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This article is part of the Cortex Stage Guide. For the Subscription Cortex Stage Guide click here.
Price Drop is a great way to stimulate purchases as it targets users with a predicted preference for an item that is now reduced in price. It is sent out after an item in your store drops 1% or more in price, and targets only the users who are most likely to purchase that item.
Who will receive Price Drop?
Price drop will only be sent to users with browsing or purchase history that includes items similar or related to the item that is reduced in price. Price drop can be filtered to exclude or include customers who have purchased the reduced price item.
When will Price Drop send?
Price Drop will send the next day after Retention Science receives the reduced price, targeting users based on their best time to contact.
How do Product Recs work for Price Drop?
Product recommendations for Price Drop are split into 2 parts: the first part is the item that dropped in price, and the second part is a set of dynamic recommendations based on the similarity of other items in the catalog to the reduced price item.
- Include a high-urgency call to action, link both the product image and a CTA button
- Use generic language that works with a variety of products
- Introduce the deal in the subject line
- Build urgency and value by reinforcing the idea of getting the item before it sells out
- Experiment with subject lines and call-to-action lines to find what resonates with your brand's audience.
Setting up your Price Drop email:
1. You will see the Price Drop stage tile in your account.
2. Click on the Price Drop stage and select "New Email"
3. Fill in the required email setting fields
Stage: The stage that this email will appear under
Email name: The name of your email.
From name, From email, Reply-to email address (optional): Update if you want to send emails from an address different than what was set up during onboarding.
Email subject lines: Add multiple subject lines for testing.
Preview text (optional): Add the text you wish to display before the subject line when viewed in the inbox. More info here.
Incentives (optional): Select the incentives you wish to populate or split test in the email. More info here.
Segment targeting (optional): Select a segment from the drop down if you want a specific cohort to receive this email.
Send only once (optional): Enable this setting if you would like users to receive this email a single time.
Show wishlist items (optional): Enable this setting if you would like to recommend users' wish list items in the email. More info here.
Select email type: Select how the email will be constructed. Selecting HTML Editor will allow you to build the email using HTML code. The other three selections will use the in-app Template Builder tool.
4. Click "Continue to Editor" to format and build your email.
5. After editing the email click "Continue" and then click "Save Email"
6. Make sure to always send tests of your email before enabling. More info here on test sends before enabling.
7. To enable the email, click on the drop down and select "Activate".
8. Reporting on your new template is found in Insights --> Artificial Intelligence Stats --> Trend Details.