Customer Analytics Part III: Using & Managing Your Data, A Checklist

Today we continue our Customer Analytics discussion with a quick checklist for your customer data analysis.

Three Steps to Customer Data Analysis

1.  Identify the Key Performance Indicators (KPIs) that you will track and make sure you are capturing the relevant data.

This step is a combination of the knowledge from Parts I and II of our Customer Analytics discussion. With the wide ranging types of data that can be captured and the many comparison options to put the data in context, it is important to identify the key indicators of health and growth for your company.

This means looking at your company’s goals to decide which data sets and trends are most important to track. There are so many ways to track customer engagement that you can end up spreading your resources thin by trying to gather everything. Instead, prioritize the most relevant data and make sure you have the tools to get what you want.

Avoid ending up with a mass of random numbers by having a clear plan and a manageable list of benchmarks.

2.  Integrate your customer data into a single comparison tool and convert data into comparable units.

The next step is putting all your data together. If you are using different analytics tools to keep track of email engagements, A/B tests or survey results, you need a centralized repository that can blend your data. This means thinking through software integrations; do you have CRM software that will integrate all your analytics and how will you add external data?

Centralized data also needs to be standardized for comparison. You will want a central analytics tool that will let you transform data into standard units, allowing you to gauge and compare customer engagement and satisfaction from purchases as well as customer service calls. Pulling real-time comparisons requires software that allows you to set a standardization plan.

3.  Create a dashboard that lets you visualize your analysis.

Once your system is set up to load and compare all your data, you need a plan for converting the raw numbers into an easy-to-read format.

⋅  Use charts & graphs in conjunction with in-depth reports. Set up real-time-updating trend visualization in your analytics software. Use charts and graphs that reflect your core KPIs (hopefully a manageable number) and promote instant comprehension of your data. Also make in-depth reports on the underlying data easy to generate, so that you can easily dive deeper when you see changes.

⋅  Set up alerts for important comparison points and benchmarks. Identifying the small number of benchmarks that require the most awareness additionally helps narrow your focus. Setting alerts based on these benchmarks will give you the best chance to respond rapidly.

Now that we have mapped the steps for analyzing data, we’ll look more closely at how to conduct some of the relevant comparisons. Come back to the blog as we continue to unpack customer data.

Elements of E-Commerce | Customer Analytics

Welcome to Thanx Media’s “Elements of E-Commerce” blog series. Follow along as we wade through the nuts and bolts of e-commerce technologies that you need to know.

Today we’re taking a look at customer analytics. The first step is orienting ourselves with the what and where. Over the next few posts, we’ll dive deeper to start unpacking the bigness of Big Data.

What are Customer Analytics?

It’s not just having all the data, but using the data that we have on our customers. Customer analytics track customer demographics and the various touchpoints that connect a customer to a product or service. Instead of tracking general sales numbers following a marketing campaign, we should now track and analyze data on how specific customers interact with that campaign.

When done right, analytics offer insights that let us target products and offers to the most interested customers and show us what customers need to feel they received good service.

Where does the Data Come From?

Everywhere—there are more sources of data than there are people. Really. By 2008, the number of internet-enabled devices had outpaced the number of people in the world; and those devices keep multiplying. And in addition to the connection that the Internet brings, there are all the old connection points to keep track of as well.

So when beginning a plan for customer analytics, the first step is to identify all of the places that you can get information about your customers. Most B2B and B2C e-retailers can look to these:

1.  Website traffic, including:

⋅  Number and frequency of visitors.

⋅  Visitor geographic locations.

⋅  Time spent on the site by visitors.

⋅  Popular pages, and the most used or unused parts of a website.

⋅  Individual visitor navigation—the pages visited by particular visitors, frequent/repeated navigation tasks, length of visits.

⋅  Time spent browsing before completing a purchase.

⋅  Cart abandonment rates, in general and visitor-specific.

2.  Social media engagement, including:

⋅  Post-specific or campaign-specific views, engagements, and shares.

⋅  Click-throughs and conversion rates.

⋅  Follower acquisition and churn rate.

⋅  Chatter by other social media users referring to your company—positive and negative sentiments, referrals.

⋅  Social media influencers most followed by your customers, or by your target demographics.

3.  Internet noise—references to your company by other websites and blogs. Track:

⋅  Click-throughs and conversions.

⋅  Positive or negative sentiment.

⋅  Internet influencers most followed by your target demographic

4. Search results—internet keywords and typical searches that lead to your company.

5.  Email interaction, including

⋅  Contact signups, including for offers and newsletters.

⋅  Opened and engagement rates for emails.

⋅  Click-throughs and conversions.

6.  Other customer contacts, including:

⋅  Help/support calls, emails and chats.

⋅  Customer loyalty engagement, use, and service requests.

7. Offline advertising responses, including:

⋅  Sales following direct mail campaigns, sometimes tracked by campaign-specific offer codes.

⋅  Sales following TV/print ads.

8.  Customer surveys and feedback, on- and offline.

Obviously, there is almost endless information. With the right tools to sort and gather, and the right integration between your tools to track individual customer results, you’ll be able to narrow your focus into usable areas of this data. Come back next time and we’ll continue to unpack how to sort through it all.