How analysis was done We analyzed 4 million customer transactions of an online retailer, and an associated 400,000 customer reviews (and associated scores on a scale of 1-5) of those transactions to ascertain whether there is a relationship between purchase behavior in the future (Customer Lifetime Value) and the customer review scores. We define Customer Lifetime Value as the monetary … Read More
Modern businesses need to “run on all cylinders” online. That usually entails maintaining social profiles, building a website, and other activities. It also entails managing customer reviews. Not only does that mean responding to reviews and striving to receive positive reviews, it also means using those reviews on websites to improve conversion rates and enhance SEO. In this article, we’ll … Read More
Why clickstream is so important to your online business Clickstream data allows seeing what actions customers are taking on your website. Given how commerce is shifting more and more online, this data is becoming essential for your business to stay competitive. Before defining what kind of data is this, let’s take a look at the main reasons why a business … Read More
With the digitization of society, most of the businesses are going online. What brings value to your business and turns it into a successful online company? Having great data scientists isn’t enough to create a prosperous Internet business. The big time stories of the leading online companies prove: the key to success is having a unique data asset.
Do you perchance mean that these things have a substantial monetary value to you?’ ‘That’s right.’ ‘Oh,’ Marlowe said beaming ‘in that case, Mr. Carter I am fully prepared to meet you on your own ground.’ ‘Come, come!’ Do you keep a diary? I’m going to ask you a question straight from the shoulder!’ ‘Bring it!’ ‘What does RFM really … Read More
Stores have been smartening up their places and window displays to match the new found purchasing power of their customers from the very first days of their existence. Some would go even further with this like “Barbershop”, the custom in the 16th and 17th centuries of spending time in a barbershop by harmonizing to a lute or guitar provided to … Read More
The Key Differentiating Factors Between Remarketing and Retention Marketing While both remarketing and retention marketing are popular modern ways to expand and retain a brand’s customer base, the two have notable differences in both their function and their form. Retention marketing is a broad strategy used to retain current customers only and it spans both the physical and digital realms, … Read More
The first step to creating a five-star marketing and sales strategy is understanding who is buying and using your products or services and why they are doing so. While this may seem obvious, the importance and value of customer data is often overlooked in the world of marketing. In addition to helping you identify potential leads, customer data allows you … Read More