For many years, marketing leaders were able to attract different types of consumers through in-store promotions, face-to-face interactions, as well as an online presence. However, due to the shift in the market, those marketing strategies are no longer applicable. As leading e-Commerce headhunters, we are seeing companies today heavily rely on online platforms and digital marketing strategies to better connect with their target audience. They understand that they must be able to navigate through this new era of advanced digital marketing and e-Commerce if they want to remain competitive.
Therefore, at the core of every great digital marketing strategy is big data. Fortunately, with the increase in online usage from consumers, digital marketing executives have more insight into who their customers are and what their expectations consist of.
However, the key isn’t just collecting information, but understanding how your market is segmented and using the data effectively and strategically. Here is what e-Commerce marketing executive search firm, MarketPro, is seeing top leaders do to control their data and increase their return on investment.
Top Marketing Data Tips e-Commerce Headhunters Are Seeing From Leading Brands:
Use Your Data To Determine Loyalty
As companies continue to collect more and more data about their customers, marketing leaders should remember that not all customers are created equal. Some may be short-term relationships, while others may be long-term relationships. Knowing which customers bring more value to the table will ensure your profitability as well as increase your ROI.
In recent studies by Invesp, they found it cost five times more to attract new customers than it is to retain one. In fact, a researcher by the name of Fredrick Reichheld of Bain & Company states that if you increase your retention rate by 5%, you can increase your profits by 25% to 95%. Therefore, e-Commerce headhunters are seeing more CMOs and marketing executives concentrate on improving customer loyalty as we move into the future.
Use Your Data To Determine Your “Star”?
Great companies and marketing leaders know they must dive deeper to understand why certain customers are more loyal than others. You must determine your “star”. Is it the personalization that brings your customers back? Is it fast-shipping? The expertise? Maybe it’s all the above. Regardless, using your data and understanding what your customers like and dislike is the key to improving your overall brand and communication.
Once you have determined your “star”, you will be able to retain more customers by focusing your marketing efforts on providing a better-curated list of products, blogs, and recommendations. In doing so, you build a deeper and more personal relationship with the customers and increase the chances of a completed buying journey. In the end, as a marketing leader, it is crucial to focus your time on strategies that will add the most value to your brand and organization.
Use Your Data To Add More Data
As e-Commerce headhunters, we are here to say, there is no such thing as too much data. You can use data to tell a better story, learn about the pros and cons of your product, or compare it to your competitors’ brand. Regardless, the advantage of controlling your data and segmenting it into groups not only makes it understandable but can also help you gain more insight.
For example, if your customer likes Product-A, find out why they like this specific product. Once that information is stored, you can cater similar suggestions or recommendations to those consumers who liked Product-A. The more questions you can answer the more insight you have about a specific customer. This in turn will help you connect and improve your communication a lot faster and more effectively than your competitors.
At the end of the day, customers want a brand that shares their values, has a purpose and is personalized based on their needs. You must take the necessary steps to advance your organization. This means you need more data.
Overall, focusing on customers you already have, determining why they are loyal, and using that information to gain more information is how top companies are increasing their ROI. It is also highly recommended that you revisit your consumer data strategies and collaborate closely with other customer-facing parts of the organization. It will help you get a better understanding of where your marketing strategy is and where it needs to be.
However, if you feel that you have a solid marketing plan but are still not reaching your goals, more often than not you are missing top talent to effectively execute the plan. Make sure you take the time to evaluate what kind of marketing expertise you need and determine how quickly you need them.
Once you have that laid out, the best way to ensure you are bringing on the right marketing professional is to partner with an expert. You need an e-Commerce marketing executive search team who are highly experienced and have extensive knowledge in both the marketing and the recruiting field. You don’t want to waste time during the recruitment process and hire the wrong candidate only to start all over again months later.