Analytics is a driving force for success of marketplace platforms and quite frankly any business. In today’s number driven world, it’s critical that you understand what and how you are looking at your analytics. Are you and your team members on the same page on what to analyze? Let’s take a look at some of the major factors behind marketplace analytics.
Identify Your Key Performance Indicators (KPIs).
Let’s first start by defining what KPI actually is. It is essential the indicator for success . This will vary and should be specific for your business. For example if you are a peer-to-peer marketplace for homes, an indicator maybe how many bookings you are getting in one month. If you are a ride-sharing service, think of how many new drivers you are signing up and how many new passengers you are averaging a week? Are these numbers increasing as time goes on or are they getting worse? Think of what will drive the success of your business and how you can reach the goals to take your business to the next level.
If you have set up your analytics and tracking properly by installing tracking codes and using google analytics, this information will be easily accessed. Whether you are using google analytics or any other analytics system, pay close attention to what the data is giving you. Look at the trends on landing pages, why is this one doing better than the others? Tweak where it is needed to help the overall growth of your marketplace.
Analyzing The Data.
Data is great when you know what you are looking at but if you don’t understand what your goals are then you will have a big problem on your hands. When diving down into your data from your website or social media pages, the first things that should stand out is traffic, bounce rate, clicks, and interactions. These are the basic indicators to whether you have created a content marketing strategy that works. Don’t look at the data and freak out if something has dropped over a few days. Take a larger sample before making changes such as month over month or if you have data from previous years, even better! Identify any trends if possible.
Why is this data so important? The answer is growth. Is your marketplace growing at a steady rate or are you stuck where you were 2 months ago? How will you reach a new audience if you are catering to the same ones? Sure if you have a great product or service that will help, but your marketing team needs to make growth a priority. Whether that is by leveraging social media, cold calling, or what ever style your team has adapted. Use your data to figure out where the gaps are in your strategy and look for new ways to capture new customers. Don’t be afraid to try new things as if it doesn’t work, you can always try something different.
Stick To Your Buyer Personas.
Don’t be fooled by the data you are seeing and analyzing. Just because you are getting thousands of impressions and likes, does that mean you are becoming successful? To a certain extent sure but what if your team isn’t reaching the right target market? What if it is a bunch of bots that are making your numbers look good and not actually real people? So how can you fix that issue? Stick to your buyer personas. Your team has created it’s ideal customer and should have an idea of where to find them. If you are getting all these likes on Facebook sure that looks great, but if your customers target market is on LinkedIn then you must rethink your strategy.
Try running an audit of your current customer base. Gather all the information you have on them and determine what the similarities, differences, and even concerns they may have. This can help you figure out if your buyer personas match up to what you have perceived them to be. It’s okay to make changes as it is all a learning experience!
Try Using Predictive Analytics.
What does that mean? How can you predict your analytics? Well, this goes back to analyzing your data. Are you identifying trends in the data you are tracking? While it’s a risk to use predictive analytics, it can very well pay off in the long run. Being multiple steps ahead of your audience and potential customers can help them get to where they want to be before they even know.
For example, someone who follows you on social media is in the consideration stage. He is looking around comparing prices between you and your competitors. With predictive analytics, you can determine when the right time is to send out specials or discounts for things on your marketplace. If the person sees your email during this time period, it can help make their final decision an easier one as you have just provided a cheap price over your competitors. Knowing what stage they are in and being able to get them at the right time will help you stand out of the crowd.
Now that you have a better understanding of the importance for marketplace analytics, are you leveraging yours as best as possible? Take some time to review your own strategy and see where you may be lacking. If you have any questions, feel free to comment below or reach us on social media!