A company’s online presence defines their prosperity. When uninspiring and lacking interesting content, they will struggle to survive. When effective, interesting and captivating it will add to their bottom-line profit in a way that will see improvement in image and associated sales.
Stop the guessing game:
Many companies use a “try this, test that” approach, and while some initiatives based on these methods may work, this is a guessing game that can be costly in terms of time and effort.
By using analytics, you are dismissing the guessing game and basing your approach on hard facts. The technology now available has resulted in applications and tools that can track any amount of data from your online presence.
This data can be used to your advantage to fine-tune exactly where your marketing efforts are best placed, where results are coming from, what your current clients and prospective customers are looking for and how to maximise that bottom-line. A bottom-line that will vastly improve your return on investment.
Ecommerce analytics – customer satisfaction:
There are a whole host of ways analytics will empower your organization. The goal has to be continued improvement of the customer experience. This continued progression is the key to increased sales and growing customer satisfaction.
It is a well-cited fact that retaining a customer is far more desirable than acquiring a new one.
Ecommerce analytics can now give invaluable insight regarding which customers you need to focus on. The results of this data analysis can give answers to questions such as:
- How often is a customer purchasing from you?
- When did they last purchase from you?
- Which customers are providing maximum amount of profit?
- The purchasing behaviour of individuals. This will greatly increase opportunities of up-selling and cross selling.
- Which particular product or service is providing most interest?
- Which particular product or service is providing the most recommendations?
- Allow an assessment of what existing customers are saying about your services and products on social media sites.
Increasing new sales:
The competitiveness of the business environment you are operating in does not make acquiring new customers an easy task, but with the help of analytics it will enable you to decide which prospect segments to focus on in order to generate new sales.
In terms of new business, analytics can help to:
- Prioritise prospects that are easier to close than others.
- Engage those who maximise your return on investment.
- Prioritise lead opportunities that offer the most chance of deal closures.
- Understand the site content offered that gives most interest, and that which affords the biggest potential for new acquisitions.
- Understand which social media channels you are getting biggest benefit from.
- Ability to compare the web experience for repeat customers against first time purchasers.
- Effectively clarify how spend is being covered against customer churn.
Increasing order value:
This is another key requirement for increasing your bottom-line. Consider product bundling as an effective way to achieve this.
Another hugely important aspect is to increase and improve customer satisfaction. Achieving this should mean the customer comes back time and again.
In terms of increasing order value, analytics can offer highly effective information and advantageous insights into:
- Which of your products or services are of the greatest interest to existing customers as well as prospective new customers?
- The average order values for individual channels. An example of this is online value over in-store value.
- What aspects of the online customer experience need improving.
- How to increase interest in your product or service to tempt purchase.
- What steps needs to be taken to increase a customer’s lifetime value.
Integration of the data and statistics received is a must. The comprehensive suite of available analytical applications and tools will give you effective data, but as standalone statistics they will be of little value.
What needs to be achieved is the integration of the different measurements gathered. These can then be compiled into meaningful information.
Once this is achieved you will be able to create effective online strategies that will maximise those aspects of your online presence and minimize those which are ineffective.
Such an approach needs to go hand-in-hand with progressive assessment of how you are serving online visitors.
By maintaining this momentum and implementing continuous improvements you will be keeping your current customer base content, attracting new visitors with the knowledge of how best to convert them into new clients, and very importantly, you will be effectively adding to that all important bottom-line profit.