For companies to create better marketing campaigns that will generate positive results, they need to be relying on marketing analytics and the data that has been generated from previous promotional efforts.
However, not every company can understand how it needs to go about utilizing the information that’s being generated.
That’s why one of the best ways to learn is by the example of how other companies are using their own analytics to make marketing or business decisions.
According to reports, the customer retention rate that Netflix has is around 90%, which is far higher compared to any of its competitors.
According to the company itself, the one thing that drives its success is collecting and using analytics on customer behavior.
There are several things that the platform collects to inform its algorithm, including what types of devices users are using to watch shows, as well as the time and date when they watch them.
It also keeps track of whether users binge-watch shows, the time it takes to do that, and when they hit pause whether they resume watching later.
However, aside from all that information, the company also tries to figure out the interactions that all the users have with their favorite movies or shows.
For instance, if the streaming platform recommends a specific movie or show, whether that user is going to finish that recommendation, and then rate it as well.
Given the fact that Netflix has over 150 million subscribers, it’s able to access a large pool of data to generate its insights.
This strategy has been critical to the success of the platform given the fact that around 80% of all its viewer activity is actually created from the personal recommendations of the company’s algorithm.
One of the largest digital food brands in the world, Allrecipes has over 85 million users available in 23 countries, spanning 18 different websites. However, no matter how big a brand might be, it always has to take its competitors into consideration.
One of the things that this brand does to maintain its competitive advantage is to figure out how it can understand every single stage of the buying journey of its target audience.
To do that, the company decided to set primary objectives such as expanding its user base and improving the user experience.
It also wanted to generate more video and mobile engagement, while growing its revenue from advertising, and use all that information that is generated to inform future product strategies.
To achieve those goals, the company decided to work with a business intelligence platform, Tableu, where the business could visualize all of the data in a single place.
This tool allows the brand to create custom dashboards and organize any collaboration that’s been planned so it could achieve the objectives it set out in the beginning.
By using the digital marketing analytics visualization and collection tools, Allrecipes managed to collect the data it needed to improve its mobile website.
That included encouraging users to upload their recipe photos with an interface that was easy to use and optimize all of the content on its websites.