How to get and rely on accurate data in ecommerce marketing, and how to turn that data into sales.
For a brand owner and probably product creator, feedback might be hard to take sometimes. You believe in your creation and want people to like it, for sure.
But today’s market is really fragmented and an ok product that doesn’t click with any specific customer is not likely to become a lovemark.
Now, it’s better to be admired by a few than to be tolerated by the many because niche brands are the future of ecommerce and profit comes from devoted fans.
So, to win customer love, you should be improving your product to better fit their needs. And feedback is the best starting point.
Disclaimer: Unfortunately, the e-commerce sector is a really tough competitive market, so I could only write this case study by replacing the name of the company, product and numbers with something similar.
The Hiking Backpack E-commerce Store (if a company with that name does exist, apologies, I am not thinking of them, this is just a fictional example) began to analyze their data. They were curious about:
You want to build and grow your online store profitably. You want to be successful.
But what’s the best way to do it? How to make sure you’re making the right decisions and not wasting precious time on trial and error?
Although building any business is a process, some processes are more effective than others.
Gut feeling and testing things till they work out is great if you have that kind of time and resources. If not – data-driven marketing is for you.
Cohort analysis sounds so complicated and so boring. Isn’t it big-player stuff, one of those reports prepared for board meetings that no-one cares about? Do you need a data geek to do it?
Fortunately, no, no and no.
It’s actually a fun exercise for you as an ecommerce marketer that paves the way for meaningful customer retention marketing. And it doesn’t need to be a pain the a**.
Once you have an online business going, you may think at first that all you need to do now is sit back and watch the money rolling in.
However, ecommerce is no different than traditional businesses in that you still have to monitor everything and improve constantly. It’s certainly not passive income.
Finding ways to make things better and earn more revenue is about figuring out two things—what’s broken and what can be improved. It can be hard, though, because not all things in ecommerce are so obvious.
It’s very trendy to talk about data-driven marketing. Everybody’s claiming it’s the way of the future and almost everybody’s doing it.
Or are they?
Data-driven marketing is one of those buzzwords that sound awesome and intimidating at the same time. It looks like it’d make you millions, but people can’t exactly explain what it is.