Ways to Boost Sales with Buyer Data
As consumer expectations become more demanding, digital marketing must and has evolved. Marketers are then increasingly faced with a data dilemma– either having too few or too much data to inform decision making.
In this video, Hitwise uncovers simple and actionable solutions to combat this data dilemma. We walk through how businesses can draw actionable insights to enhance their digital marketing campaigns.
- Could separating buyers from browsers alter your view of the marketplace?
- How do well-defined audiences change your search and media strategy during peak seasons?
- What buyer data can you leverage to boost conversion rates and total sales?
Measure transactions, not just visits
Looking at two competing brands like The Home Depot and Lowe’s, we can see that Home Depot consistently takes about 60% of the visit share over a measured 4-week period, in contrast to Lowe’s who has about 40% of the visits. However, visits vs. purchases can tell two very different stories.
% Visits to Home Depot and Lowe’s
Measure sign up conversions
Zooming into Stitch Fix sign ups MOM, we can see that they peaked in the month of July then decreased again in August and September. We then look at what percentage of those sign ups continued to make reservations to see the percentage lost between sign ups and reservations. Interestingly, as Stitch Fix’s sign ups and reservations declined, the number of schedules was increasing. These three areas of information can provide unique competitive insights into Stitch Fix’s conversion funnel. However, these levels of information also enable Stitch Fix to create audiences and identify the reasons behind the drop-off of consumers who signed up, but did not continue to make a reservation.
Stitch Fix sees a decline in new users, but an increase in schedules
Identify partnership opportunities
Looking at the travel industry, we analyzed an audience who booked on Hilton.com as well as different partner sites which would be likely to partner with Hilton. Airlines are a good opportunity for partnerships with hotel companies. In comparing the visits to top airline sites against the people who booked on Hilton.com, we can see that the top three airline sites (Delta, American, and United) were all more likely to be visited by Hilton.com bookers than the discounted carrier Jet Blue. For example, Hilton bookers are 9.7 times more likely to visit Delta.com.
Index of Hilton bookers to visits on airline sites
Watch this video to learn how to boost sales using Hitwise data
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