Leading $3B Education Marketplace Sees 11%+ Conversion from Promoted’s Real-Time Data Streaming Service and AI Technology
Promoted, which is the only company to unify search, feed, ads, and promotions for top marketplaces, announced that Outschool has selected Promoted to optimize the performance and profitability of its education marketplace.
Outschool wanted to better match its classes with learners to increase search conversion rates, total GMV (gross merchandise value), and profitability. Outschool chose Promoted after weighing the costs and risks of building an order-of-magnitude greater infrastructure investment versus working with the experienced Promoted team to get a proven, real-time streaming data service with ML in place. Within a quarter, Promoted optimized Outschool search to increase conversion by about +11%, with more improvements planned for H2 2022.
“Promoted is able to measure and report on data in real-time on search for us and use machine learning to better match teachers and students so we can very effectively increase conversion rates and make our customers and users happy,” said Kejia Zhu, Lead Product Manager, from Outschool. “The founders have deep experience in search optimization as ad engineers from Facebook, Pinterest and Google, and we have found the technology extends and compounds our existing engineering investments in search and discovery to directly increase profitability at a reasonable cost.”
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Promoted and Marketplaces
Right now, most large marketplaces have separate teams for ads, merchandising, search, and recommendations. They all work in separate departments and information is siloed. Even with expensive tech savvy engineers, these businesses do not have a unified data infrastructure that is measuring performance of everything in search feed, merchandising, and ads across the marketplace.
When ads, listings, promotions, and search aren’t optimized together, conversions are low, revenues decrease, and it becomes a death spiral as more ads and promotions are shown to compensate, further driving away users. Promoted is the only provider that offers a complete and comprehensive solution to fix this problem for e-commerce apps and marketplaces.
Promoted’s secret sauce is its ability to provide an entire measurement solution with a data service that measures and optimizes user engagement in real-time. Other ad tech or search vendors are measuring pieces with siloed data and/or only measuring ads, not giving marketplaces the complete picture.
How it Works
First, Promoted measures everything in its client’s app or marketplace, then they aggregate and join the data in real-time with reporting. Next, using AI-based data optimization, Promoted creates a complete picture of the data so they can predict conversion and clicks for the client’s search and feed.
Once Promoted has this complete picture of performance on a marketplace, it creates a “unified currency” for optimizing trade-offs between the optimal user experience in search and feed, seller experience using ads and promotions, and marketplace profitability versus growth.
“We are very excited to be working with Outschool and to so quickly increase conversions for its business,” said Andrew Yates, Co-Founder and CEO of Promoted. “Promoted gives top marketplaces and e-commerce companies one complete picture of how search, feed, ads and promotions are performing by measuring in real-time and then optimizing them using machine learning to increase conversions. By unifying this information, the entire marketplace works properly, and CFOs and COOs can set achievable goals for revenue and profitability.”
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