Christmas-is-almost-here Ecommerce Marketing Plan 2014
With Christmas just around the corner, retailers still have a chance to entice some last minute shoppers and boost sales. Practical Ecommerce has put together a plan to help online retailers draw in those crowds. You can start by promoting your shipping calendar to help build a sense of urgency and give shoppers a timeline for when they need to make that purchase. Next, choose a "free shipping day" to further incentivize online buyers. Giving your customers free shipping and ensuring on time arrival can be a deal closer. Another helpful option is to release some last minute discounts for shoppers who may be holding out for lower prices. With most retailers looking to unload excess inventory, a last minute sale would help them as well. Lastly, you can take advantage of a gift card promotion. Practical Ecommerce states that gift card recipients frequently spend more than 40% of the gifts cards value, this is a great way to acquire and retain new customers.
The holiday season is an extremely important time of year for eCommerce companies and all of the mentioned tactics can help increase sales, but the thing to keep in mind is not necessarily focusing solely on acquiring first-time customers to boost sales for the holidays, but in retaining repeat customers. It pays to build a loyal customer base because acquiring new customers is 5-8 times more expensive than retaining customers. Using predictive marketing technology, marketers will understand their customer base better and can increase sales while minimizing discount expenses this holiday season.
Read the full article from Practical Ecommerce.
Beyond Predictive Marketing: Planning With Persona-Based Strategic Narratives
Big data can be quite overwhelming for companies trying to understand thousands of customer data points. Business 2 Community explains that while marketers can get lost in all of this data, they should take into consideration more contextual data to define the customer narrative. Creating persona-based narratives to help build real world representations of customers to improve communication. Brands should also focus on creating past scenario narratives to understand situations that customers have faced and develop relevant strategies. As marketers, we agree that narratives are an essential part to developing the customer journey. But, the most accurate and effective narratives take into account both quantitative and qualitative factors. High quality, clean, and relevant data is the key to understanding customers.
Every industry is becoming more data-driven, especially marketing, but many marketers are still having trouble using the data they collect on their customers to create more effective marketing campaigns. While analyzing the data can seem overwhelming, investing in an easy-to-use predictive marketing technology will synthesize the data into easy-to-understand and actionable insights for marketers. Marketers can then use this data to better understand their customers and potential buyers to create more accurate persona-based strategic narratives, as well as to better predict the behavior of specific customer segments.
Read the full article at Business 2 Community.
How Big Data, and Critical Thinking, Lead to Business Value
As we've discussed before, big data is a very complex system that can become overwhelming if marketers don't take steps to understand the information properly. One of the most difficult things to do with big data is understanding the business value when the data is unorganized and out of context. Just like any data or new marketing technology, you have to know what to do with it in order to maximize its business value. This is why marketers should focus on strategies that help them decipher these mountains of data and strategize campaigns around useful insights. Using big data correctly requires clean data sources from a number of channels that marketers rely on for leads. Once you have your data sources marketers should move on to segmenting their data into more digestible customer clusters. From there, marketers can paint a better picture who their customers are and what they want.
We understand that manually sifting and organizing all of this data is neither effective nor cheap. This is why predictive marketing technologies that clean, augment and cluster your data from multiple data sources and channels are a much better option. With these advances in big data and predictive analytics technologies like AgilOne, marketers no longer need to rely on data scientists to dissect their customer data.
Read the full article at Smart Data Collective.