And do you know how many eCommerce stores exist online?
There are over 24 million online stores on the web. (Source: Hostinger)
And these stores are serving the needs of over 2.14 billion global online shoppers. (Source: Oberlo)
10 seconds is the average time it takes for a visitor to decide whether he/she stays on your webpage.
8.25 seconds is the average customers’ attention span.
And, on average, each person is barraged with 5000+ ad messages per day.
All the above statistics point towards one mutual conclusion, Customers’ attention is one of the scarcest commodities.
Analyzing data can help you target your potential customers and give them a personalized experience, keeping you above the competitive hustle.
Since we’re now clear on why we must use data, let’s learn how data-driven eCommerce helps us boost our online sales!
Data-Driven eCommerce Strategy
To boost reach via organic paid ads, email marketing, or social media campaigns – proper data analysis, segmentation, and execution can do wonders for your eCommerce business.
If you look closely, data empowers the majority of businesses and their operations. It serves as a source of valuable insights into your shopper’s behavior.
Today, merchants must raise personalized conversations to boost customer engagement on their eCommerce platform.
And how can they do so?
With “Data-driven Marketing Strategy”.
In the digital-first world, we witness a rise of social media and mobile-equipped customers who are surfing online to fulfill their demands. As a result, marketers have overwhelming data everywhere online.
But what is the use of data in running an online business?
Well, it’s only until you process and analyze it. You can do so much with customer data.
Getting a deeper understanding of the market, grasping potential customers’ intent, improving target audience segmentation, allowing greater personalization, delivering better customer experience, and whatnot!
More can be done by merely spending time collecting and scrutinizing the data. Let’s now look at some of the essential steps to draft a data-driven strategy for your eCommerce store:
Steps to Create a data-driven marketing strategy
For current B2C or B2B eCommerce merchants, the problem isn’t too little data – it’s having too much data at their disposal and not knowing what to do with it.
The key to framing a perfect data-driven marketing strategy is to gather data, analyze it for pre-defined attributes and then determine the final set to derive correct conclusions and make strategic decisions.
Here are the must-follow steps while creating a data-driven marketing strategy:
Creating Buyer Personas with Right Data
Data is mostly around or about customers. And what’s the best thing you can do with this data?
Create Buyer Personas for your product or service.
More than 70% of marketers around the world claim they don’t completely understand their customers. If you don’t understand the person you’re targeting, how can you optimize your sales approach?
Scrutinizing the data and creating relevant buying personas can help you deliver a suitable product to the right person at the right time.
What is a Buyer Persona?
The buyer persona is a complete characterization of your ideal consumer (or shopper). It comprises average age, gender, purchasing behavior, demographics, etc.
The intention of building a buyer persona is to get a specific direction for all your marketing attempts. Furthermore, learn what each segment of your target audience aspires to and the most beneficial way to interact with them.
How to create a Buyer Persona?
To create a persona for your ideal customer, you need to gather and analyze the data from multiple sources, compile it, and split it into distinct segments, if required.
Based on your data, you may develop one or many buyer profiles, and it’s crucial to classify them all.
In case you aren’t convinced why to put efforts into creating buyer personas, here are a few facts that might reassure you and your team:
90% of companies using the personas approach have developed a clearer picture of their buyers.
56% of companies have developed higher-quality leads using personas.
Convinced yet! Let us tell you how you make use of buyer personas.
Getting Assistance in Marketing Efforts
Once you’re done with the mountainous task of creating buyer personas of your prospective customers, you’ve made the life of your marketers easy, in every possible manner, by serving them the characteristics of their perfect target audience.
With the buyer personas, marketers can channel their marketing efforts towards precise pain points.
Here’s how marketers can boost sales with a data-driven marketing strategy in conjunction with buyer personas:
Break down online channels to target potential customers and garner their engagement or response.
Get an understanding to know when customers must be approached (their preferable time of browsing or shopping).
Segmentation of the customers divides them into different purchase funnel segments to make their journey more personalized.
One last tip for creating and managing data-driven strategy is to centralize data for better management.
As mentioned above, data is everywhere. You might be obtaining data on customers’ from multiple sources. Therefore, it’s not best to have your data fragmented. You might miss out on getting a comprehensive view of your customers and some crucial points for decision making.
You can consider taking help from CRM software. They can effectively help you track down the customer’s behavior from the first click to their purchase journey.
Centralizing the data can help you get a clear picture of your customer’s behavior, preferences, and journey.