Lisa Luu from Hitwise explains why audience-based marketing can help acquire and engage more buyers and how to simplify this process.
Customer acquisition and optimisation are the foundations of business growth. The most effective ways to increase revenues are to find new customers and convert leads into profitable sales.
These needs existed well before the digital age. But over the past decade, the internet has transformed how consumers search for, consider, and buy products and services. Martech has also transformed how businesses can reach their potential buyers. But, have evolutions made it more difficult to identify, convince, and acquire new customers?
Hitwise data simplifies and amplifies this process. In this article, we will showcase how online audience analytics can help:
Differentiate buyers from browsers
Convert browsers into buyers
Size Up Your Buyers
Before growing a customer base, businesses need to start by knowing how many visitors become buyers and pinpointing buyers from general visitors. By mapping out your buyers’ online engagement, and comparing this to your online visitor you can understand what makes your buyers unique
Digital behavioural data, such as searches, visits, and purchases, helps determine what makes a buyer unique. Use search, visit and purchase behaviours to see what makes your buyers unique and identify who is in your buyers’ consideration set.
Find the Right Mix of Direct and Indirect Buyers
Very few brands only sell direct. The top 10 retailers account for over 40% of traffic in the US and UK. To compete, many brands need to sell indirectly through retailers and marketplaces. Track the overlap of indirect buyers visiting your site and ask yourself – are you cannibalising your direct sales?
Profile Your Direct vs. Indirect Buyers
With a deeper understanding of direct and indirect buyers, a brand can make more informed retailer decisions. Combined with product-level or search data, a retailer could then push different offerings and promotions to further engage each segment.
Through conversion points, Hitwise can model buyer segments, whether it’s direct buyers on your site or indirect buyers on other retailer sites. With these segments, map out what makes your buyers unique, in order to grow and retain them. Additional search and profile insights can also inform your retailer decisions; reducing the risk of cannibalisation and growing your total sales.
Benchmark Your Conversion Rates
To grow buyers, businesses need to know at which points their visitors “drop off”. This is a common question for any industry that has online purchases, bookings, and applications. Regularly track your conversion funnel from visit-to-purchase. Address gaps compared to the competition.
Understand How Buyers Get To Your Site
Look at the top traffic sources used by your completed bookers, applicants or purchasers and prioritize sites and channels that drive converting traffic to your site.
Use Search To Target Buyers
By connecting traffic source data with search insights, retailers and brands can target the channels and terms that are driving their buyers. To compliment that, retailers can create content on topics that attract more buyers organically. Identify keywords that your buyers are more likely to search for and target these terms in paid search and content.
Identify When Buying Points Spike Over the Year
Businesses can also pre-empt their buyers. For example, for the automotive industry in Australia, new car sales peak in June, which coincide with the end of financial year promotions. For retailers extensive external and internal research can suggest peak sales points throughout the year, whether it is related to an online event such as Click Frenzy, Stock-take or Christmas.
Identify Partners To Pre-Empt Buyers
Hitwise can address potential gaps in your conversion funnel by benchmarking your visit-to-purchase rates vs. the competition. Combined with clickstream and search insights, target the best channels and keywords to attract more buyers. Audience reach analysis can also help you identify strategic brand partnerships and media opportunities.
Get To Know Your Browsers
To optimize conversions, businesses need to know their browsers as well as their buyers. Identifying why potential customers go to the competition and where else your browsers go. More importantly why they visit your competition, if your potential customers are visiting another retailer you could try to win them back by using the keywords that sent them elsewhere to target them.
Hitwise can help you understand who you are losing your browsers to, and why, through downstream and search insights. These data insights can feed directly into your marketing tactics to win back these customers.
Whether you are trying to capture buyers, bookers or applicants, the goals to grow buyers and increase conversions transcend industries. Hitwise can model various buyer and browser audiences, as a result of our data depth and proprietary modeling technologies.
Take a look at the branded use cases & data examples we used in each area (such as Zara, Adidas & Airbnb) of our full Buyers vs Browsers report, which you can download here.
Hitwise is a trusted source of online competitive and audience measurement services for over 20 years. Helping marketers, agencies and brands across all industries to track website behaviour, understand their audience, keep tabs on their competition and reach their target audience.