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Chapter 7: Use Analytics To Separate Buyers From Non Buyers
Synopsis
The success of online businesses depends largely on the exposure rate and impact the website makes on the visitor. This is very important to the first impression being formed as the merchant does not have the luxury of personal contact to gauge the customer’s wants and needs of the time. Therefore tools like information derived from analysis would have a rather profound impact on the online business success rate.
Gauge It
Some of the items that should be considered when creating a conducive platform to encourage transactions would be to know some basic information on the demographics intended.
This information should cover geographical locations, family makeup, buying power and it should help to identify the target buyer.
Serious buyers would essentially be looking into important elements like measurable quantitative terms, substantial availability of items, accessible distribution methods, sensitive and well planned affordable marketing exposure that generates the right kind of interest.
Well designed internet tools will help to detect the interest rates as their frequency and active purchases are logged. Buyer will also generally stay loyal if and when the products sought are able to maintain the promised quality and quantity without doubt.
Non buyers however will only be interested in browsing for the cheapest deals and may not necessarily make a purchase in the end.
Serious buyers also tend to be more active in surfing for the most compatible and innovative items available. These individual will stay focus and true to the intention of making a purchase thus taking the trouble to source the relevant information where and when needed.
There are several tools already available to be utilized when there is a need to track such behavioral patterns to ensure the right target audience is being reached. All this is based mostly on addressing the niche marketing sector.
Chapter 8: Use Loyalty Programs
Synopsis
Having a good and strong customer base is very important to the success of any business venture. Therefore it is important to ensure the customer base stays as loyal as possible as this in turn helps to create some form of stability for the merchant.
Keep Them Coming Back
Perhaps the among the most effective ways of creating and maintaining the customer loyalty ratios lies in the ability to provide as many incentives as possible through the setting up of various loyalty programs.
These loyalty programs should ideally be able to increase the customer’s interest in staying with the product over a long period of time, thus repeat purchases become a norm.
The loyalty programs should ideally give the customer the satisfaction of knowing the merchant is interested in creating an environment where the customer is encouraged to be a major part of the business.
This inclusion makes the customer feel important and considered and it also inspires the customer to stay loyal as the rewards for past purchases are tagged to the next purchase.
The loyalty programs are usually designed according to information that may include information on buying patterns and preferences of the customers.
Buy ahead discounts, purchase level rewards, rebates based on spending levels, upgrades or special added benefits are all different incentives that can be included in the loyalty program to make it as enticing as possible.
The buy ahead discounts are designed to ensure the customer is locked in from the very beginning when a purchase is made. This may be done in the form of a loyalty card that entitles the purchaser to enjoy immediate discounts or free gifts with future purchases.
The other popular loyalty program item is the rebates on spending levels where the purchaser is given bigger discounts when the purchase amount passes the relevant levels.
Chapter 9: Determine The Correct Frequency To Send Emails
Synopsis
The question of frequency is always as issue and here are some tips to assist in making a more informed decision.
Important Decision
Testing is one good way to start. Besides observing market trends and available information on the subject, there is a need to conduct a series of test of the various frequency rates before a suitable one is found.
Feedback is an important and valuable assisting tool to provide the information that can help make decisions which affect the business.
Soliciting feedback is usually not easy as most people would rather not take the time to respond to this but if persistent there will eventually be a response that can provide valuable information like if the material featured is too boring and lack helpful information or if the frequency of receiving the mail is perceived to be annoying or if the content is totally irrelevant or of no interest to the recipient.
If market conditions or seasonal shopping is the prime factor in the particular business being touted then some thought should be given to whether the recipient’s needs are being properly addressed in the material sent.
There is a fine line between sending too much too quickly and sending too little and too infrequently for this particular niche. How experience can and usually does play a pivotal role in deciding contents and frequency.
Giving the receiving party a chance to participate in the decision on the frequency of the emails received is also another option worth exploring.
Most recipients will be happy to oblige with such information and this will in turn create the interest and eagerness for both parties in sending and receiving the intended material.
Wrapping Up
Getting the business on a recognizable platform is important but doing it in a way that brings about the opposite results is detrimental to the success of the business. Emails are an important yet tricky tool and should be carefully considered before any decision is made. The question of frequency is always as issue and here we have provided some tips to assist in making a more informed decision.
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