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You have integrated a multi-channel sales approach to ensure consumers can engage with your brand when and where they prefer. But are you optimizing the data available to deliver a unique experience while driving growth? Hear what Neil Patel, NY Times best-selling author and industry thought leader, has to share.
Today's customers are busier and savvier than ever before. The average consumer sees four thousand to ten thousand ads a day on social media and elsewhere. Since many users multitask, they are being exposed to multiple ads at the same time.
As a result, many brands have moved to a multi-channel approach that allows them to deliver a consistent and compelling experience no matter the channel or device.
That switch provides businesses with a wealth of data, but many struggle to connect the dots across channels and figure out how to make data relevant and usable. Omnichannel payment option data from PayPal can help companies better understand their customers.
For example, do customers that buy-online-pick-up-in-store prefer one type of payment type, while in-store shoppers prefer another? With our own company, we started offering omnichannel payment options and we saw an immediate increase in sales. Just by adding PayPal as an alternative option, we saw an increase in conversions by 18%. We’ve also improved conversions by up to 24.81% at our ad agency and decreased marketing expenses by up to 10%.
Here’s how PayPal’s aggregated omnichannel data can help your business see similar results.
To make your marketing more effective, you need more data. PayPal's enterprise solutions provide the data your business needs to be competitive in the crowded online market.
PayPal has a collection of first-person data sourced from their 350 million+ consumer and 29 million+ merchant accounts. This data helps allow you to make better decisions about how to market. For example, you can take aggregated data from across channels and port it into a reporting tool for a more holistic view of how customers are shopping and paying.
Unlike third-party data, this first-party data comes directly from current customers, making it more accurate and actionable. It helps you understand precisely what your customers (and potential customers) prefer, rather than guessing based on generic third-party data purchased from other sources.
This provides scalable insights into customer behavior across multiple segments, multiple demographics, and multiple channels. For example, merchants can better understand how payment options can increase sales or decrease ad spend.
This aggregated first-party data enables enterprise brands to identify their ideal customers and locate lookalike audiences likely to respond to the same marketing strategies.
For example, brands targeting audiences that added an item to their online cart can find similar audiences that are not aware of their brand. Or a company looking to expand their market can better understand what offers, ads, and strategies are likely to resonate with a new audience.
PayPal’s digital wallet will soon empower businesses to tap into customer demand curves and provide personalized offers and deals, further increasing your ability to track and respond to changing customer trends.
Businesses invest heavily in ads, content, and social media marketing to move customers through the sales funnel. Yet, a vast majority of customers who click "add to cart" never convert. In fact, 88 percent of all shopping carts are abandoned before the purchase is complete.
This presents a huge opportunity for enterprise brands. Recapturing warm leads is far more cost-effective than targeting cold audiences, and it can improve the ROI of sales and marketing strategies.
PayPal enterprise solutions can help reduce cart abandonment using platforms like Honey or the Store Cash feature, which offer personalized incentives and rewards to bring back high-intent PayPal shoppers to complete their purchase. PayPal found their Store Cash helps increase sales by as much as 6.1%1.
Learn more about how PayPal's enterprise solutions provide access to first-person, omnichannel data to help your business outpace the competition.
Neil Patel is the co-founder of NP Digital and Ubersuggest. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. Neil is a New York Times bestselling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.
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