309: You Could Be Smarter: Collecting And Using Data To Make Better Business Decisions.

 

In a world full of varying attribution models, collecting and using data is critical to understanding your customers and running a successful business.

Kevin Hillstrom is President of MineThatData, a consultancy that uses data to help executives better understand the relationship between their customers, advertising, products, brands, and channels. Kevin supports a diverse set of clients, from internet startups, to billion dollar multichannel retailers and previously held various roles at major retailers like Nordstrom, Eddie Bauer, and Lands' End.

In this episode, we talk about the myths of eCommerce, how using data can help boost repeat purchase rate, when and where to discount and how to deal with the attribution problem of running multi-channel marketing. Kevin’s been the influence for a lot of what I’ve done in my own business, and I know you’ll enjoy the conversation.

Episode Highlights:

• 4:24 How (and why) Kevin consistently publishes daily blog content
• 6:47 Kevin’s background from working in analytics to starting his own business
• 9:15 The biggest challenge business owners face around their analytics and using data
• 12:08 Approaching the attribution problem
• 17:21 Identifying low-cost and no-cost acquisition channels for your brand
• 21:04 Using data to retain the new customers you acquired in 2020 
• 27:06 Building a solid foundation that will pay back in conversion dividends over time
• 31:42 When to start investing in the “welcome program” mentality
• 35:46 Looking at repeat purchase rate data
• 41:24 The biggest mistake business owners make when evaluating data
• 45:14 The discount challenge - when & where is the place for discounts
• 48:13 Everyone thinks their customers are loyal - why they’re actually not
• 52:04 Where to go to learn more about Kevin

Links and Resources:

• Kevin Hillstrom’s Blog: MineThatData
• Book: Total Package
• @minethatdata on Twitter
• Intentional Wealth
• The Coalition
• @a_brawn on Twitter
• Review or subscribe on iTunes