The more data, the better

Published March 28, 2014 at 6:36 am

Ecommerce provides today’s consumers with more purchasing choices than ever. So how do you convince them to choose your product? The wealth of information and sheer volume of products available online can make it harder for consumers to make a decision. It’s easy to jump from brand to brand.

A recent AdAge article discusses how ecommerce firms may not be taking advantage of all the consumer data that is available to them. The important takeaway here is that just because customers are buying your product, it doesn’t mean they are truly engaged with the brand. The article suggests that outside data about how consumers are interacting with other brands can expand our views about their habits and preferences. This type of information provides an expanded perspective on top of the insights a company can gain from interpreting its own data, giving marketers an opportunity to improve brand engagement.

A good marketer knows that it’s essential to measure what’s working and what’s not. Analysis of data from existing customers can help retain those customers and build loyalty. Incorporating data from outside sources can add an edge when engaging and converting new customers. Finding ways to apply insights from outside data about lifestyle and interest can help marketers further optimize the consumer buying experience and hone in on their intent to purchase, increasing the chances of catching their attention at the right time.

Not only should marketers consider data about consumer lifestyle, they should also think about monitoring what competitors are doing. The more data you have, the better you will be able to see a clear picture of your customers and potential customers, enabling you to create more effective direct marketing campaigns.