The amount of customer data marketers can get their hands on has exploded; we understand what they do, and when and where they do it, but now we can figure out what they want. And when you give it to them, you’ve got their loyalty for life. Find out how to use your marketing analytics powers for good when you join this VB Live event featuring Boxed’s director of marketing and others.
“Marketing is so important to drive growth, which is key for an mid-stage startup like Boxed, and data informs everything that we do at the company,” says Helen Pan, director of marketing for online retailer Boxed. “It’s integral to decision making, so when you pair the two together, marketing analytics plays a very key role.”
It’s pretty clear that consumers now expect personalized experiences: they’re only interested in what you have to say when you’re reaching them at the right place, and at the right time, with the right message. Marketing analytics is key to making that happen — but only when you know the metrics to keep an eye on, the KPIs to track, the right drivers. Most importantly, it’s about really understanding what the customer journey looks like, Pan says.
“I think that comes from a combination of customer surveys and customer research, to understand what they say resonates with them, and then looking at the data from the interactions our customers have with our platforms, then pairing the two together,” she explains. “It’s a combination of what customers say they want from us and then the actions that they actually take.”
At the simplest level — for a customer who has not yet surrendered their personal data and signed up for the service — that involves tracking a customer throughout the Boxed website as they browse. The company is then able to take that data and retarget the customer with those products they’ve gazed at longingly, as well as let the customer know that they’re missing out on some potential savings.
If a customer builds a basket and then vanishes, they’re able to retarget that customer with specific messages, again reminding them about the products they’re interested in and the deals they are walking away from.
But when a customer signs up, Pan says, that’s when marketing analytics really gets good.
”If you’ve made a couple of purchases, our data science team will then take that information and plug it into the algorithms that they’re running on their side, and the metrics that they’re looking at, to then try to predict when you’ll run out of some of the products that you’ve purchased,” she explains. Then that information is offered back to the customer to drive sales with their SMART Stockup tool.
When the user signs into the website or app, they’ll be greeted with a roundup of the items they probably need right now along with the ones you’re going to have to stock up on pretty soon — and then they make it easy to pop those products right into the customer’s cart.
“We can really communicate to our customers about what they’re interested in,and what they need,” she says.
From loyal customers in particular, Boxed can glean not just the type of products that you purchase and what you looked at, but your path to get there — the customer journey, in other words, which provides invaluable data. They’re looking at how long it takes to build a basket, what reminders a customer needs to purchase, if any. And if that’s best as an email reminder, a push notification, retargeting, or engaging with SMART Stockup.
In other words, the touchpoints from Boxed that get a customer to happily convert. But it’s not just collecting reams of data and hoarding them.
“It’s understanding which are the valuable data points that we should be using,” Pan says. And figuring out the right signals is what powers the Stockup tool, which boosts customer conversions. They’re taking not just your own personal data about purchasing habits, but matching it up with data points from across their customer base, on how long it takes, for instance, for a household of a particular size to run out of hand soap.
“And that makes it very, very easy for us to use that message, and then for the customer to use that information, to build a basket and then check out,” Pan says.
For more on how to turn marketing analytics insight into customer conversions, how to prioritize your marketing analytics investments and more, don’t miss this VB Live event!
You’ll hear about:
- Generating meaningful AND actionable data insights from marketing analytics
- The role of analytics in creating an engaged, loyal, and high spending customer
- The new segmentation: How analytics drives a more personalized customer experience
- How to prioritize investments in marketing analytics
- Helen Pan, Director of Marketing, Boxed
- Kelsey Cohen, Director of Marketing, FarmLogs
- Stewart Rogers, Director of Marketing Technology, VB
- Rachael Brownell, Moderator, VB