How to Stop the Cycle of Lost Sales Once and for All
Your customer is out there, that’s a fact. What’s not so straightforward, however, is the data needed to reach that customer, because, well, data is HUGE and there’s a lot of it. But believe it or not, reaching your potential customers using only the right data to stay top of mind is easier than it may seem. In fact, you already have one of the most valuable and delectable data types anyone can ask for with your own first-party data. First-party data, such as your website audience, is no short of an easily accessible goldmine of predictive and actionable insight.
Just think about it, the audiences knocking on the front door to your brand (aka your website) are visiting your site because they are clearly in-market and interested in what you have to offer. Success! And according to a study by Forrester Research, “50% of consumers that visit a brand site will buy a product in the category in 30 days,” underscoring the value of this tremendous asset.
But of course, the situation is not all roses. The snag – the majority of your oh-so-interested visitors are completing their purchase(s) elsewhere. In support of this claim, research from LiveRamp reveals that over 90% of ALL actual sales happen OFFLINE at RETAIL. Step back and digest this. What percentage of your sales are direct to consumer or ecommerce? And as for your retargeting spend – sure, it’s worthwhile in driving ready-to-buy shoppers back to your site. But what about the shoppers that are not ready to click “buy” on your website? Those very same eyeballs end up looking elsewhere and likely buying at a retailer.
Instead, your website must also work to cultivate interest and lead potential consumers in the right direction towards a purchase – at retail, where a sale is most likely to occur, either online or in-store. Otherwise, you’re simply allowing the cycle of lost sales to continue.
The solution? Empower your local retailer(s) to connect with your in-market shoppers to promote your brand where it makes most sense – all by leveraging your website’s first-party data.
Just think about it, once your key retailers have access to the over 90% of the in-market shoppers interested in your offering, you’re golden. By reading our new eGuide, you’ll learn to take advantage of the retail opportunity tomorrow.
Curious? We’re just getting started…Access the Second-Party Data for Brands eGuide here.