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The Single Advertising Factor That’s More Important than Demographics (And How Measuring It Makes All the Difference)

February 08, 2017

By Today’s Industry Insider

online-retail-conversion-rates

When it comes to online advertising, no one is disputing that demographics are important. After all, they’re what powers your media buying and customer personas. The data you collect is meaningless without demographics to help you properly filter and segment it.

But dig a little deeper, and you’ll find something much more important than demographics powering actual conversions. And using it effectively could make a huge difference in your sales. Let’s take a closer look at what it is, and how you can leverage it to the fullest.

The Dismal State of Online Retail Conversion Rates

According to a report just released by Monetate in November, online retailers continue to struggle with e-commerce sales. A meager 3% conversion rate is something these retailers get excited about. But I’m of the opinion that this number could be much higher, and it has nothing to do with demographics.

Fourth quarter e-commerce conversion rates across devices for the US, UK and global markets

Let’s use the just-passed holiday shopping season as a perfect example. Let’s say I’m in the market for a technology gadget of some kind. I’m already not in the target demographics for this market, which tends to lean heavily toward the 20-something male segment. I go to a website where I find the gadget, and proceed to buy it, but the shipping is a bit too high for my tastes, so I abandon my cart and go back to my search.

If you, as the online retailer, carried the same gadget at a better price or value, wouldn’t you want the opportunity to earn my business? Of course you would – which is why demographics go right to the back burner when it comes to enticing me to do business with you instead.

This is known as customer intent.

“So what?” I can hear you saying. “That was for a gift, and it was a one-off purchase, so it doesn’t count.”

But when you consider that 56% of mobile searches for sporting goods are made by women, and 68% of influencers for skincare and beauty were male, you can see how targeting by demographics alone goes right out the window.

How Do You Measure What You Can’t See?

You leave telltale traces of your intent every time you browse the web

Currently, there is no “one size fits all” tool to measure something like customer intent. It’s far too complex. We can, however, measure the things that lead up to intent. You do it right now without even realizing it. Cookie-based ads, remarketing, email automation — all of these things have been used successfully for years to help target ads relevant to the customer’s search.

But it’s not enough. Until now, marketers have relied on their existing automation systems, their CRM cata and other traditional sources (known as first party data) to better understand their customer base. More and more, however, a new type of data known as third-party data, is coming into play. Third party data is often captured through things like IP tracking, …read more

Source:: Kiss Metrics Blog

      

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