Opportunities from Customer Data
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Anna Kayfitz, CEO at the StrategicDB Corp, an analytics and data cleansing company. Anna has over 10 years of marketing and analytics experience with companies such as Oracle Marketing Cloud (Previously known as Eloqua), Harlequin Enterprises, Sunwing Travel Group and a few start-ups. She also holds an MBA from a top business school in Canada. |
StrategicDB Corp helps businesses get more from their data. By analyzing sales and marketing data, you can derive tremendous value for your business. StrategicDB offers data cleansing services because no analysis is possible if you cannot trust your data. Some of their services include: segmentation modelling, dashboard building, market basket analysis, lifetime value analysis and much more.
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In your eCommerce you collect data but do you actually analyze the data? There are three types of customer data that can be very meaningful to your business.
1. Geographic Information
You can easily obtain your customer’s location using billing and shipping addresses. But what can you do with that data? You can do one of the following:
- Marketing—by analyzing the data into various segments you are able to zoom into the areas where most of your customers are located and expand using digital marketing to new geographic areas.
- Products—depending on the products that you are selling using CS-Cart or any other eCommerce solution you may identify trends between type of products or specific products that customers are buying and their geography. You may find out that urban big city customers prefer product A while rural prefer Product B. This can make it easier to increase profit margin and identify better ways to market.
Purchase Totals
Summarizing your total purchases per customer is a simple task that can yield great rewards. By summarizing the total number of purchases made and the total lifetime value of the customer you can segment your customers by high value and low value. This can be useful for:
- Loyalty—you can increase your total sales by introducing a loyalty deals and offering exclusive products to your high-end customers.
- Predicting future sales—by analyzing the trends and frequency of purchase you can anticipate when the next sale will come from for each customer. If the sale did not happen, you can trigger an email marketing campaign to try to win the customer back.
Complimentary Products
Analyzing what products were purchased together can help identify complimentary products. This can lead to increase in sales by:
- New product bundles—by pairing up complementary products you can increase the total dollar purchased.
- Marketing—you can also identify what other products are most likely be of interest to a customer that has brought the same or similar product and market the new products for them to discover.
These are just some ways you can use the data that you have collected to improve sales, product offerings and customer satisfaction. Everything starts with data collection, followed by data analytics which can be provided by a data analytics company, to uncover new opportunities for your business.
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Yan Anderson is the Head of Content Marketing at CS-Cart with over 10 years of experience in the eCommerce industry. He's passionate about explaining complicated things in simple terms. Yan has expertise in building, running and growing eCommerce marketplaces. He loves to educate people about best practices, new technologies, and trends in the global eCommerce industry.