The Importance of Data-Driven Strategy for Ecommerce Success

– Paying agencies without collecting and utilizing data is a waste of money.
– Having a proper strategy is crucial for discovering the answers and achieving growth.
– Knowing your business numbers and partnering with data-driven strategists is essential for success in the ecommerce industry.Implement a data-driven strategy for your ecommerce store to make informed decisions and optimize resource allocation.If you’re running an ecommerce store, paying agencies thousands per month, not collecting data, and not basing strategy decisions on that data, you’re wasting a lot of money. I know because this was me in 2015-2016. Learn from my mistakes, learn through my learning. We were paying agencies that were guessing, going with what they felt was right, going with what they felt would work, then blaming other factors when things didn’t pan out. I know because I see a young crop of people internally to brands and in agencies, finding themselves in marketing roles for the first time trying to figure things out for brands that all have different unit economics, different audiences, and different growth trajectories. Let me help you out with my one piece of advice: You don’t have to have all the answers. You do need the proper strategy to get closer to discovering the answers. This is the biggest gap I see across companies and inside of agencies – what worked in the past won’t work in the future. This includes CEOs, CMOs, industry veterans, etc. No one is safe. Things have changed massively. Without the proper strategy, tools, technology, and someone to oversee and execute on them, another year will pass and you might see some growth, but you’ll look back on the $xxxxxxxxxxxxxxxxxx of budget that you misallocated to things that didn’t get you closer to discovering the answers. Process, resource allocation, and accountability. Know your numbers, not just your KPIs, but your business numbers inside and out. Your unit economics, your market in relation to the CPI, your sales geographically overlaid, know everything. Partner with people who can help you drive strategy with data-backed observations. Now that Jeremy Epperson and Sina Fak have merged, you should probably get in touch with them. We’ve all been trying desperately to fight the good fight to stress how necessary data strategy is, but more importantly, how it’s the only way forward for businesses to be successful. 2022 should be the year where you actually start taking data seriously. #marketing #ecommerce #strategy #customerjourney

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