Big data is one of the most frequently discussed concepts in marketing today. While most marketers collect data, not all marketers consistently take action to improve their businesses based on data insights.
In a study on UK businesses in the digital economy, it was discovered that only 18% of businesses relied on data and analysis when making revenue-generating decisions – despite the widely publicized benefits of a data-driven approach to sales.
Before the Information Age, data collection was a slow and arduous process. Fortunately, now we have access to software that automates data collection.
With Kissmetrics Analyze, you can quickly generate in-depth reports and see how people are interacting with your website. With no history limits, your data reserve will only continue to grow as time goes on.
For PPC advertisers, Facebook offers an incredible array of data insights. Every time you run an ad campaign, you can see your ad’s cost per click, cost per purchase, click through rate and more.
This not only allows you to make inferences about your campaigns, but also about the audiences you’re targeting.
If you have a massive collection of customer data but aren’t using it in any meaningful way, this represents an untapped opportunity for business growth. If this sounds like you, don’t feel bad, there are steps you can take now to start getting a return on your data collection immediately.
List segmentation is a simple but effective tactic for utilizing data in email marketing. By recording consumer behavior, demographic and psychographic information, you can come to conclusions about the types of content people would like to receive via email.
In this regard, email becomes a more personalized communication channel.
In a survey by Econsultancy, 74% of marketers stated that personalized email marketing increases customer engagement. Likewise, in a study by Campaign Monitor, marketers noted a 760% increase in revenue from segmented campaigns.
With Kissmetrics Campaigns, you can utilize behavioral analytics data from Analyze and send automated emails to people who have flipped specific triggers on your website.
For instance, you wouldn’t want to send the same email to a hot lead and a new email list subscriber. If a person has visited a product page multiple times, has viewed pricing information and has shown other indicators that they’re ready to purchase – it would be appropriate to send them an overt sales email promoting the particular product.
For new email list subscribers, it’s far more effective to send them a sequence of emails where you deliver value and offer actionable advice before delivering a sales pitch.
With a data-driven approach to email marketing, you can use automated emails to push people through your sales funnel – whichever stage they’re currently at.
32% of executives say that retaining existing customers is a priority. It’s surprising that this figure isn’t higher, because acquiring new customers can cost 5-25 times as much as retaining existing customers.
When executing a retention strategy, the more consumer data you have to act on, the better.
By analyzing a person’s purchasing history, you can gain insights into what other products they would be interested in.
If you have three primary products in an ecommerce store, and a person has purchased two out of the three, there’s a very high chance that they’d be receptive to marketing for the third product.
In addition to personalized email marketing, you can upload this ultra-specific list of buyers to Facebook and create a custom audience.
Next, run a Facebook ad to this audience of previous customers and promote your product. Because you’re a brand they already know and trust, the click through rate and cost per purchase will be much lower than when you advertise to cold audiences.
