Every eCommerce store generates data. Not every store uses their data well. So how should you be using the data that is being collected by the various analytic tools available to you? These are our top five picks for what every store should be doing with their data.
1. Update KPI Benchmarks
The right Key Performance Indicators (KPIs) can help you improve your advertising efforts and get a better return. That’s why it’s important to keep your benchmarks and goals updated. That starts with data. By monitoring monthly data reports, you can find where traffic and conversions are falling short on both campaigns and products. Look for any areas that experience dips or rises to keep numbers up to date.
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 with fresh data to ensure that all information is current.
3. Segment Your Audience
Increasing conversions can be difficult for an online store. 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 the device and information available on your visitor, you can use segmented audiences to better help your customers find what they may be looking for – and increase their likelihood to buy from you.
4. Set up or Improve a Loyalty Program
Loyalty programs are an essential strategy for growing businesses. They ensure that customers keep coming back. But how do you know what will appeal to your customers and keep them returning? That’s easy: data. If you already have a loyalty program, regular reports can help you optimize that program by recognizing which rewards are most popular and when in the program people are falling off because of diminished returns. When just setting up a loyalty program, data on your most popular items, how long people spend on your site, demographics, and other important information can help you establish the best program for your audience.
5. Upgrade Your Customer Experience
Customer experience is particularly important these days when social media makes it easy for bad experiences to spread quickly. But you can stay ahead of problems by being proactive and pulling 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, such as adding a chatbot to answer commonly asked questions or invest in automated inventory control to make sure stock is available when customers need it. Other problems may require more customer service options or different layouts on popular pages. By finding where your biggest problem points are, you can keep upgrading the experience for your customers so they keep coming back.