Quantitative analysis made their debut by becoming the best allies of business people working in the financial sector. Every day, this digital data enables them to make smart choices in the stock market and invest in the right place at the right time.
With such success, quantitative analysis has made its resounding entrance for some time now into a completely different universe: marketing.
Many experts quickly realized that collecting and analyzing quantitative data allowed them to take more effective action when it came to better reaching their target audience.
Unfortunately, quantitative analysis still has an ambiguous reputation. They are said to be “too complicated”, “too boring”, “too far from reality”.
Yet when you see how they can help you increase the profitability of your company, you’ll put all those excuses in the closet and soon you will not want to go without.
Why are quantitative data important?
When the “traditional marketing” still had the wind in the sails (essentially because only this type of marketing existed) the experts of the environment mobilized all their personal knowledge on their target customers, added a dose of common sense and a lot of creativity in order to carry out mass-market advertising campaigns to consumers.
They only had to cross their fingers and hope that their efforts do not end in failure.
Today, faced with increasingly demanding consumers and an extremely competitive market, marketing professionals have had to change the way they do things.
In this context, the qualitative analyzes collected during an online advertising campaign, by observing the experience of a user on the site of a company or still interested in the general navigation behaviours of target customers, provide a precious help to web experts.
In concrete terms, what is quantitative analysis?
The primary goal of web analytics is to enable business managers to gain a comprehensive understanding of the tastes, preferences and behaviour of target consumers to help them make better strategic decisions.
In particular, quantitative analysis will help you better understand how consumers use your product . This will help you better understand the features that matter most to them and, for example, adjust your business message accordingly.
With quantitative analysis, you will also be able to understand the origin of the traffic observed on your site. At a glance at Google Analytics, you’ll see the channels reporting the most and the searches made by consumers who have landed on your site.
Quantitative analysis is also widely used when it comes to better understanding how consumers navigate through a conversion tunnel and seeing the obstacles that prevent them from doing the desired action. This data will be very useful if you want to improve the conversion rate of your online campaigns.
If all this is still a little too theoretical, do not worry because we immediately present you how you can put this knowledge into practice.
4 ways to use quantitative analysis to increase the profitability of your business
Accumulating the quantitative data is good, using them is better and even more strongly recommended if you want to see a real improvement in the performance of your campaigns.
Too often managers are buried under a veritable tide of numbers and do not really know what to do. The most appropriate use of these data depends essentially on the particular objectives of your company. So keep them in mind as new analytics reports appear on your desktop.
If in the meantime you want to have some ways to use this data, the following 4 points should help you:
1. Segment your target customers.
If your target audience shares some interests, it is unlikely that their browsing behaviour and shopping preferences will be exactly the same. This is especially true when your company markets a very different range of products.
In this case, it is important to personalize your communications with each group of customers in order to relay the right message, at the right time and in the right place.
One of the easiest ways to do this is to send personalized emails to your target customers. To do this, you will first have to segment your mailing list into different groups.
This is where the quantitative data will be of great help since it will allow you to perform a precise segmentation by grouping your recipients according to their online behaviour, their demographic profile, the different information they have shared with you, as well as their place/step in your conversion tunnel.
With this you’ll be sure to send messages that will speak to your prospects and push them to take another step towards the much-needed conversion.
2. Reduce the time between the first contact and the purchase decision.
One of the many strengths of quantitative analysis is that they can help you to easily identify the different obstacles in the customer journey.
For example, you may notice that many people leave your website after visiting a specific page. If it is not the page for their purchase (the famous “Thank you page”), you should start asking questions about what causes them to flee your site.
Is that because “they did not receive the information they wanted?”, “the message was not presented to their expectations?”, “the design of the page is poor?” These are the questions that you can ask yourself when you encounter this problem.
Once you have identified the problem and made improvements, the changes in the new quantitative data for example in the conversion rate will help you to know if you have made the right choice.
3. Retain consumers
Retaining your current customer base is a big challenge for many companies. You already know that they have an interest in your products and the means to buy it, so it is normal that you do not want to let go of consumers who have already done business with you. You also know that the competition is huge and that your competitors are working hard to steal your valuable customers. So what to do? Focus on quantitative analysis of course
To get started, refer to the purchase history of your old customers. This will help you identify other products that may be of interest and promote them to these buyers. For example, a consumer who has just purchased a printer will not be long in inquiring about the price of the different ink cartridges adapted.
You can also create a new mailing list that includes everyone who has purchased a specific product to further personalize your promotional emails. For example, you can provide them with information about newly purchased products, or offer them a discount on their next purchase or even an extended warranty.
The goal here is to take advantage of data that only you have to seduce your old customers again and prevent them from going elsewhere.
4. Develop new products.
Do you want to launch a new product or service, but are not sure that it will please your customers? Put an end to your doubts by consulting your analytical data.
These will allow you to identify the features that matter most to customers, their sensitivity to price and the different tastes and preferences of your target customers.
You can also make sales predictions, profit margin that you can get from the commercialization of this innovation.
With this analysis, you will finally know if this new product that you dream to launch is a golden business opportunity or a project that will undermine the profitability of your company.