Data is essential to creating a marketing plan that works, but how do you collect and analyze data when it is streaming in from everywhere? Then, how do you turn it into something useful that increases revenue for your online store?
What Qualifies as Data?
The first step to utilizing data is to recognize your sources. Data is all the information we get from social media, streaming data (like IT), and publicly available sources that reveal priceless insight about our buyers and their trends. It helps marketers strategize and offer products that customers want. It also helps you provide a seamless user experience that is essential in today’s internet world.
While that may seem like a lot to take in, here’s what to remember: It’s not about how much data you collect but rather what you do with it that matters.
Why Data is Use for Retailers
Creating efficient, pixel perfect websites is just the first (majorly important) step to developing your brand. From there, you must track and measure everything from website traffic, click-throughs, social media, email campaigns, and everything in between.
It is worth investing in data analysis so that you can know exactly what works and what doesn’t. In this ever-changing internet economy, you must grow and develop as a brand that easily speaks your customers’ language.
You Can Use Data in Retail to:
- Know What Your Customer Wants
- Provide the Best Customer Service
- Create Efficient and Safer Online Payments
- Forge Ahead in Mobile Commerce
- Resolve Abandon Cart Issues
Tech giant SAS notes that “Customer relationship building is critical to the retail industry – and the best way to manage that is to manage big data. Retailers need to know the best way to market to customers, the most effective way to handle transactions, and the most strategic way to bring back lapsed business. Big data remains at the heart of all those things.”
Pro Tip: Find out what is working and stick with it - tweak campaigns as the need arises and don’t be afraid to stop using a strategy that is not producing revenue.
But how do you organize and analyze data effectively?
Shopify notes that implementing retail data will help you know how to organize and stock your store based on buying trends. Retail data will also help you present a strong multichannel experience for today’s customer, who wants a seamless experience every time they interact with your brand.
With the amount of data we are able to collect, the possibilities of how to organize and analyze it effectively are quite endless. There are hundreds of platforms that you can use but an app like Springbot could prove useful in helping track and measure the results of your marketing efforts. You can read more about it by clicking here.
In a nutshell, Springbot delivers marketing automation and analytics in one platform and offers data-driven marketing recommendations to help grow your revenue.
We recently spoke with Danielle from Springbot to find out how people are using the app to create automated marketing campaigns, easy integrations, and simplified reporting.
Click here to read how one of the nation’s leading eco-friendly accessory brands successfully implemented Springbot and opened up new revenue channels and experienced a 10% increase in active subscribers in less than 3 months.
Data produces tangible outcomes and gives you more access to customer buying trends than ever before; the key is using it correctly.
What's Next with Your Data?
It might feel overwhelming when you realize how much information you have on hand, but there’s no need to stress. Start by taking action. Take inventory of your current systems and look for ways to streamline your data process.
Ask questions like:
- How am I collecting data?
- Is it efficient?
- Am I using the data I have to maximize profits?
There is always room for growth, so consider bringing in a third party like Springbot to take a look at your processes to see if there are ways to improve your systems. There is a lot of money to be made in eCommerce retail and data is a key component to your success.