Data-driven marketing: going to market with a smart approach
"Since I retargeted all visitors to my website, my conversion rate has increased by 200%" Well, if only that were true! As a marketer or e-commerce manager, do you dream of telling this at parties? Of course, your online campaigns do have some impact. You closely monitor marketing and retargeting trends. You are focused on your results in Google Analytics, Looker and other tools, but your ROI is not what you were expecting. You want to get more value from your marketing investment and grow your conversions and ultimately your revenues. This calls for an even smarter approach, in other words: using visitor data intelligently to approach the right people at the right time and in the right way.
Reaching the market, literally
It’s just like the old days at the market. Every Saturday morning you would find him in his usual place: the greengrocer. He knew you. Not only your interests, but also your tastes and the things you regularly bought. He knew exactly how to appeal to you and what you needed. What he offered was always relevant. You probably know someone like that yourself: the greengrocer, the baker or maybe the wine shop around the corner. It’s not just about the product or service, it's also about the service and the experience. The feeling that the seller really knows you and provides a relevant and unrivalled customer experience. That's what you want online, isn't it? The big difference with your local greengrocer is the number of visitors. With the vast number of online visitors and the speed of the market, it's impossible to get to know all your customers personally. This makes personalizing your approach a real challenge. And it can be quite a task to do on your own. We have a solution: data! By using data in a smart way, you’ll give your customers a better experience and grow as a company.
Identifying your future customer
Your online campaigns cost lots of time and money. The results? Well, they could certainly be better. Despite a good CTR and high amounts of visitors, your conversion rates are lagging. You use large budgets to make your results measurable. You don't want to become irrelevant in the market and lose customers or members to your competitors. Your visitors want a more personal experience. They want an offer that is specifically relevant to them, just like they got at the greengrocers in the past. Personalization provides a ROI that is five to eight times higher (McKinsey). It's worth the effort! To keep up, you need to personalize your offer in real time. To do this, you have to collect and understand customer data and make predictions about it. But where do you start?
From data flow to customer flow
Just because someone walks into your shop doesn't mean that they’re going to buy something. Sure, you would like to know what every visitor is thinking, but that is a hopeless task (and basically impossible). But what you can do is measure your visitors’ behaviour and base your predictions on that. You can get insights from your data which you can use to build a client picture and to segment your customers. And if you already have all the information, then you can just as easily apply it in real time. This way, you can offer relevant promotions to new customers who visit your (digital) store. Or you can send registered customers and members personalized content that reflects their interests. Just think about the emails you receive from your favourite webshop or platform, which have been compiled 'specially for you'. As a customer, member or subscriber you only get content that you find interesting. By personalizing your content in real time, you reduce the chance that your target group will drop out, you increase the chance of cross selling, you boost your conversion rates and you retain your existing customers.
More and more marketing specialists want to use data to achieve their goals. If you have access to your data and know how to use it effectively, the possibilities are endless. Incentro helps you with this challenge so that you get more value out of your marketing budget.
Let's sum this up
Why data-driven marketing?
- Personalizes customer approach
- Makes effective use of budgets
- Stimulates cross selling
- Attracts customers
- And the ultimate goal: increases conversions
In our next blog, we'll share four steps you can take to use your data in a smart way to increase conversion rates.
Save the date: 28 November
Want to get up and running straight away? Come to our meet-up "Data-driven marketing & personalization" on November 28th and present us with your challenges. What are your goals? And how can data help? We'll help you take the first step.