As a retailer, you may use many tools within online marketing for analytics, inventory management, advertising, etc. By actively using these systems, you’re sitting on a goldmine of information: you have DATA.
With the collection of various data, you can also get to know your consumers from many different perspectives, and use this opportunity to achieve your business goals. When it comes to data collection, though, the key is not the quantity, but how you utilize your data.
What is data utilization?
- Data: you have plenty of raw data you collect and own.
- Information: you will need to process and turn your data into information.
- Insight: Establish your decision making with valuable insights, based on the information you gathered.
- Data driven decision: Make responsible, data-backed decisions for your business.
Without utilizing your data…
You are wasting your money.
Have you ever suspected that you are spending too much for a less effective campaign? Has it happened that the value of an analysis tool or the impact of an analysis was not clear?
You are heading the wrong direction.
Where to put your business focus? What is the role of your marketing channels across the customer journey?
By knowing your customer
You will increase your ROI. Reduce wasted money and focus on efficient channels or products.
You will make your brand more lovable. Use your data to improve your brand with personalization.
You will indentify your loyal customers. Predict customer behavior and calculate user Life Time Value (LTV) with the help of data.
Sources of your data
It’s one thing to utilize your data, it’s another how you collect it. Data may come from various sources, it is not easy to collect, process, analyze or visualize the information in one hub. Different tools or data sources may have various functions, but all ot them will provide you valuable information about your customers.
Based on different data sources you can answer various questions about user behavior:
|WEBSITE/APP ANALYTICS |
From what traffic source do they come from? What products do they browse? How much revenue do they generate in the webshop?
| FIRST PARTY DATA, CRM SYSTEM |
What products did your customers buy? How often do they buy at your webshop? What other products should we sell them?
| SEARCH ENGINES |
What search terms do they use? What is their current stage in the buying journey? How familiar are they with our brand?
|SOCIAL MEDIA |
What are they talking about you? Do they share your content? Are they active fans/followers of you?
| AD NETWORKS, AD SYSTEMS |
On what message do they respond better? Where can we reach them? (on what websites) What are they interested in?
| POINT OF SALES (POS) SYSTEMS |
What do they buy offline? Are they omnichannel users? Do they use loyalty cards/membership?
When you are able to answer a bunch of these questions, then you dug down to the bottom of your data goldmine.
To dos with your data
Okay, you have data, and what’s the next step? What can you do with your goldmine, how can you really turn your data into profit?
1. Audit – to know your data
At first, you will need to map, what kind of data sources do you have. Do you use social channels? Are you using a CRM system? Have you ever spent a dollar on advertising systems? Answering these questions will help you to mapping the sources of your data. You will also need to checkup privacy conditions: do you collect your data legally? Is your website GDPR (or CCPA) proof? You may have to contact a legal associate to ensure everything is in order. A data & analytics agency will be able to help you with these sensitive topics.
2. Structure – to organize your data sets
You have collected it, with privacy proof from all your available data sources. Now you have plenty of raw data, which you will have to organize. Here comes the data cleaning or merging, finding potential connections and keys, and segmenting the data by various dimensions.
3. Gain insights – to understand your numbers
Once you have a clean, segmented database, you will be able to combine facts with observations, analyzing your data, or build predictive models.
4. Visualize – to predict your future performance
Data visualization is a powerful tool, which will help you to make the best possible business decisions in the future. With custom, automated dashboards your latest revenue data and webshop performance will be at your fingertips.
5. Monetize – to act upon your performance
Identify the gaps (for example you may spend more on an efficient advertising channel), act on insights to increase your revenue or return of investment (ROI).
This seems like a lot of work at first and expert knowledge may not be available right away. Until you have reached this stage, it is worth involving an outside party and an objective pair of eyes who will start to design the right processes according to the current maturity.
Benefits of an agency
Manpower, expertise, integration: Ownership of ecommerce skillset. Cooperation with developers, UX, paid media, and SEO.
Technology partnerships & certifications: Partnership with tech giants like Google. Early adoption of new features, agency tool discounts.
Extensive years of experience: Clients from various retail industries. Data utilization initiatives always benefit from this experience.
Mito Performance values
We go beyond execution: As partners we help you from the first step to think through and define how your business can monetize data.
Taking advantage of integration: All competencies in one business unit, working (and thinking) together; Paid Media, Analytics & Data, SEO, CRO.
Official partners of Google: As Google Marketing Platform (GMP) partners, we can test beta features, discover roadmaps, keep product trainings.
In the first steps we will help to discover
Common Tracking Mistakes with Online Stores
Avoid these tracking mistakes to ensure proper measurement and you have insights for better business decisions.
5 Easy Ways to Utilize Your Ecommerce Data
Get the most out of your data with these utilization tips. You can reduce the waste of your marketing dollars and increase efficiency.
Mito is a full-service agency with a passion for clever things. The Performance division is specialised in improving digital performance and increasing sales with performance media, SEO, CRO and analytics solutions.
We are proud to have companies like Decathlon, Wizz Air, Cetelem Bank, Office Shoes and Tungsram among our strategic partners.