Big data, dark data, intelligent data, you only have to open the newspaper, your LinkedIn feed or email inbox to see data being heralded as the answer to every business problem. As a retailer, you have oodles of data available to you—your customer and order data, your Google Analytics, social media, payment processors, your blog…
But all of this data sitting in silos doesn’t do much good to know what to offer Sally or Tom to make them buy from you again, if you are charging enough for your new line of shirts, or whether your Google Adwords campaigns are generating more revenue than your Instagram campaigns.
Although retailers understand the importance of data, many are struggling to tap into it and get any real value out of it. But what if you could pull all of your data sources together in the one place, in real time, presented in a meaningful way so you can translate it into actionable insights for your customers, products and business?
Well now you can with Neto Analytics Studio.
Neto Analytics Studio is our new in-depth analytics tool that will deliver business intelligence, analytics, reporting and automation that will help you uncover your store’s most profitable products, customer segments and channels. Pull all of your data sources together to get timely, accurate, actionable information that will help you generate more revenue and drive profitability.
Find out four ways Neto Analytics Studio will help you use data to make better decisions.
1. Understand your customers
It’s widely accepted that it costs more to attract a new customer than it does to retain an existing one (five times more in fact). So, treat your customers right, right? But with so many different customer types and so many different tactics to increase loyalty and entice customers to buy, if you don’t have meaningful data (or the time) to inform your tactics, sending out a blanket email with a discount and hoping for the best is sometimes the easiest option.
Neto Analytics Studio gives you access to a whole host of customer analytics, allowing you to understand and optimise purchase behaviour and cultivate loyal customers. Take Sally for example, she’s bought from you before, but has gone cold. Neto Analytics Studio will not only identify that you are at risk of losing her, but with its detailed customer insights, you will know the best way to reach Sally, how much to talk to her and what to offer her to make her purchase again.
In addition to targeting ‘At risk’ or ‘Lost’ customers with win-back campaigns, you can also:
- Discover which channels and campaigns generate the highest customer lifetime value and have the lowest customer acquisition cost
- Personalise campaigns based on unique customer attributes such as activity or VIP
- Reward your VIP customers and ask for reviews, likes, referrals or survey submissions
2. Understand your products
Popularity is fleeting and products can go from hot to not in the blink of an eye (and vice versa). Knowing which products to promote, when and where to promote them, and which are generating the most cash for your store (or burning a hole in your pocket), is no longer an advanced mathematical problem with the advanced product analytics in Neto Analytics Studio.
Optimise your product strategy with:
- Product category and individual product analytics - measure the performance of the category as a whole or drill down into a single product
- Product bundling recommendations
- Inventory and sales tracking
- Cost of Goods Sold data that shows how the cost and sales volume of each product impacts the cash available for advertising
3. Understand your marketing
Google Adwords, Facebook ads, SEO, Instagram, email marketing. These days ‘marketing’ comprises of so many activities across so many different platforms, that assessing a campaign's performance means logging into each platform separately, in addition to Google Analytics and your ecommerce platform (hello multiple browser tabs). Some platforms only provide vanity metrics, which leaves retailers chasing likes and follows that don’t really mean much in the long run. So, being able to determine at-a-glance which marketing channels are driving revenue and which are not, will no doubt yield a collective sigh of relief.
Take Tom, for example. Tom is on the hunt for a new laptop and is browsing on his phone in bed before he goes to sleep. And Tom loves a deal. With Neto Analytics Studio you have the intel you need to tailor your marketing to channel and device by product volume and profitability or customer type, improving the chance that Tom will see an ad wherever he is browsing, with a discount of just enough to make him buy.
You can also personalise product recommendations to show Tom which product he is most likely to buy.
The Neto Analytics Studio dashboards tie together previously siloed marketing data into a central location so that you can identify your store’s most profitable marketing channels and allocate budget where it counts.
4. Advanced (but easy) reporting
How much time gets spent exporting and compiling different data sources into a spreadsheet, then cleansing the data, before manipulating it into a usable format so that you can translate it into a report with graphs and actionable insights? Too much? Or not enough? Either way, Neto Analytics Studio eliminates the need to do so by bringing together the information from Neto, analytics tools and advertising sources into a range of reports, helping you understand key performance indicators across your business.
Here are some of the standard reports included (and there are customisable ones too):
- Product analytics
- Cost of goods sold reporting
- Customer analytics
- Store performance management
- Daily performance snapshots, weekly updates and monthly ecommerce reports
| Related reading: The Top 10 Ecommerce Analytics Reports to Run in Neto Analytics Studio
Think Neto Analytics Studio is for you?
If you want to uncover insights and trends that will help you identify opportunities, run more efficient operations, cultivate happier, more loyal customers and ultimately increase profits then Neto Analytics Studio is for you. Aggregate all of your data in one place and get a 360 degree view of your business.