At the beginning of 2015, we had spoken about how social media analytics is going to change in 2015, especially for ecommerce companies. Since then we have seen significant strides in multiple aspects. Each of the social media channels, their targeting and analytics has become a lot more powerful. In terms of integrated CRMs to build a single view of the customer we have seen lots of new products such as BetaOut which have made advanced personalization tools available to even SMEs and mid-sized businesses. In terms of content creation and using analytics, there are tools like BuzzSumo which help understand what kind of content is trending and being shared.
Introduction to the ISB Programme
2016 is going to be an even more exciting year for such advancements & we hope to see a lot more interesting tools being launched. With so many advancements, one needs to be abreast with the new trends and how to effectively integrate it into a singular approach. In this context, we came across the programme on Marketing & Analytics for Ecommerce Industry by Indian School of Business (ISB), Hyderabad. We have a list of digital marketing courses in India and this programme is an essential addition to it. This is a 5 day programme and ideal for CMOs, Digital Marketing Strategists, Ecommerce entrepreneurs. With faculty from ISB & Emory University, the programme is designed to give a strategic and hands-on perspective of cutting edge topics in eCommerce & mCommerce marketing.
The programme gives a holistic approach to omni channel retailers who are leveraging the ecommerce market place model and brick & mortar stores. Aspects like the purchase funnel and lifetime value of the customer are essential for an e-business and the programme focuses on how return on investment can be optimized for such businesses.
Analytics is key to success
Website/app analytics and social media analytics is also a key element of the programme and that is absolutely essential for ecommerce startups. By using tools like Google Analytics or Omniture for websites or MixPanel for apps, companies can get a lot of structured data in terms of which channels of acquisition are working, what content & messaging is getting better results and as to which demographics of users are converting. At the same there is a lot of unstructured data because still a lot of startups don’t have a single view of the consumer – there are emailing tools like MailChimp, On Site engagement tools like WebEngage, Intercom & HelloBar and ofcourse the ecommerce platforms like Magento, WooCommerce. All these tools don’t talk to each other yet and tools like BetaOut are trying to fix the issue. There are also a lot of conversations & comments across social media channels and it can be challenging to manage this and to decipher meaningful insights because it’s unstructured data.
Cost effective Customer Acquisition & Customer Retention is the only way to make it sustainable
Experimenting with different channels, messaging & audiences is an essential way to optimize customer acquisition cost. Granular targeting & advertising has never been easier to accomplish and each of the tools – be it Facebook, Google Search, Twitter or even Native Advertising, the tools are getting better at segmenting the audience and their interests. To add to this complexity users have multiple touch points with an app or ecommerce site – across multiple devices, multiple locations and gaps during their interactions. So attribution becomes a challenge as the last touch point cannot be attributed just to the last touch point. Zarget or Improvely are great tools to set this right where it captures each touchpoint of the user so that attribution can be made appropriately. This allows for optimization of marketing spends in the right channel. With immense competition in ecommerce with each company vying to retain the customer, retention strategies and personalized messaging is key to success.
Optimising your website and especially optimizing the product pages is critical to effective cost per acquisition (CPA). As Neil Patel points out in the above article, product pages is where visitors become customers and that should be the page that needs to be made persuasive, not just the homepage. Tools such as Zarget, CrazyEgg and Inspectlet help you understand how users are behaving on the site and how it can be optimized to get better conversions at lower costs.
The programme at ISB has a key component to understand how this structured & unstructured data can be used to get actionable insights on acquisition, retention and conversion optimisation. Usage of many of the advanced tools will also be covered. The ISB Programme is from 4th to 8th Jan at Hyderabad and would be a great opportunity to get practical insights into the above aspects and to also cross learn from other specialists who will be attending the programme too.
ISB has also introduced a new program on Digital & Social Media Marketing Strategies, and the first batch of the same is going to take place from May 22 -25th, 2016. More details can be see at ISB Centre for Executive Education.