Data is part of the foundation of Lifecycle Marketing. If you’re not keeping track of your customers habits you’re missing key insights that can really help boost your marketing efforts.
When a customer makes a purchase, an in-house analytic engine usually logs it in a sales-vs-time plot. These analytics provide marketers with information like peak shopping times or a customer’s preferred engagement time. This helps retailers make basic forecasts, but the transaction data can offer a much deeper insight, if you know how to analyze it. That’s why marketers are beginning to realize the value of mining big data.
For example, applying big data lets marketers gain insight about the specific times people buy, how much they pay, and how many items they order. It also lets you track volume, location, product categories and more. This data adds up over the years, providing predictable trends regarding crucial aspects of consumer behavior.
You may find customers make purchases from the office after settling in and answering emails in the morning. The data may reveal sales volumes that peak early in the week and taper off towards Friday. Marketers can use this information to improve their email marketing efforts.
Big data can also show you which social media channels your prospects use most often and when they’re most active. You improve conversion rates by sending email and other communications to prospects when they’re most receptive to them.
Big data can drastically improve the marketing lifecycle of your business. What insights are you missing by not analyzing it?