Welcome to May 2015’s Analytics Around The World roundup.
This month, we explore what the traditional marketing funnel is missing, how you can discover hidden value in your customer data, and easy ways to increase the sales on your eCommerce website.
Enjoy this month’s review and let us now what you think!
Focus on Good Data, not Big Data
Everyone always wants to track absolutely everything. But this can also cause many problems if you end up just drowning in the data rather than be able to get the most out of your data. So again, it isn’t always about quantity, but quality. I think the best points @RudiShumpert makes in his article on the Adobe Blog are:
1) Do you have the capability of storing all of the data?
2) Can you organize the data in a useful way?
3) Does your company have the right people to work with this data?
What the Traditional Marketing Funnel Doesn’t Tell You!
While that traditional conversion funnel is simple and easy to look at, what information are you missing? Do you know which channels, marketing strategies or campaigns you should actually be investing in? Are you paying duplicate vendor credit? Do you understand the combinations of influences leading to the conversion? To learn more about the split funnel and why you should be looking at it instead of just the tradition marketing funnel, go to the ClickZ article here.
How to Discover the Hidden Value in Your Customer Data?
To really create the full value of your customer’s data, you must focus on the 360-degree of the data collection. It is ideal that you can create an environment where you are not only tracking all available data, but can centralize it before making any moves forward. You must find the hidden value in the data that you have, then approach it. To read the full article, go to Ronald van Loon’s post on LinkedIn. From here you can also register for the free web seminar to learn even more.
4 Not So Obvious Ways to Increase Sales of Your Ecommerce
You are already targeting the customers that have signed up for your newsletters or have purchased something from you previously – great! But, what about those customers that have gone all the way to add something to their cart, change their minds at the last minute, and ultimately do not purchase? Or, what about a current customer that has a negative brand experience – how can you address these in a timely manner to ensure future purchases? Check our these 4 easy ways to increase the sales of your eCommerce website that require minimal effort.
Lessons From a Recent Analysis
As we have read time and time again… trust your data… not your instincts! This article describes 4 lessons that a group of analytics experts learned while going over an analysis. It started off with all of them thinking they knew exactly what the data would show, but alas, they were all proven wrong. And, be sure to go over ALL of the data, not just your first findings. Make sure you completely understand what the data is trying to tell you before taking any actions.
Data and Analytics Make Way For “Customer-to-Business” Marketing
We are becoming a word of customer-to-business rather than just business-to-business or business-to-consumer. This recent shift began because the world now has hundreds of large companies out there that are actively listening to the consumers and not only giving them what they want in the present but are also giving them what they will want in the future. Thanks to sophisticated analytics tracking, marketers can now get a “personalized, relevant, in-context conversation” and gain a better sense of what their customers want. It is now time to take a journey with your customers and start truly catering to their unique needs and wants.