Understanding marketing data is the first step towards building innovative and powerful campaigns. As a marketer, you need to fully understand what your data is trying to tell you to create powerful stories that can engage your customers.
But how do you successfully analyze data and drive insights when all of your data is siloed across different platforms and channels? You will have access to some analytics, but they will either be incomplete, or worse, inaccurate.
The answer to this conundrum is data stitching.
Data stitching can help make sense of all the disjointed marketing data and make it easier for you to uncover deep insights about your customers. When you stitch data from different platforms or tools at the user-level, you get access to granular data which can help you understand how customers interact with your website, mobile apps, and products. This can in turn help you create more targeted campaigns and offer a better experience to your customers.
What is data stitching?
Data stitching is the process of combining data sets from different sources and devices to get deep insights into customer behavior and journey. Data stitching gives an improved understanding of marketing campaign performance which in turn enables marketers to make real-time improvements to their campaigns and increase overall ROI.
With concrete insights, data stitching allows marketers to go far beyond their gut instincts and rough estimates, and instead take data-driven actions that are guaranteed to give better results.
But why use unique user IDs to stitch data and not any other parameter?
Because user IDs stay the same throughout the customer lifetime. It is very rare for customers to change their registered email address or phone number on a website.
With unique user IDs, you can map the in-depth customer journey and behavior even if customers use different devices/ browsers, click on multiple ad campaigns, or access your website through a different internet connection.
Why has data stitching become a necessity for marketers?
Let’s take an example of a customer who discovers your brand through a Facebook ad campaign you ran. The customer goes to your website on their laptop, browses through the different web pages, but doesn’t make a buy anything yet. The next day, they open the website on their mobile phone and finally make the purchase.
When your data isn’t stitched, these two sessions from the same user can look like two different users to you. This small error can slowly snowball and directly affect your acquisition rates, CAC, sales cycle period, and other estimates.
It will also make it difficult for you to accurately analyze your campaign performance. While you might assume your ad campaign isn’t performing well because the direct conversion rate is too low, your customers might be coming back to finish their purchases after a few days because of the campaign that they interacted with.
When data is stitched, you track the entire customer journey even if a particular user visits your website through the Facebook ad campaign but only makes a purchase days later by directly opening the website from a different device. You will still be able to recognize the customer and assign the right attribution credit to the ad campaign.
3 Powerful Use Cases of Data Stitching
Customer acquisition refers to the total number of users that you can successfully add to your customer base over a specific period. Since the goal of most businesses is to increase its customer size, this metric is extremely important to analyze whether the company is meeting its overall growth goals or not.
By stitching data together, you get all the customer touchpoints which can in turn help you calculate acquisition rates. More importantly, stitched data through unique user ID’s can also help you estimate any customer cancellation or returns, and adjust your acquisition rate accordingly.
You can fetch acquisition data of your advertising channels/campaigns easily with the help of Easyinsights
CAC or Customer Acquisition Cost is the total marketing and sales cost that is needed to acquire a new customer over a specific period.
Of course, the goal is to always keep CAC as low as possible. But you can only do that when you know the exact number of customers you are acquiring from different platforms, channels, and campaigns — That is exactly where data stitching can help.
Customer Lifetime Value or LTV is the total revenue generated by a customer since their first interaction with your company. LTV represents the total estimated amount of money a customer is likely to spend on your business and it is an extremely important metric because it helps you decide on reasonable customer acquisition costs.
Though LTV can be challenging to track for digital businesses that run multiple campaigns since there are so many ways for customers to land on your website and make a purchase.
Data stitching makes it possible to track and estimate LTV accurately by mapping data from social media, web analytics, and CRM.
Data stitching gives you clear details about:
- When did the customer make their first purchase?
- Which campaigns compelled them to make a purchase?
- How much money the customer spent during a specific period of time?
That means not only can you correctly estimate average LTV for your entire company and different campaigns, but you can also estimate LTV for every customer to identify your most powerful and engaged customers.
You can fetch LTV of your advertising channells/campaigns easily with the help of Easyinsights
#3. Average Sales Cycle Completion Time
The sales cycle is the process that the company goes through when selling a product to customers. It is the average time between the customer’s first interaction with the company and the final purchase.
The average sales cycle for your business can depend a lot on your target audience and the kind of products that you offer. By estimating the sales cycle, you will know approximately how long it will take for a customer to make a purchase after they visit your brand’s website for the first time. You can calculate overall sales cycle of your business or channel wise sale cycle with the help of Easyinsights.ai
With full-funnel stitched data you can calculate metrics like acquisition and LTV and use those to distribute your budgets to the best performing advertising channels and campaigns.
But it requires a deep understanding of marketing data and a good data engineering team to get error free results. Easyinsights.ai will help you in achieving your business goals with data stitching and many other features without the requirement of a data engineering team. Book a demo now to see it in action.