Modern packages for marketplace management and marketplace analytics offer more possibilities than any company can or even should try to use at once. Collecting big data is just the first step. Here we’re sharing important ways you can optimize your marketplace marketing results.
A Deep-dive into Your Analytics Program and Using Customized KPIs
Your marketplace analytics program offers a range of statistics from unique visitors to bounce rates, average time on the site, page views, and where traffic is coming from social media. It’s for you to decide which stats are useful for your company.
Before you begin, state your purpose and agree upon it across all departments. Ask yourself:
When you know what you’re looking for, you’ll be able to dive into the numbers that mean something to you. You gain a clearer picture of how the raw data relates.
Predictive Analytics
Big data is most powerful when accompanied by an attitude of continuous improvement. Markets are moving faster than ever and marketplace analytics need to be ahead of the curve.
Predictive analytics can work best when options come from a wide range of thought which narrows as the analysis proceeds. Less data puts more ideas on the table for use. As more data is gained, improve your predictions by removing the less efficient options. Reign in the desire to test elementary ideas until your brainstorming sessions are complete and every potential idea is shared.
Data Isn’t Always Black and White
You may think the data will tell you everything you need to know, but data doesn’t show right or wrong. Rather, data will give you an interpretation of less correct or more correct. If you go diving into data looking for black and white answers, unfortunately, you won’t find them.
For example, the most effective ad may include pieces of several ads. You’ll only know this by understanding the nuances of each dataset during multivariate testing. You may discover a keyword from one ad, a sentence length from another, and a picture placement of a third could lead you to optimized marketplace solutions.
Focus Your Efforts on a Specific Buyer Profile
Buyer profiles can range from first responders to loyalists, new prospects, and more. When you’re looking to optimize sales, you may want to focus on your loyalists. If you’re introducing a new product, direct your efforts to your first responders. Once you’ve determined who your core audience is, this will streamline your interpretation of the data for optimal marketplace management.
Consider Other Ways to Aggregate Data
You may consider a link shortener, UTM tracking codes, and social media platform metrics to strengthen the volume of your data. This is a great tip for newer companies without enough data to have an optimized sample size. However, even established companies can benefit from one test run. You may discover missing data by trying one of these options.
At Kahuna, we offer innovative marketplace solutions to boost user retention and increase profitability. Contact us today to learn how our marketplace marketing and analytics programs can help you.
A Deep-dive into Your Analytics Program and Using Customized KPIs
Your marketplace analytics program offers a range of statistics from unique visitors to bounce rates, average time on the site, page views, and where traffic is coming from social media. It’s for you to decide which stats are useful for your company.
Before you begin, state your purpose and agree upon it across all departments. Ask yourself:
- Do we want increased customer applications?
- Do we need to localize our strategy?
- Do we want to boost participation in our loyalty programs?
When you know what you’re looking for, you’ll be able to dive into the numbers that mean something to you. You gain a clearer picture of how the raw data relates.
Predictive Analytics
Big data is most powerful when accompanied by an attitude of continuous improvement. Markets are moving faster than ever and marketplace analytics need to be ahead of the curve.
Predictive analytics can work best when options come from a wide range of thought which narrows as the analysis proceeds. Less data puts more ideas on the table for use. As more data is gained, improve your predictions by removing the less efficient options. Reign in the desire to test elementary ideas until your brainstorming sessions are complete and every potential idea is shared.
Data Isn’t Always Black and White
You may think the data will tell you everything you need to know, but data doesn’t show right or wrong. Rather, data will give you an interpretation of less correct or more correct. If you go diving into data looking for black and white answers, unfortunately, you won’t find them.
For example, the most effective ad may include pieces of several ads. You’ll only know this by understanding the nuances of each dataset during multivariate testing. You may discover a keyword from one ad, a sentence length from another, and a picture placement of a third could lead you to optimized marketplace solutions.
Focus Your Efforts on a Specific Buyer Profile
Buyer profiles can range from first responders to loyalists, new prospects, and more. When you’re looking to optimize sales, you may want to focus on your loyalists. If you’re introducing a new product, direct your efforts to your first responders. Once you’ve determined who your core audience is, this will streamline your interpretation of the data for optimal marketplace management.
Consider Other Ways to Aggregate Data
You may consider a link shortener, UTM tracking codes, and social media platform metrics to strengthen the volume of your data. This is a great tip for newer companies without enough data to have an optimized sample size. However, even established companies can benefit from one test run. You may discover missing data by trying one of these options.
At Kahuna, we offer innovative marketplace solutions to boost user retention and increase profitability. Contact us today to learn how our marketplace marketing and analytics programs can help you.
No comments:
Post a Comment