How small businesses can compete | Points of Interest – October 17

by | Oct 16, 2019 | Strategy & Analysis | 0 comments

Your company may have lots of valuable customer data that languishes in databases. We recommend regular analysis as well as actions based on what you learn! Here is a sextet of valuable nuggets to get you thinking about and taking action before the madness of the holiday season arrives.

Introducing (the not new) LVR

Google Analytics Lifetime Value Report has been around in beta form for a couple years, and can help pinpoint what influences your customers to engage with your site. The report contains a comparison chart of your acquisition sources by revenue, user and revenue per user.

CMS WiRE digs deep into the variety of analytics the report delivers in a recent article. Highlights include:

  • Illuminate which of your campaigns brought the most sessions per user, which helps when seeking sustained usage on your website
  • Aligning your report dates IDs activities that would be valuable for your business in the long term
  • Keep track of customer acquisition sources to inform future digital marketing spends.

Swoop, there it is!

Nike has remained a leader in sports-related goods for decades, and though the bulk of the company’s income is from wholesale-to-retail, the Nike Direct consumer brand looks to bring in $16 billion next year.

Forbes details how the giant with the swoosh logo uses analytics to inform its Nike-to-you shift. Smaller businesses may not produce the numbers of Nike, but consider this shift in business model to help you get more personalized performance.

For example, use your existing analytics data to begin with a small, focused team with the sole role of  fostering customer connection. 

We’ve always said that data and growing a business go hand in hand. We also know that not all companies can employ a full-time analytics team, which is why we’re here.

Bounce back

Yes, even at Savoir Faire, we make mistakes. The key is not making the same mistake a second or third time. The changing landscape of digital marketing means mistakes will happen – that’s how we all get better.

Customer Think has a splendid new article on some of the mistakes e-commerce companies make and how to make things better.

For example, not using customer data. This should be a gimmie, but believe it or not, lots of companies collect tons of data and do nothing with it to shape future sales.

Analytics data from your e-commerce site displays customer buying behavior to help you create focused actions. Those actions enhance user experience and guide you the “why” behind those actions. This data sometimes goes unused because it’s not understood by the in-house team.

Consider adding a la carte marketing services such as data analysis and content creation to use your existing customer data to send effective personalized messages.

Ho. Ho. SEO!

The Christmas decorations are taunting the Halloween items across the aisle in departments stores, which means you may already be a little behind on your holiday marketing strategy!

Search Engine Journal offers some simple tips to get your mind working, and we’re focusing on one that uses your customer data.

A holiday email campaign may seem like a given, but keep this in mind: some of your loyal customers look forward to and expect discounts and offers just for being loyal throughout the year.

Use your customer data to not only highlight the items they’re most-likely to want but also to send them some special deals that no one else gets!

As we get busier towards the end of the year, making your customers feel special makes them want to give you a little more attention – and money – when it’s time for holiday shopping.

AI & e-commerce

A new “Terminator” movie is back in cinemas next month, but that’s not reason enough to shy away from Artificial Intelligence (AI). It’s here, so get used to using it when it comes to marketing current and future.

A new article in Multi Channel Merchant says the percentage of retailers using AI is very low, and e-commerce is ripe for a big AI-driven leap. Here are some suggestions from the article on how to get ahead today:

  • Businesses can be proactive now by building data supply chains and pursuing better testing processes.
  • Ensure all departments are connected, not operating independently.
  • Integrate human intelligence with your tech to interpret data. Remember, AI still requires a human touch.

Leverage quality data and align your teams to use AI to terminate your competition.

The cashless movement

The shift toward cashless retail a.k.a. cashierless retail on smartphones means you have to adjust your thinking on analytics, as some customers still shop with you but not on your e-commerce site. For example, apps that allow you to order and pick up coffee or food without having to interact with a human. 

CMS WiRE suggests updating your analytics strategy with predictive models that combine retail behavior across devices and determine the sustainability of retail activity.

Using these statistical analysis predictive models can help you generate a recommendation engine based on purchase data analytics. This results in opportunities to offer popular choices to future customers and helps in optimizing your sales.

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