Data science can feel like a foreign concept for a lot of people, marketing managers included! Luckily, the process of finding all your stats, compiling them, and then conducting data analysis doesn’t necessarily have to feel like a chore.
In fact, instead of having to collect and analyze data manually, the data-driven tool Verfacto will automatically crunch the numbers at all hours of the day.
A stream of data updates from Verfacto will point you in the right direction towards leveraging your data to increase sales, boost conversions and leave your customers satisfied.
Let’s take a look at 5 ways you can use data analysis to improve your business.
#1 Data Analysis Provides Cross-Sell Opportunities
Cross-selling is one of the easiest ways through which you can boost your average order value. By employing Verfacto’s data-driven product pairing, you’ll be able to automatically recommend products to customers that are likely to buy them.
By calculating which particular products are most popular with certain user segments, Verfacto will then be able to automatically recommend those products to users from that segment.
While browsing through the listings or a product page, Verfacto will suggest opportunities to optimize your store’s product pairing, placing items that are often bought together close to one another.
These unique upselling opportunities through cross-selling provide an avenue that increases your AOV. You’ll be boosting your sales without even having to lift a finger!
Similarly, by cultivating personalized newsletters that include products paired specifically personalized to customer segments, you’ll increase your click-through rate on email campaigns.
This Verfacto product pairing mechanic not only boosts engagement and AOV, but also exposes your customers to more of your top-rated products, increasing their overall satisfaction with your business. Over time, this will lead to returning customers and a much higher customer LTV.
#2 Optimize Based on Product History Data
Every time a customer interacts with your product pages, a whole host of data is created. Your site will generate a large amount of product-specific data, such as:
- The amount of time a user spent on a product page
- How many times a product is added to the cart
- How often a product is purchased
- A product’s customer rating
By harnessing this data, you’ll be able to determine which of your products are the most popular on your site. Based on this data, Verfacto will recommend optimizations as to how you list your products.
By placing your best-selling or highest-rated products in positions on your site where they are more visible, your user base is more likely to come across them.
With increased exposure comes a higher percentage of your customers that engage with the products. With this, considering their high rating and satisfaction rate data, you can be assured that you’ll be increasing sales.
Your most successful products are where your business shines. Simply by using data analysis to work out which of your products these are, you’ll be able to boost sales and improve customer satisfaction across your site.
This even works for then launching advertising campaigns with your best products – always put your best foot forward!
#3 Identify Your Most Successful Channels and Then Promote on Them
Every entry to your site is recorded and logged. While most people fail to take notice of which streams different users come from, these actions create valuable data which you can act upon.
By recording which channels the largest percentage of your user base stems from, whether that be through natural clicks or paid campaigns, you’ll be able to work out which platform best works for your business.
While some eCommerce businesses thrive on platforms like Facebook, some are more successful through other advertising platforms.
By working out which platform works for your business, you’ll then be able to use this data to double down on marketing efforts that target your best medium.
Considering that you’ll be using a more successful acquisitions channel, you ensure that your marketing campaigns go further than ever before.
#4 Use Data Analysis to Accurately Segment Customers and Act Upon Those Segments
Speaking of marketing campaigns, data analysis will allow you to target specific customers that will statistically favor your business.
Through user segmentation, Verfacto will build up detailed reports of which segments continually perform best for your website. This will take into account factors like total sales, LTV, and AOV.
Once your “ideal customer” segment is established, you’ll then be able to create a Facebook Lookalike campaign based on their characteristics. By launching this marketing campaign, you will actively reach more of the audience with a data-based history of loving your brand and your products.
Considering that new customers are notoriously difficult to obtain, this will let you surpass this initial barrier, more easily attracting new, profitable customers.
#5 Use Verfacto Data Analysis to Find Your Most Loyal Customers
Keeping your customers happy should be one of your primary focuses as an eCommerce business. After all, satisfied customers are returning customers!
If a user returns time and time again to your store, they’ll boost your overall revenue and increase your store’s average LTV. Here’s an article about why customer LTV is such a vital metric to track!
One of the best ways of keeping your customers happy is by rewarding them for their loyalty. You could use customer data to determine which of your customers buy the most or which are most profitable for your site.
By targeting these users with small discounts as a way to say thank you, you’ll be boosting their satisfaction and ensuring they think favorably of your brand. Even a small 5% discount can be enough to put a smile on a customer’s face and create the foundations for a longer partnership.
These are just 5 of the many ways that Verfacto makes it easier than ever to incorporate data analysis into your everyday business strategy.
Why not download Verfacto’s one-month free trial and see how quickly you can start to make the most of data analysis. You’ll see your engagement, sales, and customer LTV increase as you leverage the power your customers leave behind.