Ecommerce companies are investing more heavily in data analytics technology these days. Data analytics technology helps ecommerce companies identify trends, determine which products customers are showing most interest in on their website and detect cybersecurity threats. This is why 97.2% of companies invest in big data.
We have an article with tips on using data analytics to improve your ecommerce store. One of the ways that you can use data analytics to help your ecommerce store is to improve your marketing strategy.
One of the ways that you can leverage data analytics for an ecommerce store is by improving the commerce media strategy. Keep reading to learn more.
Commerce media happens when advertising meets ecommerce. It’s where consumer wants and needs converge with digital content and advertising. It wields the strength of first-party data, AI, and machine learning to put brands in front of searching eyes in an instant.
Commerce media is gaining momentum as the best way retailers and media platforms can share the same space. The consumer is searching for something on a retail media network like Amazon or Instacart or on Google. If the search is relevant to your paid ads or promoted social media posts, they can appear right before the user’s eye. It’s not magic. It’s technology that can drive sales and enhance the customer experience.
You can use data analytics to improve your commerce strategy. Here are some of the ways that you can do this:
- Data analytics helps you segment and target your audience more easily
- You can use data analytics to create personalized ads for your buyers
- You can estimate your customer lifetime value better
- You can use data to improve your conversion rate optimization strategy
You need to know how to use data effectively to bolster your commerce media strategy. Here’s how.
Use Aggregate Data to Inform Content
You’ve probably been using the first-party data you gather from your prospects and customers to inform your content. Consumers provide reliable information about their online behavior and transactions and provide feedback throughout their experience with you. It helps you tailor content for your audience.
But commerce media provides richer data. That’s because it’s an aggregate of consumer information gathered from multiple retailers across multiple channels. Instead of just creating content relevant to the few consumers that interact with your brand, you can create it for a broad range of new prospects.
Commerce media offers a windfall for content-based advertising that optimizes ad buys. You can use more insightful data to develop more targeted copy, video, images, influence content, stories, and digital PR. Plus, you have an opportunity to easily A/B test content across a broader audience.
Think of commerce media as a bigger and better trove of information you can use to drive your content strategy. And it does so from the top of the sales funnel throughout the entire relationship with your customers. That’s the larger base you need to scale your content-based advertising to a more relevant audience.
Reach Consumers Where They Are, When They’re There
Consumers are, of course, a mixed bag with preferences, penchants, and priorities in perpetual motion. That makes them moving targets that brands must keep up with constantly or risk losing them to companies that do. The best way to keep pace is to reach them where they are, when they’re there.
An ever-burgeoning number of people are shopping online. However, how long a consumer is shopping there varies widely. It depends on factors such as what they’re shopping for and how soon they need it. Whether it’s five minutes or five weeks, your brand needs to stay in front of them if you have what they’re looking for. Commerce media can help you do that, across multiple platforms.
Keep your native advertising, promoted social media post, or clickable ad in front of them everywhere. If they’re searching Google, you should be there. The same is true for social media channels, Amazon, and other spaces where shoppers search for what they want and need.
Commerce media increases your brand’s odds on two fronts. First, it boosts the likelihood that your paid media will be relevant to the right buyer. Second, digital nudges ensure your visibility can’t go unnoticed. And that’s likely to earn you the click that launches a long-term relationship.
Keep Engaging Customers After the Sale
Commerce media is an intuitive omnichannel marketing tool that follows customers online, offline, and all the way down the sales funnel. In fact, as customers move further down the funnel, it can keep messaging increasingly relevant and personalized. And that should be your goal.
The conclusion of the purchase transaction is a unique opportunity to continue to engage with the buyer. Commerce media offers a deeper data dive that can drive personalized offers and rewards after the sale. Brands can use transactional and behavioral first-party data across channels to keep communicating with the customer.
Commerce media enables non-endemic brands to enter the same field of view as endemic ones, as long as they’re relevant. Using this technology, a purchase from your brand can inform ads and offers related to that purchase across multiple channels. That keeps your brand in front of the buyer long after the sale.
The statistics on the value of a personalized marketing experience are overwhelmingly positive. It doesn’t just lead to a single or even a repeat sale. It leads to a loyal brand relationship that keeps a customer coming back again and again.
Leverage Your Marketing Strategy
You can pay for digital content and advertising using only the first-party data you collect from consumers. For a long time, that’s been your only option. But the power of digital technology is changing all that with the rise of commerce media.
Informing digital advertising, social media buys, and content strategy with a much broader range of data makes the most of your investment. It keeps you in front of consumers across all channels whenever they’re looking there. And it enables you to keep them engaged after the sale, all the way to the bottom of the funnel.
Even small brands can get up close and personal to the most qualified prospects possible by using commerce media. You just need to pull the lever before yours gets lost in the digital crowd.