Customer-Centric Conversion: Enterprise Level Value without Enterprise Level Costs
Conversion. It’s the word on every company’s mind. How can we convert more customers so that we can get more sales?
Companies like Amazon or Zappos, large corporations with seemingly endless resources, have the financial resources to dig deep into the data to extract insights and build large teams to implement any and every marketing strategy. They convert more customers because they understand their customers more deeply.
But for many smaller merchants, hiring a team of data scientists dedicated to analyzing data using the latest-and-greatest technologies, simply isn’t in the budget and there isn’t the time. It can seem like a bottleneck where only the enterprise level companies can get through.
The good news is, we have widened the bottleneck for you. By partnering with Cetrix, you can develop efficient customer-cultivation strategies using data-driven insights without breaking the bank.
We have found that customer conversion strategies have the highest ROI when you use a data-driven approach to cultivate core customer segments. It’s all about converting the right customers.
Yes, a sale is a sale. But not all customers are the same. Some customers will come to your site, see a clearance section, make one low-value purchase and never return. Other customers will find your site and it will speak to their values or meet their needs. They will return over and over. They might even refer others to purchase from your site. And those who purchase, they will refer more and more until the cycle continues by itself. So start selling smarter by cultivating these customers.
But how do you get this cycle started? With the Data-Driven Ecommerce Marketing Maturity Model.
Customers want to be cultivated. They want you to give them what they value or need from your company. To personalize their advertisement experience. Customers are bombarded with advertisements all day long. They don’t want to have to sift through each company to find out which ones really have something they need or want. They want to see it right in the advertisement.
When you do this, you can develop a core customer base that will sing your company’s praises to others and advertise to others who share their values or needs. You can eliminate customers who don’t really need or want your product because, while they might buy once, they are not going to be worth as much time and effort.
At Cetrix, we empower companies every day by using cost-effective methods of gathering and analyzing data to develop this core customer base. This includes omnichannel smart AI operational capabilities that give you the look and feel of an enterprise level corporation (without spending the enterprise level money).
Customers, much like seeds, must be cultivated to reach their full potential. Seeds require sun and water, but customers require deep emotional connection and frequent engagement. Customers must feel like more than a number or a sale in order to truly become a champion for your business.
The first step in cultivating customers is, of course, attracting them in the first place. Using information about the customers you already have, you can begin to understand where your core customers spend the most time. Once you know where they are, then begin to understand what they most value in order to cultivate them.
Cultivation is an important step, but not one you will take with just anyone who makes a purchase. Unlike other methods of customer conversion, customer cultivation is all about finding those core customers, the ones who will give you the highest return on investment by bringing in additional purchases over time. The cultivation stage is where you target those customers who have potential for a deep emotional connection with your business. These are the customers who will keep coming back and maybe bring a few friends with them.
These are also the customers you want to focus your retention efforts on. Retain your core customers (or potential core customers) by giving them free personalized content, connecting with them on social media, and using a consultative rather than sales-based approach to communication. Make them feel like you care about them as an individual, not just as another sale, and they will continue to advertise beyond your marketing
Data is so essential to this equation. Companies who are going to use this efficiency model for conversion need to have data to base decisions on. Even beyond that, every decision needs to be driven by the data.
Data helps the company understand who the customers are and what they value. For example, one customer may tend to buy from a company when the advertisements use messaging around being eco-friendly or sustainable.
However, another customer might not care about being eco-friendly at all, but tend to buy from the company when advertisements talk about being high-fashion or trendy.
Both are important things to know about the different customers, in order to target marketing. If you send out a general advertisement with eco-friendly messaging, you might miss the whole group of people who care more about being trendy. That group of customers is now more likely to ignore your advertisements.
Using data to understand customers can help you reach the right customer with the message that speaks to their values. Don’t waste valuable time on customers that either won’t convert or will convert with a low ROI.
How to become truly data driven
Once you have some data on customer values, then it’s time to group them into segments. It would be impossible to send a unique advertisement to each customer based on their individual values. And it definitely would not be economical.
Grouping customers into segments keeps the messaging personalized, without wasting precious time. Ways to segment customers include:
There are virtually infinite ways to segment customers, and that’s why you need to be driven by the data. Data trends will guide you to understanding what larger groups of customers exist already. A buying behavior analysis gives you all the data you need on your current customer base to break them into essential segments for marketing messaging.
Each segment should be unique enough to be worth the effort of unique messaging. Following the example from earlier, let’s say your segment of customers who responded best to eco-friendly messaging and those who responded to high-fashion messaging both purchased often and with high-value purchases. That would make them core customer segments and definitely important segments to focus on.
But what if the segment which responded best to high-fashion or trendy messaging really only buys when there is a sale or only makes low-value purchases once or twice. That segment may not be not worth the effort of developing targeted messaging for. They may be best to deliver standard messaging that will be used for another group as well.
The only way you will know what segments are worth targeting is by understanding your data in a buying behavior analysis.
Ready to start marketing like an enterprise level retail company without the enterprise cost? Let’s get you started. Contact Cetrix at firstname.lastname@example.org or visit our Contact Us page for more ways to connect. We are ready to meet your needs 24/7.