Marketing goals, regardless of their functionality and associated perks, are usually data driven. There are times when entrepreneurs focus solely on the available data sets for validating their inferences. Moreover, with the digital world being pushed towards mobile and web-centric vicinities, it becomes all the more important for enterprises to leverage the available statistics— in the best possible manner.
With organizations looking to minimize the customer attrition rates, it is the conversion rate that starts taking a hit. While retaining existing customers is a vital marketing cog, creating opportunities and transforming prospects into genuine leads is what actually matters. Optimizing the existing digital arena is yet another option for the businesses, solely driven by the hunger to grow and succeed. Amidst the online structural evolutions and a host of other marketing opportunities, it is the raw data that takes the cake. Although the data sets are right infront of our eyes, the challenge lies in using the same, in the most effective manner. Lastly, when it comes to identifying the user satisfaction levels based on mobile and web-centric activities, identifiable data sets hold the key.
How Data Sets Impact Transactional Websites?
When it comes to putting up and maintaining ecommerce websites, things cannot be simplified beyond certain levels. Businesses usually need to gather marketing insights before moving ahead with the projects. Moreover, every insight is backed by relatable data which in turn validates the very essence of this conversation. With a host of combinations being worked upon, the concerned marketing specialists often need to acquire details regarding the demographics, existing offline networks, product selections, user paths, types of devices and even the possible rebates. Each one of the mentioned facets requires massive levels of segmentation and therefore is completely data-driven. Data, be it structured or unstructured, can easily help companies slice the user sessions and present insights in an extremely concrete manner.
The Importance of Analytics
Predictive analytics is one tool that can help businesses with data procurements synonymous to a buyer’s journey. Although there are only a handful of analytics that paint the actual picture, there are certain tools that present the reality of customer engagement from a wide-range of angles. The existing tools include session replays, heat maps, A/B Testing and even link analytics. Although these are some of the more potent tools for the existing businesses, none offer structured data sets that are completely ready for analysis. Predictive analytics, preferably in the form of Customer Experience Management, brings forth the most usable form of data. That said when it comes to managing, understanding and analyzing the overall customer experience, Data and associated analytics tool play pivotal roles.
How Data Driven Insights Impact Conversion Rates
Conversion rates are inversely proportional to the customer churn rates. While the latter signifies losing out on existing buyers, conversion rates identify a company’s potential when it comes to generating newer leads. Data analysis plays a major role in this by connecting the dots between user experience and customer feedback. IBM’s Tealeaf is one similar tool that focuses solely on the data driven strategies for amplifying the customer experience. Moreover, CEM tools like Tealeaf can also be used for connecting analytic Data across multiple channels— precisely for getting the most out of a buyer’s journey.
Although there are many data strategies to look at, it is always advisable to opt for something that prioritizes user experience and looks to improve the overall satisfaction levels. Let’s take the example of a basic ecommerce website that has several products listed for retail. There are times when customers stroll through the pages and even place products in carts but suddenly abandon the purchases at the last moment. If the website has an advanced predictive intelligence setup in place, it becomes easier for them to assess the buyer’s journey and identify the exact issue. While fixing the same can certainly bring back the lost customers, it can also help improve the overall conversion rates by transforming prospects into leads.
Bottom-Line
For businesses that are looking to expand their user base, Data is actually quite a dear friend. Be it addressing the issues related to customer satisfaction or improving the website proactively, Data sets need to be leveraged in an effective manner for going in-depth with the analysis. While there are many tools for increasing adoption rates and amplifying conversions, there has to be a data-driven approach backing each one of them.
