How to Master Analytics like Will Smith and Amazon

Will Smith is not just a pretty face. Nor is he just a likeable, talented actor email database .He’s a businessman and a master marketer. The only Hollywood star that predictably gets over $20 million per flick. Even his movies that didn’t get good reviews, like Hancock and Suicide Squad, grossed over half a billion each worldwide. Wouldn’t you just love the worst of your ventures to make half a bill?

So, what’s the secret to Smith’s success? How has he chosen just the right way to focus his time, attention and resources?

Is it down to luck? An innate knack for making good decisions? Or an unwieldy drive to succeed?

These factors have played their roles, I’m sure. But Will applied a much smarter, more calculated method to propel himself to stardom. One that your company can – and should harness the power of, in order to drastically increase your customer acquisition and retention.

The answer is: analytics.

It’s the skill of observing what your prospects and customers do and have done in the past, using this to predict what they will do, want and need in the future. Then make smart marketing decisions based on this info, to maximize your profits and dominate your market (just like Will Smith).

In short;

Glance back over your shoulder before you plan new things.

This article will reveal how Smith did it, how Amazon is doing it, and how your company should do it.

The Fresh Prince of Analytics

When Will Smith first ventured into the world of Hollywood movies (from within the clutches of Uncle Phil’s tyrannous reign) he and his manager sat down and analyzed the ten highest grossing movies of all time, looking for patterns.

They analyzed what moviegoers (his target customers) did in the past to determine what they would do in the future. So that they could put Will Smith right where the money would be.

That’s a simple example of the power of this technique. In marketing today – especially digital marketing – it’s all-important. It really is the key to consistently better decisions.

Let’s look at exactly how effectively using your data to predict your customer actions can boost your revenue and profits.

Three Ways Analytics Impacts Your Bottom Line

1. It Increases Your Leads & Prospects

Analytics allows you to see, repeat and expand on what works best to boost:

a. Your Leads
You can find and qualify leads better to know which ones are most likely to become paying customers. We get this by observing patterns in firmographic data (data from the company your lead works for), demographic data, geographic data, psychographic data and through the analysis of the industry and economy.

In other words; who they work for, who they are, what’s going on behind the lights, where they live, and what’s up in their world. All five areas, will give you clarity on where to find the most and best leads.

b. Your Prospects
Once a lead starts showing active interest they become a prospect. It’s getting hotter. They’ve seen the trail of breadcrumbs and are on their way toward you.
Analytics can tell you how to maximize your prospects from the five data types plus extra information your sales team learns while interacting with your customers.
A 10% increase in leads or prospects is a 10% increase to your bottom line (if your conversion rate remains the same).

2. It Increases Your Conversions

Mastering analytics can help you polish the method, frequency, and quality of interactions with your prospects. Refining each piece, cranking those conversions up and up.

It takes qualifying prospects to a whole new level of detail. By turning all important factors into data (such as the prospect’s level of need for the service, their budget, their level of authority, and much more), your sales people can quickly focus where the focus is needed most.

As the skill and precision of your qualifying, sales and closing techniques increase, so does your revenue.

A 10% increase in sales conversions is a 10% increase to your bottom line.

3. It Increases Your Average Customer Value (Purchase Size & Lifetime Value)

Amazon is the grand master of upselling and cross-selling.

Their ‘frequently bought together’ feature and recommendation system have arguably been one of the key ingredients in their world-dominating success story. Amazon uses data to automatically customize the browsing experience for its customers based on their past purchases, and optimize sales. So in a nutshell, Amazon’s analytics tells them what customers frequently buy together and they simply (and automatically) pass this info onto their customers, to help them out – which their customers absolutely love.

That’s right, good cross-selling is a service, not an imposition! So don’t be shy about it.

And that goes the same for upselling. Almost all customers are interested in at least knowing the options to upgrade.

Think how often you encounter this, from fast food restaurants offering super-sizing to high class airlines offering seat upgrades. If you don’t want the upgrades, that’s fine, but at least you’ll know what’s available and the cost to upgrade.

At the time, they found that ten out of ten of the top movies had special effects , nine out of ten had aliens and eight out of ten had a love story involved.

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