You must have heard the term, ‘know your audience’ multiple times. What does it mean? Why should you know your audience? How do you know your audience?
In this blog, we shall discuss why knowing your audience is crucial.
Types of Customers
There are five broad categories of customers in the eCommerce world, namely the browsing customers, the bargainers, the buyers, the impulsive buyers, and the loyal customers.
Browsing customers wander about the website making no purchases. Hence, when you run analytics, you find out that there was a considerable footfall on your website but the volume of transactions wasn’t satisfactory. But getting to know such users is only half the battle won. The real challenge is to woo them. However, by leveraging some of the many features of Magento analytics, brands can find out the best-selling products, most-viewed products, new customers, the top searched terms, bounce rates, orders, life time sales, and sales per day for a specific period. All these data help in finding out the number of new customers after a product launch or after introducing a brand. You can also know the bounce rate by segregating the browsers from the buyers. The day-to-day sales and conversion report can be fetched from the sales figures and number of visitors in a day. Additionally, trying out referral programs to convert browsers to buyers is a good idea.
Bargainers check out a product on multiple sites and buy it from a place where they find it the cheapest. Hence, there must be ways to hook such customers to your site. Price Sync is an effective mechanism. It allows you to keep your competitor’s product pricing under vigilance. The competitor’s product URL is used and a price tiering is set, which contains the maximum and the minimum price range. You can write a condition in Magento wherein your price shall be automatically updated at a price lower than that of your competitor’s price. Magento 2.0 seamlessly allows the use of Price sync.
Buying customers know what they want to buy and they are quick at making a purchase if the price matches with the competition. Sometimes, even if the price on a particular eCommerce site is on the higher side, yet they make a purchase due to high-quality after sales services. Therefore, retailers must pay special attention to such customers. You may recognize such customers using Magento analytics. Besides, the Magento eCommerce platform also can segregate such customers and offer them special promotions, customized responses, or notifications so that they feel cared for.
Impulsive buyers buy on impulse. It means while they are on the site, if they like a particular product, they end up buying it. Therefore, a digital commerce platform should be ever ready to tap on such buyers, because it’s difficult to pin-point such customers. To allure the impulsive buyer’s eCommerce retailers run flash sales, offer promotions based on age, gender, location and so on. With Magento commerce cloud delivering such services is easier since flash sales and special promotions are, by default, integrated with Magento.
Mostly registered customers who have minimal returns and refunds and make repeat purchases are loyal customers. For such loyal customers, retailers walk that extra mile to give them personalized experiences during checkout and offer them with goodies like coupon codes. The aim is to keep the loyal customers coming back. Here again, Magento has a crucial role to play since it can segregate the loyal customers from others based on their purchase history, number of returns, and refunds. Once brands get to know the loyal customers, it’s easier for them to give them special treatment.
Why should you monitor your audience?
In recent times, there is no dearth of miscreants in society, and the digital commerce industry has vehemently fallen prey to it. Fraudulent transactions, improper use and unnecessary return of products, and misbehavior with the logistics partner are some of the common issues.
Therefore, being vigilant of your audiences is crucial. Magento analytics clubbed with Google analytics does exactly that. It segments and categorizes audience based on their digital behavior.
A default feature in Magento allows setting up multiple order statuses, which means customers can be blocked at multiple stages. For example, in Magento you can write conditions wherein customers from a certain geographic location are not allowed to checkout, the ones with too high an order value cannot proceed, and also if there is a mismatch of the credit card details with the shipping and the billing address, the order remains unprocessed.
Similarly, eCommerce business owners shouldn’t forget to nurture their loyal customers at frequent intervals. For instance, if a loyal customer doesn’t make a purchase for a long time, businesses must proactively find out ways to make the shopping experience more pleasant for the customer so that they keep coming back.
How Magento helps to examine your audience?
You must wonder how Magento helps to monitor your audience? First, Magento Analytics in close harmony with Google Analytics enables customer segmentation, and once customers are segmented, Magento can use the right customizations, integrations, and plugins based on the customer type. Such integrations are smoother with Magento commerce cloud since it has the largest community and has ready-to -use plugins; hence, there isn’t any need to build them from the scratch. It’s a matter of plug-and-play.
To Wrap Things Up
Understanding your audience is at the core of a brand’s growth, but understanding isn’t a destination, it’s a journey. A process involving constant review, refinement, and re-adjustment. Without careful examination of the audience, a brand’s performance might decline and it might move towards stagnation. Magento helps identify users so that you may get the right business from the right customers. My recommendation is ‘Keep a Hawk’s eye,’ to increase conversions, decrease fraudulent transactions, deliver highly personalized experiences, and maintain the stability of your site.
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