The ultimate growth strategy emerges from a complex orchestration between objectives, actions and selecting the best channels.
Let’s start from the core and take a look at the genetic makeup of your E-commerce brand.
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Measuring your business DNA is simply the process of identifying customer’s purchasing habits and loyalty to the brand.
In order to achieve growth, the analysis of consumer purchasing, interaction and acquisition patterns must be well orchestrated and plotted out.
When delving into your own business’s DNA, you must identify trends with products and conversion that will have impact.
Identifying the most popular products, establishing a ratio of new versus returning customers and their journey to conversion provides valuable and needed insight to your marketing strategy.
A deep analysis of the most popular items for example can provide a litmus test to consumer receptivity and aid as a guide in order to attract other potential customers.
Calculating the ratio of new versus returning customers furthers marketing strategy and can provide a focal point on a need for customer retention or acquisition.
And the final component to your business’s DNA is the understanding of their interaction with your website and the total amount of sessions until final conversion. While other factor may come into play understanding these basics is always going to be step number one.
After understanding the DNA of your business, you must understand the DNA of your customer.
Most brands believe they have a solid understanding of their target market, until they dive into the data. Truth be told, most brands are way off base and target a fabricated demographic based on a desired audience, in lieu of customer’s who actually purchase their products.
When analyzing customer’s DNA, you must look at two components: demographics and psychographic information to avoid this pitfall.
Measuring Demographics for Message Creation
Measuring the demographics of current customers is the simpler of the two. It consists of understanding the age groups of purchasers and comparing their behaviors.
With technology advancing rapidly, successful marketing strategies for younger demographics will be completely different for older ones.
When looking at age groups, also identify occupation and income. Individuals with higher income can afford pricier items that would deter individuals with a lower income, preventing them from even visiting your site.
Understanding consumer demographics will help tailor your messages to fit your audiences in scientific and effective ways.
Measuring Psychographics for Increasing Conversions
A customer’s psychographic information consists of behaviors, interests, likes and dislikes. Identifying interests provides valuable insight for product pushes, while also pinpointing acquisition methods for new customers with similar interests.
When analyzing customer’s behavior, determine how customers are visiting and when they are leaving your store or site. These are important to understand, especially if you are selling in different geographical locations— as regions typically convert at different times.
For example, a particular product marketed in France had an 80 percent conversion rate on weekdays at 5 p.m., while the same product had a 73 percent conversion rate in Germany after 5 p.m. during the weekend.
The last element of identifying your customer’s psychographic information is understanding their general likes and dislikes. This will help determine the customers who might be strong influencers in their own social circles.
Finding those with strong influence gives you the opportunity to nurture those relationships, persuading them to transmit positive feelings about your brand.
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Once you have established the DNA of your business and customers, you can now identify which channels and what strategy to take, how to balance between prospecting and remarketing, and many other crucial factors for a successful multi-channel strategy.
It is not enough to understand the platforms, formats, mediums and channels of marketing. By incorporating your business DNA with that of your customers, you will find the holy grail of performance marketing, and thusly the performance of your business.