Using Shopper Intelligence to Understand and Convert Current and New Consumers

Shopper Intelligence helps brands gain a richer understanding of who their consumers are by tying real-time eCommerce insights to thousands of demographic and psychographic data points.

Brands looking to better understand their existing shoppers and find new highly qualified audiences have something new to add to their eCommerce toolkit. Powered in part by an industry-exclusive partnership with LiveRamp, MikMak’s latest solution, Shopper Intelligence, combines the robust first-party data collected at the point of purchase in MikMak Commerce with a wealth of invaluable consumer demographic and psychographic data, all in real-time. Tying this data together allows brands to build new shopper personas, identify segments not currently being targeted, and begin creating more personalized, engaging content for shopper segments based on their unique characteristics. 

Understanding your consumers and why they buy

So what are demographic and psychographic data? The easiest way to think about these two important data sets is that demographic data points relate to who your buyer is, and psychographic data points explain why they buy. 

Just because shoppers share the same demographic characteristics does not mean they share the same motivations for buying your product. Digging into the psychographic characteristics of your shoppers will reveal new segments within your purchasers. Identifying these segments is the first step towards improving your effectiveness in marketing to them.

Here’s an example:

When used together with first-party eCommerce insights, brands gain much richer visibility into current and prospective customers. Not only can marketers and eCommerce managers develop more accurate buyer personas, but Shopper Intelligence can also help identify new audience segments, and create more personalized and engaging content -- capabilities unimpacted by increasing consumer data privacy. 

Finding, understanding, and converting your most qualified audience segments

Shopper Intelligence offers an unprecedentedly large set of valuable data encompassing ‘the who’ and ‘the why’ for over 20 million unique shoppers across retailers, products, and platforms. Using the example above, multichannel brands will not only know which consumers had high purchase intent for a product based on SKU, channel, and retailer, but also that they are:

• Hispanic millennial single men making $70-$80k per year,
• like gardening and soccer, 
• are gluten-free and attend church
• own a cat, 
• convert the highest from Nextdoor, 
• prefer to check out at Target.

This level of nuance on your qualified shoppers is available in real-time within the MikMak Insights Dashboard, enabling brands to:

1. Identify new audience segments for your product  
   Once you know who wants to buy your product and why you can find even more qualified audience segments -- including consumer personas you previously had not considered. Launch campaigns knowing what has worked before and is likely to work again.

2. Personalize content based on unique characteristics of audience segments
   With this level of consumer insight, brands can also develop marketing plans designed to better reach and resonate with each audience segment. Find the platform, creative, and messaging that best increases conversions and sales for your brand. 

4. Future proof your data to meet the needs of a cookieless internet
   Shopper Intelligence provides brands millions more shoppers to enrich their existing data set at an unprecedented scale, keep their consumer insights accurate and robust even with the deprecation of tracking tools. 
5. Discover new partnership and co-marketing opportunities based on shopper interests
   Partnerships are a great way to keep your product top of mind with shoppers and to strengthen your relationship with retail partners. Using your shoppers’ interests and hobbies, identify partners that can elevate sales across the whole store, not just your brand and aisle. 

These are only some of the ways this powerful combination of first-party eCommerce insights with demographic & psychographic data can improve marketing effectiveness, maximize sales, and increase market share. To learn more about how Shopper Intelligence can take your eCommerce strategy to the next level, schedule a demo with MikMak today.