The analysis of your customers’ journey can give you insights into 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 behavior of a new, i. e. potential, customer before they decide to purchase your product. It describes all touchpoints by 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. 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 who are my future customers? What do they like, what do they hate?
A fully integrated customer journey gives you very valuable insights and can help to increase your conversion rate. Only if you integrate all touchpoints will you be able to see how your customers are searching for information about your company and your product(s) and which information convinced them to buy at your store. These insights enable marketing to understand the customer and their needs even more, as well as getting a better understanding of your own 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.
Here are two examples: If your customers leave your website after reading product reviews then what could be wrong? Take a look at your website and think of how to improve it. In the case where potential customers cancel the buying process while choosing their payment method: what about offering some more payment options?
There is always room for improvements. Take your chance.
2. INCREASE UP-SELLING 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 their buying behaviors and enable you 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 plays which part in the customer’s buying decision. You can decide which channels should address which people and stop spending your budget on touchpoints that your potential customers don’t care about. By spending your marketing budget wisely, your Return On Marketing Investment (ROMI) will increase significantly.
START YOUR DATA-DRIVEN CUSTOMER JOURNEY
It cannot be said often enough: A good understanding of your customer is a big advantage. However, it’s not sufficient to only 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 prevents them from getting valuable insights from their customers’ 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 all the data 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 (such 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 also 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 have gathered all your data sources and touchpoints, you ultimately 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 Data Virtuality to you. As a solution for the integration of your marketing data, we are an “intermediate” layer which makes over 200 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 get a complete overview of the customer journey. Thanks to the entirely dynamic approach of the Data Virtuality Logical Data Warehouse (or with our smaller version – Data Virtuality 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, Data Virtuality provides common SQL constructs for this task. The software allows everything from simple SELECT and INSERT statements up to your own custom-defined 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 on 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 of approximately 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 explain their use case in the following video (we are very sorry - this video is only available in German).
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:
If 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 few days. Just write him an email email@example.com or request your individual demo here.