How AI Can Help Marketers Improve Website Conversions
A company’s website has become the showcase of the business in recent years. With the growth of e-commerce, advertisers have seen a tremendous increase in website activity and are looking for new ways to turn these visits into actions and predictive insights that can drive sales.
We know how complex consumer shopping journeys can get. There are many potential gaps in the information available to marketers, so brands need more than a single standard strategy to get the most out of the data they have.
Machine learning can dig deep into the consumer journey to show visitors what they did on a brand’s website, when they left, and what marketing campaigns resulted in a purchase.
Machine learning can also offer brands some great predictive insights. Learning from the actions of millions of visitors and customers, machine learning can help a brand determine how likely a new site visitor is to convert, or predict the prospective lifetime value (LPV) of existing customers.
Marketers still have a long way to go when it comes to tapping into the potential of machine learning. Let’s see how you can get most of it to improve website conversions.
Collect The Right Data
With millions of different data points to work with, it’s imperative that marketers start by narrowing down their use cases and collect the right data. You can achieve this by creating a centralized data warehouse in the cloud, increasing the match rates between datasets, or developing custom algorithms. At this point, what exactly they want to predict can be purposefully determined.
Want to identify which users are more likely to convert? You can collect data about site activities, user clicks, page visits and whether they are converted.
Want to determine what can reduce subscription loss? Collect data on user interactions, their frequency, products owned, and whether they are used.
Identify The Right Action Steps
Once your team has analyzed the output of your machine learning model, it’s important to test and apply these learnings so they can be used to improve your future business decisions.
For example, models that predict the probability of conversion can be applied to your audience segments immediately. They can help a brand increase its return on ad spend by showing ads to visitors they know are more likely to purchase in the near future.
Marketers still have a long way to go. If brands can effectively use the tools currently available to analyze their data at scale, they can gain actionable insights, filter out unnecessary details, and create new opportunities to reach consumers.
Collecting data and turning it into meaningful insights may seem difficult and it may not be something you can handle by yourself. Here at Netmera, with our powerful and intelligent analytics solutions, we process millions of data to help you rule all the metrics and better understand how your service is used to increase revenues, conversions, and active users through improving customer experience.
With Netmera’s analytics platform, you can easily manage and improve your metrics such as activations, subscribers, and lifetime values; improve your campaign strategy to boost leads, retention and conversions; and optimize your marketing performance firsthand with helpful insights and reports.