Ever heard of the saying “Don’t put all your eggs in one basket”? Well, there is a reason this saying has lasted through the ages. It’s practical and makes a lot of sense. In our digital world, we might not have baskets but we have channels. Your campaigns and marketing time and resources should not all go into one channel. But how do you know which to invest in and which has the highest yield in terms of conversions?
This is where customer infrastructure data analysis comes in. we are no longer just talking about waiting for your clients to come to your site or page and give you feedback that you feed into your CRM system. Businesses have to be ready to go the extra mile and get non-intrusive data from their client’s online behavior and use this data to their company’s advantage.
Find the source:
So you had visitors coming from a few places to say hi and shop around, but did you think to find out where these customers were coming from. Sure you can just ask them but not everyone is going to answer or some might think you are a bit too intrusive. But what if you could get this information and not have to jump through so many hoops.
By integrating tools that integrate into your CRM and existing campaigns, you are able to do more than just wait for your customer’s responses. Your business should be able to know where your clients are coming from and in what volume as opposed to your overall marketing schema. This not only saves you expenses but allows you to focus your budget on what areas yield the most. Plus adjust strategy for those that do not yield as much.
Working Examples
We went beyond just talking about the diversification of channel sources by directly introducing it to some of our clients in a practical approach. We compared results from their Instagram marketing to that from their LinkedIn campaign.
Instagram Customer Conversion Measure
Linkedin Customer Conversion Measure
This Campaign’s conclusion is:
Instagram’s result is better than Linkedin.
For example, if the campaign’s cost for both channels is $670 each. Then we can draw a conclusion and result :
Cost of customer acquisition on each channel areas:
Linkedin: $670/15 = 44.6666667
Instagram: $670/15 = 26.8
From here, then you can check the purchase history of these customers, and calculate the average customer lifetime value. If customer A, that’s coming from Linkedin, parches $450 monthly products. And Customer B, that’s coming from Instagram, parches a $250 monthly products. Then we can further our discussion to, Linkedin is a more costly marketing channel with close to 50% more acquisition cost, but the customer lifetime value is double the Instagram customer.
Compare to the traditional method, where 1: Marketing team sometime might not know where the customers are coming from. Or they have to manually filter the result from question form. 2: It’s close to impossible to match customer purchase history with which channel they are coming from. Now is possible and much easy. Wali shows a more complete customer image and behavior, with almost no paperwork.
Finding balance:
Once you know your channels and what each brings to your business its time to find that sweet spot where the value of your resources yields the most in returns. This means adjusting your campaigns and expenditures based on the data available. This very data is key to future progress and should be taken seriously.
The global market is also recognizing the value of customizable customer interactions. Just Customer Relationship Management (CRM) is no longer enough. This era of operations is now a thing of the past and replacing it with a more focused approach.
This is the era where Customer Data Infrastructures come into prominence. This means gathering data of all the activities that your customer does and not just their requesting for their personal data. This must be done non-intrusively and at every point of contact.
If the global market with companies like Segment is willing to invest about $175 million round of new funding towards Customer Data Infrastructure (CDI) to new markets and deliver customer experiences that respect preferences and privacy. It can be seen just how important this new data balance is.
Wali gives you the tools and freedom to actualize your customer data in the most flexible and intuitive means possible. It’s not just about giving you raw data but taking that next step in making the data work for you.