Will Smith is not just a pretty face. Nor is he just a friendly and talented actor.
He is a businessman and a marketer. The only Hollywood star who gets more than $ 20 million per movie. Even his films that have not gotten good reviews, like Hancock and Suicide Squad, have grossed more than half a billion dollars each around the world. Would not you like the worst of your plans to make a half bill?
So, what's the secret to Smith's success? How did he choose the right way to focus his time, attention and resources?
Is this lucky? An innate talent for making good decisions? Or a hard workout to succeed?
These factors played their part, I'm sure of it. But Will has applied a much smarter and more calculated method to propel himself to fame. Whatever your business can – and should leverage the power of – to dramatically increase the acquisition and retention of your customers.
The answer is: analytics.
It's the skill to observe what your prospects and customers have done and have done in the past, using this to predict what they will do, want and need. in the future. Then, make smart marketing decisions based on this information, to maximize your profits and dominate your market (just like Will Smith).
In short;
Take a look over your shoulder before planning new things.
This article will reveal how Smith did it, how Amazon does it and how your business should do it.
The new prince of analysis
When Will Smith first ventured into the world of Hollywood movies (from the clutches of Uncle Phil's tyrannical reign), he sat down and analyzed the ten movies the most lucrative of all time, looking for models
.
They analyzed what moviegoers (their target customers) did in the past to determine what they would do in the future. For that they could put Will Smith where the money would be.
At the time, they found that ten of the top ten films had special effects, nine out of ten had extraterrestrials and eight out of ten had a love story.
Next stop – Independence Day and Men in Black.
In no time, Will Smith became a household name.
This is a simple example of the power of this technique. In today's marketing – especially digital marketing – it's essential. It's really the key to always making better decisions.
Let's look at exactly how the efficient use of your data to predict the actions of your customers can increase your income and profits.
Three Ways to Analyze the Consequences on Your Net Result
1. It increases your prospects and your prospects
Analytics allows you to see, repeat and develop what works best:
a. Your Prospects
You can find and qualify prospects to find out which ones are most likely to become paying customers. We obtain this by observing the trends in the firmographic data (data of the company you are working for), demographics, geographic data, psychographic data, and industry and industry analysis. l & # 39; economy.
In other words; who they work for, who they are, what is happening behind the lights, where they live and what is happening in their world. All five areas will give you insights on where to find the best and the best prospects.
b. Your Prospects
Once a track begins to show an active interest, it becomes a perspective. It's getting hotter. They have seen the trace of bread crumbs and are heading towards you.
Google Analytics can tell you how to optimize your prospects from the five types of data and additional information your sales team learns from interacting with your customers. A 10% increase in prospects or prospects is a 10% increase in your bottom line (if your conversion rate stays the same).
2. It increases your conversions
Proficiency in analysis can help you refine the method, frequency and quality of interactions with your prospects. Refine each piece, run these conversions up and down.
This brings qualification prospects to a whole new level of detail. By transforming all important factors into data (such as the level of need for the service, its budget, its level of authority, and much more), your salespeople can quickly focus where the attention is most needed .
As the skill and precision of your qualification, selling, and closing techniques increase, so does your turnover.
A 10% increase in sales conversions represents a 10% increase in your bottom line.
3. It increases the average value of your customers (size of purchase and value for life)
Amazon is the grand master of upselling and cross selling.
Their recommendation and recommendation system "frequently bought together" was without a doubt one of the key ingredients of their worldwide success. Amazon uses the data to automatically customize the browsing experience of its customers based on their previous purchases and optimize sales. So, in a nutshell, Amazon's analysis tells them what customers frequently buy together and they simply transmit (and automatically) this information to their customers, to help them – what their customers really like .
That's right, a good cross sell is a service, not an imposition! So, do not be shy about it.
And it's the same thing for upsell. Almost all customers are interested in knowing at least the upgrade options.
Think how many times you experience this, fast food restaurants offering super sizes to the upper class airlines offering seat upgrades. If you do not want updates, that's fine, but at least you will know what is available and the cost of the upgrade.
These successful upsells should give you food for thought:
Shaving club of the dollar
Dollar Shave Club attracts its customers with an incredibly intelligent name. But of course, they would prefer that you spend a little more than a dollar. And they encourage you to do just that, lining up their "humble" razor of a dollar against more attractive and costly options. Notice how they fell into some social proofs to make this middle option even more appealing (using the words "favorite member")?
Spotify
Spotify uses a similar, common (and effective) technique. The option & # 39; free & # 39; here seems pretty dark next to this Premium option & # 39; juicy, with its colorful design and this long list of ticks. You do not agree?
Like Amazon, if you use analytics well, you will know exactly what additional offers to present to your client, in a way that the customer appreciates. These are people who are already buying from you, which means that they already love your business. Of course, some of them will be happy to buy a little more. And a little more. And a little more.
Again, a 10% increase in the average size of purchases represents a 10% increase in your bottom line.
Plug this leak
Two other ways to increase the average value of your customer are to increase the frequency of your purchases and reduce the number of customers leaving you.
By analyzing your statistics, such as the conversion rates of your cross-mail campaigns or ads on social networks, you can understand the communication and marketing methods that drive your customers to buy more often at home. So, you can develop that.
This is an easy statistic to improve because, again, these customers already trust and use your service. Customers who buy at home five times a year on average, instead of four times a year, make a 25% jump in their income. Yet, without analysis, this is an area of marketing most people neglect. Make sure you do not do it!
And if your bucket has a hole, plug it in before pouring more water.
According to the Harvard Business Review, the cost of acquiring a new client is five to twenty five times higher than that of a former client. Yet both have an equal impact on your income.
Analytics will help you refine your methods to keep customers longer (for example, by identifying and eliminating errors that drive them away – showing you spinach in the teeth) and bringing back those who have already left.
Once again – a 10% increase in the value of the average life is (yes, you guessed it) a 10% increase in your bottom line.
The Wonderful Power of Cumulative Increases
I like this part. If you reach these three figures with a 10% increase, you will get a 30% increase in revenue, is not it?
False!
You get an increase of 33.1%.
The initial 10% increase makes your earnings 110% of what they were before. The next 10% increase In fact 121 per cent 100 of what she was before. And the next 10% increase makes it 133.1% total.
It's the power of cumulative growth.
And this is only a small boost of 10% of your analyzes. A 20% increase to each is a total revenue increase of 72.8%. A 30% increase for each is a total increase of 119.7%. A 40% boost to everyone is …
You start to look cool, is not it?
Do you see how little things add up and make your line more and more harmonious?
Speed up your content strategy
Aside from the numbers located at the top end of the funnel, analytics also help to improve and simplify your content marketing strategy. You can always know what to say and say it for people to like.
By plugging into social media and analytics, you can quickly see the trends in content that is liked, clicked, downloaded and shared the most. From ebooks to publications to videos and Tweets. The shebang complete.
Always know what's hot or not with a look at your dashboard!
For this reason, knowing what to talk about becomes easy. You become the conversational master of your industry. The heart of the party, not the clumsy wallflower in the corner.
And of course, with a better understanding of what your prospects really want to read / hear / watch, you can create content that attracts, engages and converts more. And yes, it means faster growth, more leads, more conversions, more sales, more profits, more money, bigger houses, and more.
So, how can you start making the most of the analysis?
To put it simply, you need to put in place systems that collect data for you – data about your prospects, customers, market trends, methods and sales techniques. Data on everything. You have to organize this in a simple way so that you can take a look at it and see some useful templates.
When you have set up this system, you can make decisions and then observe the impact on your results. If the impact is good, you can go further in that direction. If this is not the case, stop.
It's as simple as that.
It 's really about being able to see the 20% of customers, offers and activities that get you 80% of your results. Then focusing on this 20%.
Everything is a question of efficiency. If Mr. Pareto was still here, he would love the analytics.
Two tools that nail him
There is a lot of noise on the analysis tools, so let's keep things simple. Here are two useful tools you can start with. Check them out, test them and see what works for you.
Kissmetrics
Kissmetrics is an excellent choice for detailed and easy analysis. It creates profiles for customers on all devices. It informs you about customer behavior, response to product features, and more. It tells you where people fall into your funnel and how segment behavior changes over time, and more. A tiptop tool to start.
Google Analytics
Google Analytics works well as a simpler introduction to analysis. You can start with goals, an underutilized Google Analytics feature. You even tell him very specific actions on your site to follow (time-on-page, opt-ins, video games, add to trolleys, anything really), the tool follows and displays in the format easy to follow usual Google. This is the free option you can also upgrade to Google Analytics 360 for a more comprehensive online tracking platform only.
This is a story about how …
Let your journey of analytic analysis begin. I guarantee you that it will add a touch to the history of your business (a good version, not a Game of Thrones version).
It's really one of the surest ways to increase your revenue, the quality of your content and better understand your customers and your business than your competitors. Because when you have a solid system in place, you can see models with ease that your competitors miss. Day after day.
And these three key revenue statistics really deserve to be taken into account! It's easy to make changes and measure results as you track your prospects, prospects and average values for life.
It makes you safer too. You can understand and identify profit problems, quickly as an F1 mechanic fixing a Lotus, halfway.
Do not let the jargon around this subject put you off. Everyone is just trying to look smart. Remember, you do it like Will Smith and Amazon – look in the past, take what works, put it into play and watch your profits grow.
Good luck!
-Konrad
About the Author: Konrad is the chief executive and content strategist at The Creative Copywriter, and has a pretty juicy creature on his shoulders. His gang of cowboys know how to coerce, convince and convert customers with words. Download its free Fluff-Free Guide for Content Strategy.