eCommerce Lifestyle
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data equals power

Data = Power: How to Use Data to Scale Your Business

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Data = Power.


​When you're collecting data, you're collecting power... Power to make decisions that are nearly impossible to fail.

​In this episode of The eCommerce Podcast, ​Anton shares how he's using both qualitative and quantitative data to launch new eCommerce brands profitably, and how you can do the same.

Listen in to hear his ​advice for​​ collecting power through data...


​What You'll Learn​:

  • Introducing "The Best Thing I Learned".
  • ​The benefits of collecting data.
  • ​What qualitative data you should be collecting.
  • ​What ​quantitative data you should be collecting.
  • ​How to use your data to make smarter, fail-proof business ​decisions.
If you liked today’s show, please subscribe on iTunes to The eCommerce Lifestyle Podcast! The podcast is also available on all major podcast players including, Stitcher and Spotify.

Links From This Episode:

Transcript

Hey what's up everybody? Anton Kraly here and welcome back to The eCommerce Lifestyle Podcast. I hope you're having a great Monday. I wanted to just get you a quick episode today that I know will benefit every single person that already owns an eCommerce store, or anybody that's in the process of starting one. So if you're on the email list that I have you're probably aware that I just opened up a new community. It's a private membership and it's called thebestthingIlearned.com.

And the reason that I did that is so I can make different videos every month, literally sharing the best thing I learned in marketing in the previous month. I show screen shares of what I learned, how I implemented it. I show the actual results that I'm getting, and then I show how you can copy what I'm doing.

The reason I did it on a website that's a membership, and not just on YouTube is because I'm actually sharing results, I'm sharing inside of our ad accounts, sharing inside of the backend of our businesses, and it's just something that I'll never share publicly because I want to know who is actually seeing this stuff.

But that's not the point. I just wanted to let you know that's why this episode is here. I set that up and last month the episode that I posted on thebestthingIlearned.com is all about micro-targeting on Facebook Ads, and on Google Ads. The reason I've been learning this and the reason I shared it is because we're launching seven new eCommerce brands in 2020. Yeah, it's a lot, and we're launching seven of them.

And the reason I'm using micro-targeting now on the different ad platforms instead of our normal strategy with our established brands, which is spend a whole bunch of money, and let Facebook and Google decide where it goes is because I don't want to break the bank. I don't have any data on these brands because they're brand new, so I need to be able to advertise in a way that, one, is profitable, and two, that gives me data so that I can make better decisions moving forward.

And that's why we're talking about data here, and that's why the name of this episode is data equals power. So the reason I wanted to record this episode is that there are two different types of data that we are collecting, and you should be as well.

Now, the first is quantitative, and this is the data that Facebook and Google are collecting based on our ads, based on what's happening on our websites, and this is data that we really don't see that much of, but this is the data that Facebook and Google use when we put automations into place, so probably a few months from now we'll get to the point where we can give both Facebook and Google bigger budgets, and then they can spend that money based on the data that they have collected.

Again, this is the quantitative data that the algorithms use in the platforms to determine how to best use their automations and where to put that budget, but the type of data that I want to talk to you about today, and tell you how to implement, and collect, is qualitative data.

Now, this is the data that I look at to make marketing decisions. This is what you could think of as actually hearing from your customers, and interviewing people, and getting real feedback, right? Not just the stats in the backend but the actual words that are coming from your customers. And I did an episode of the podcast not too long ago, maybe last month, that was called The Easiest Way to Get Product Reviews. I'll link to that in the show notes.

But on that episode I talk about how you can collect pretty much like one sentence, or two sentence, answers from customers on the checkout page, and that's great. It gives you some of that qualitative data, but what I want to talk to you about now is how to go deeper.

This is something honestly you should do forever even if your store's been established for five years, or if you're like the new brands we're launching now where they're just coming into existence, and there's no data. And what we do here, and what you should do, is embed an actual survey onto your order confirmation pages.

So this is happening literally after the customer completes their checkout, so they're done, they paid, they're on their order confirmation screen on Shopify, or on whatever platform you use, and you're going to take them through a series of questions that's going to give you actual data that you can use to improve your marketing. So the way you want to think about this is there's two different buckets of data that you're using. There's the quantitative, and that's again what Facebook and Google has, then there's the qualitative, and that's what you're gathering.

And with the qualitative what you get out of the answers from your customers is how you're going to tweak your marketing, how you're going to change your product pages, how you're going to change your product pages, how you're going to have new ideas for products to sell, how you're going to add the copy in your ads, or the images in your ads, or the upsell flow that you have. That's based on what you're asking your customers.

And again, the easiest way to do this is just by having a form, a survey, on your order confirmation page. And what a lot of people do is email their customers maybe once a quarter, and they'll email them to a link that takes them through a survey, which is not bad, but the time you're going to get the best answers, the most timely, and consistent, is when you have this right after the purchase is completed.

And there are apps, like if you use Shopify there's apps that allow you to do this. You could just do it yourself, that's what we do, make a form, either in Wufoo or Google Forms, and just embed it yourself, but if you want to use an app you could do that too. So what should you be asking people after they buy, like what are the best questions. I'll give you some that we use that might make sense for you, but definitely mold this to your business, and what you want to know.

The first thing that we like to ask is why did you buy from us, so literally, why did you choose us? Obviously, customers have choices so we want to know what we're doing right, and what drew them into to our businesses to make those purchases.

Another thing that's super important that we ask is what was most important when choosing whatever the product is, okay? So I'm at a standup desk right now, and if I was selling them I would say what was most important to you when choosing a standup desk? Maybe they're going to say the price, maybe they're going to say availability, maybe they're going to say bonuses or discount, or maybe they're going to say trust, right?

Whatever it is you want to know that because you can use that in your future marketing. Another question that we ask that you should ask is how long have you been looking for a whatever product it is, and that will give you an idea if you're kind of getting those direct response customers that are like just online, like hey I want this product, I searched for it, I found your store, I bought it, or maybe most of your customers you'll find have been in the market for three months, or six months, or a year.

And based on what they tell you you can kind of adjust your marketing to what you're showing the people first, and second, and third, as you take them from being someone that's thinking about buying something to someone that's actually making the decision and buying from your website.

Another question that might be relevant to your stores or might not is how do you plan to use your whatever it is. Again, so if you're selling standup desks how do you plan to use your standup desk? And maybe you'll find that most of your customers are actually using it for their office, right? Like a B2B thing, or maybe you'll find that they're using it for their dorm room.

The thing is you don't know until you actually ask, but when you get these data points, and when you get this info from your customers, and you start to see trends, that's when you can adjust your marketing. Again, your product pages, your actual ads, what you're showing in them, the benefits, the features, all of that should come from here.

Another question, besides the product, right? This is literally the question, besides the standup desks what else are you currently in the market for? Maybe they'll say a monitor stand, or maybe they'll say a wireless keyboard, or maybe they'll say a microphone arm. Whatever it is it's going to give you ideas that you most likely didn't have, and you can use those ideas to add to your product pages as upsells, or cross-sells. You can maybe even build a whole new product line around what you're now finding out that your customers are also interested in.

So that's just a few questions that we typically use every time we do this. There's plenty more you can add. You don't want to make it so it's some 30 minutes survey, but don't feel bad about literally asking someone that just bought from you about why they're buying what it is they're interested in, and what they liked about the experience buying from you, or what they didn't, because that's the data that we're personally using on all of these new brands that we're launching to improve the experience on the website so we maximize conversions, and when you mix that, right?

When you mix this data that you're getting from people that are actually buying with the data from Facebook and Google that they're collecting in the background all these numbers that are going to help them automate your ads, when you use these two parts of data together you have power.

There's literally no way that you could fail. Assuming you have good products there's no way you could fail if you're collecting both of these types of data, using them together, and when it happens you'll be able to scale, meaning spend more money, you'll be able to grow profitably. That's exactly what we're doing with all the new brands we're launching.

And again, if you want to know about that, like see the backend of it, just go to thebestthingIlearned.com. It's a paid thing but it's insanely affordable. It's like the price of two cups of coffee a month. So if you want to check it out go there. If you don't at the very least if you're running a store embed one of these surveys onto your confirmation page, and use the data that comes in. It's really going to help you. It's going to improve your business, get you more conversions, and make sure you actually understand your customers better.

So as always, hope you found that helpful. If you did please go over to iTunes or Apple Podcasts, whatever they call it now, leave the podcast a review. I definitely appreciate it. And with that being said I'll see you all Thursday for the next episode of eCommerce Lifestyle.

Bye.

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