How to measure and capture key customer segments in 2019
The majority of businesses focus on their current customers online. These are the people who typically visit and purchase/book/convert on your site.
While retention and loyalty are absolutely critical (particularly in today’s hyper-competitive online landscape), Julia Millot, Hitwise’s Content Strategy and Insights Manager, showcases some “lesser known” segments that are becoming increasingly important.
In this video, you will learn about:
- “Indirect” customers- who buys from your brand but also from other marketplaces
- “Lost” customers- who visits or searches for your brand, but ends up purchasing elsewhere
- “Potential” customers- who is aware and interested in your brand, but hasn’t taken the steps to search for you
Your ‘indirect’ customers: identify when direct and indirect buyers purchase
Tracking sales trends for direct versus indirect buyers allows us to see when peaks occur for each groups buying cycle. Based on the results in the chart, Adidas can time their promotions with Nordstrom closer to Christmas. Foot Locker can also time their promotions before Black Friday, based on the chart information.
Adidas Buyers- Weekly Share
Direct (on Adidas) and Indirect (on Foot Locker & Nordstrom)
Your ‘lost’ customers: benchmark your conversion rates
Lightstream is a consumer loan division of Suntrust bank. Like other financial service brands, Lightstream focuses on conversions through its online applications. When benchmarking against its competitor set, Lightstream shows a higher application start rate but the application completion rate falls short. Its completion rate is 35% in comparison to the 44% statistic of its competitor set.
Lightstream – Loans Applications
Your ‘potential’ customers: define your campaign audience online
This chart analyses the sponsors from the 2019 Super Bowl and how fans searched for them during the week. By defining the campaign audience, we can see how each brand performed within the target group. Among auto sponsors, Mercedes saw the smallest uplift of +46% in comparison to Audi and Hyundai’s +284% uplift. Bud Light, however, saw a staggering uplift of +1,587% in the drinks sponsors category.
The Super Bowl Fans
Number of Fans Searching for Sponsors, over Super Bowl week (‘000)
Watch the video to learn about indirect, lost and potential customers
Want to view the slides? Click Here