Your competitors are spending their time learning everything they can about their best customers. Why is figuring out this small group of customers just as important as attracting new customers? Read on to learn why your best customers are so valuable to your business:
With a global population exceeding 7 billion, Santa’s job is harder than ever. Fortunately, he has a few new toys of his own. We were delighted to learn that Santa’s Chief Data Scientist recently signed up for RJMetrics. We asked her if she’d mind us sharing some of the North Pole’s more interesting insights.
So what’s on Santa’s dashboard? Here’s the inside look at the data he tracks.
Tracking “Naughty vs. Nice” with Customer Segments and Drill-Downs
Santa has an enormous database of all naughty and nice actions by everyone under the age of 18. He can segment these populations by “net niceness” to determine how many children get toys and how many get coal. He can then filter these populations and monitor the trends over time.
At RJMetrics, we don’t just look at our data, we look at all the data we can get our hands on. It’s easy to get obsessed with our own data (in a good way, of course), but it’s helpful to look at bigger trends as well. When researching data for food and travel plans for Thanksgiving, some trend stats really stood out for us. We think these three stats speak volumes of how consumers think.
The first stat:
Over Thanksgiving, about 1 in 4 turkeys consumed is a Butterball Turkey
How we interpret this data:
The most terrifying part of this article is that turkeys have seemingly gone on a collective diet solely to ruin our Thanksgiving plans (well played, turkeys). However, the most interesting part of the article is that nearly 25% of Thanksgiving meals involve Butterball.
Buzzfeed is full of numbered lists with sensational headlines. Have you ever wondered what number results in the most viewed articles? We certainly have. We asked our coworkers what number they would be most likely to click on and the answer was pretty much unanimous. It amounted to “Any number as long as there are cute baby animals.”
This answer didn’t satisfy us very much, so we decided to look at the data. Fortunately, there’s a view count on the bottom of every Buzzfeed article, so anyone with a little time and curiosity could do it.
With Twitter’s IPO and Instagram announcing ads, it seems like every social network is thinking about revenue. As James Whatley says in an article in the marketing magazine, The Drum,
social networks “need their users to have data to sell and need brand advertising dollars to keep the lights on and (whisper it) actually make some money.”
Inserting ads into a previously ad-free product, though, is dicey. Will users accept the corporate intrusion into this very personal space? Will usage start to falter?
This post originally appeared on the Formstack blog.
Most companies do two separate things: a) survey their customers and b) measure how customers are using their products/services. Survey data tells you the how and why, while activity data is more focused on the who, what and when. This “what do they say” and “what do they do” dichotomy are two very different, very important approaches to arrive at insights about customers.
Most companies analyze this data completely independently. Survey data gets collected every few months, the the results are analyzed, conclusions are drawn, and then it goes on the shelf. Customer activity data lives in a specialized tool that a few product managers and marketers pore over.
Earlier this week, we hosted a webinar with Francis Shovlin and Ally Malick from SEER Interactive on Search Engine Marketing (SEM) optimization for ecommerce. There’s no denying it, those cats know their stuff. We wanted to pass along a few things we learned from them and share some insights. By doing a few simple things, you can gain insights to performance that you wouldn’t have available just by running Adwords.
Averages, as any introductory statistics teacher will tell you, are dangerous. It’s easy to average the churn rates of 100 customers and come up with a single number. For example, it is easy to determine that in the past month 5 customers out of 100 cancelled, for a churn of 5%. But what if it turns out that 3 of those customers had just started a month ago, and the other two were still in the first 6 months of their subscriptions?
After 5 years, a company with 2.5% churn is 50% larger than the company with 5% churn on a revenue basis. And as the company ages, the effect becomes even more significant.
Don’t wait until after a customer has churned to do damage control. Here are our favorite tips to proactively prevent churn.
There are already many good user experience tips for your product pages. Usually product pages are designed to rush customers directly through the checkout process and maximize conversion rate. Here, we’re going to tell you to do the opposite. To increase average order value, you want to keep pulling customers further into your site, instead of rushing them through. In this post we’ll show you three UX tips to increase your average order value.