact with your website and smartphone applications so you can concentrate on high-value visitors. Data integration across all of the applications improves user experience and sales opportunities across multiple platforms, including email, desktop, and mobile software, using multi-page monitoring and A/B testing.

Monetate blends marketing analytics with consumer awareness to create win-win situations at any stage of the partnership. Interact and connect with clients on every page of the website, expanding partnerships and increasing life satisfaction. You’ll use marketing tools to execute intelligent shows and retargeting promotions to find and re-engage old clients and convert missing guests. Furthermore, Monetate assists in the transformation of marketing from isolated promotions to customized encounters, increasing the lifelong benefit of each consumer.

Limitations

While Optimizely and Monetate both have solid feature sets, there are a few drawbacks to be aware of.
Several customers reports state that the interface of Monetate is relatively easy to use once you get the hang of it, but there is still a learning curve and a lack of tutorial videos in the online manual to help you become a power user. The framework is not designed to run more complex tests that necessitate intensive web construction, unlike Optimizely.

Optimizely does not provide surveys, making it more difficult to obtain direct feedback from customers. Due to the lack of built-in heatmaps in Optimizely, it can be difficult to see which page elements users interact with the most. It is expensive and therefore more fitting for major corporate businesses.

Other Monetate Alternatives and Competitors

Besides Monetate, Optimizely is not the only other personalization software option. Investigate other competing and alternate solutions before making a decision. Personalization software is popular technology, and many users are looking for secure, well-known software solutions that include A/B testing, conversion goals, and segmentation. User experience and campaigns are also critical aspects to address when exploring these Monetate alternatives:

• Google Optimize
• Adobe Target
• Unbounce
• Instapage
• AB Tasty
• VWO
• Omniconvert