The analysis of your customer’s journey can give you insights of how customers make decisions, what they like and obviously don’t like. It can literally show you how to become more successful.
Because we always like to share our knowledge with you, we will give you some tips and tricks on pushing your revenue to a new level. Just a tiny hint: Big data is the key!
3 reasons why you should use Big Data to get to know your Customer’s Journey
The Customer Journey refers to the behaviour of a potential customer before he decides to purchase your product. It describes all touch points of the customer when interacting with your company and brand. This includes website visits, clicked ads or a visit at the local store. Buying decisions are not done via a single channel any more. An integrated multichannel marketing gets more and more important for your business success.This is why a fully integrated customer journey provides a lot of advantages. Let us show you more:
1. Who is my customer?
...and my future customers? What does he like, what does he hate?
A fully integrated customer journey gives you very valuable insights and can help to increase your conversion rate. Only if you integrate all touch points you will be able to see how your customers are searching for information about your company and your product(s) and which information convinced him to buy at your store. These insights enable Marketing to understand the customer and his needs even more as well as getting a better understanding of your owned media channels. The buying decision is not the only aspect that can be analyzed - a fully integrated customer journey also shows how potential customers interact with your website and where they lose interest.
Let’s give you two examples: If your customers leave your website after reading product reviews. What could be wrong? Take a look at these and think of how to improve them. In case potential customers cancel the buying process while choosing their payment method: So, what about offering some more options?
There is always room for improvements. Take your chance.
2. Increase up- and cross-selling - Fancy names to describe the ways your customer makes decisions
Integrating data from all marketing channels about your customers will help you to know your their buying behaviours and enable yourself to divide them into segments. Customers from the same group may very likely need the same products.
Every company wants to sell more.
With an integrated customer journey you can identify the stage of their lifecycle and offer these customers the products they need based on your customer segmentation statistics.
This is how an integrated customer journey leads to an increased number of orders per customer.
3. Quality is better than quantity: Spend your marketing budget wisely and use your marketing channels selectively
If you have a fully integrated customer journey you can identify every single touchpoint and rate which touchpoint has which part in the customer’s buying decision. You can decide which channels should address which people and stop spending budget on touchpoints your potential customers don’t care about. By spending your marketing budget wisely, your Return On Marketing Investment (ROMI) will increase significantly.
Start data-driven customer journey
It cannot be said it often enough: A good understanding of your customer is a big advantage. However, it’s not only sufficient enough to know the customer journey, your decisions have to be data driven to address your customer in a more measurable way and with greater accuracy. If you are not leveraging your data for better decisions, you might lose your competitive edge to a data-driven company. We bet you always want to be better than your competitors. Are we right?
By getting all their data in one place, many companies still fail. This unables them to get valuable insights from their customer’s journey.
So how do you start your data driven customer journey?
There are a few points you need to be aware of: It’s crucial for you to get every piece of data existing in your marketing sphere. Furthermore, you have to be able to combine them for a detailed data analysis of your customers across multiple channels. If you meet these requirements it’s also absolutely essential that every team member from specific departments (as the business intelligence or the marketing department) has fast access to their data.
Before you start the analytics you need to have access to every single one of your customer’s touchpoints. These consist of social media tracking data, mailings lists, website visits and many more. You furthermore need the data you want to connect with these, like mailings lists, old spreadsheets, information from your CRM (Customer Relationship Management) tool etc. Collecting the necessary data is what can make or break the entire process. After you gathered all your data sources and touch points you finally need to integrate your data. But how?? We have a solution for you…
Transform your big data into smart data
At this point we want to introduce DataVirtuality to you. As a solution for the integration of your marketing data we are kind of an intermediate layer which makes over 100 other different kinds of data sources accessible via virtual relational schemas. This allows you to automatically gather information from all your marketing related data sources in an easy manner. The best thing is: You can keep the systems you currently have and combine them to a complete overview of the customer journey. Thanks to the entirely dynamic approach of the DataVirtuality Logical Data Warehouse (or with our smaller version - DataVirtuality Pipes) you can add new marketing tools or new data sources on the fly.
To enable every business user to access all the important data, DataVirtuality provides common SQL constructs for this task. The software allows everything from simple SELECT and INSERT statements up to own procedures with dynamic SQL. This ensures that no extra language has to be learned by the user and all typical business intelligence tools and your business intelligence frontend can build reports based your connected data sources - even in real-time.
Just realised you need a solution right now? No problem for us!
The implementation process is really quick (especially compared to a classical ETL based data integration project with a development time from approx. 6-9 months).
In just two days you have a fully integrated customer journey and are ready to use the full potential of your data.
Our friends from billiger-mietwagen.de explaine their use case in the following video.
Want to learn more about the Data Virtuality Logical Data Warehouse as a best of breed approach for (E-) commerce? Visit our guest blogging article for more information: http://blog.minubo.com/en/ecommerce-insights/the-logical-data-warehouse-fast-and-agile-data-integration-for-a-flexible-bi-infrastructure
In case you are already pretty sure, that the logical data warehouse is awesome: We can show you more. Mirko will be happy to tell you everything about our solution and schedule a Demo within the next days. Just write him an email firstname.lastname@example.org
or request a demo directly through our website.