Every online company generates data, but not every company utilizes that data effectively. So how should you be using the data collected by your analytic tools? Here are our top five suggestions.
1. Update KPI Benchmarks
The right Key Performance Indicators (KPIs) can help you improve your advertising efforts and get better returns. That’s why it’s important to keep your benchmarks and goals updated. Updated KPIs require consistent data reports. By monitoring reports often, you can find where traffic and conversions are falling short on campaigns, web pages, products, and more. Look for any KPIs that seem significantly high or low, and check up on other companies similar to yours to ensure that your benchmarks haven’t changed, then adjust wherever necessary.
2. Create Customer Profiles
Understanding your customers can help with everything from designing your website to creating marketing campaigns. Customer profiles are a great way to use data to your advantage. Once you’ve created your customer profiles, they can be used in a variety of ways to help with targeted marketing, streamlining workflows, and improving customer service. Like KPIs, profiles should be updated regularly to ensure that all information is current.
3. Segment Your Audience
Increasing conversions is not an exact science. However, segmenting your audience can help you find ways to move your customers through your sales funnel more easily. From making sure the right ad reaches the right person to changing the recommended section of your site based on a visitor’s device and demographic information, you can use segmented audiences to help your customers find products that appeal to them– and increase their likelihood of buying from you.
4. Set up or Improve a Loyalty Program
Loyalty programs are an essential strategy for businesses that rely on returning customers. But how do you know what will please your customers and keep them returning? That’s easy: examine the data.
If you already have a loyalty program, regular reports can help you optimize that program by recognizing which rewards are most popular and how people use your program. When just setting up a loyalty program, data on your most popular items, demographics, how long people spend on your site, and other important information can help you establish the best program for your audience.
5. Upgrade Your Customer Experience
Social media has made it easy for complaints to spread quickly. This makes a quality customer experience more important than ever. Stay ahead of problems by being proactive: pull reports on common questions received by customer service, site pages with high bounce rates, abandoned carts, and other areas where you may be failing your customers.
You might be able to fix some problems with automation, like adding a chatbot to answer commonly asked questions or using automated inventory control to make sure stock is available when customers need it. Other problems may require more customer service options or different layouts for popular pages. Keep upgrading your customers’ experience by focusing on the problem points. You’ll build trust and keep them coming back for more.