retail email marketing strategies increase revenue shop.org 2013 silverpop
DESCRIPTION
For today's retailers, the key to digital marketing success lies in converting more potential buyers earlier in the relationship and then leveraging behavioral data and automation to drive increased loyalty and repeat purchases. Sound like too much to fit into one shopping bag? In this session, Loren McDonald, Vice President of Industry Relations with Silverpop, will help you sort it all out, offering tips and techniques designed to convert more browsers into buyers and keep them coming back for more.TRANSCRIPT
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Retail Email Marketing Strategies that Drive Repeat Purchases & Increase Revenue@SilverpopBig Idea SessionShop.org – Oct 2, 2013
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My Guarantee:At least 1 idea you can take back to the office and turn it
into increased revenue.
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Repeat/loyal customers begin with the first purchase…
First Purchase Repeat Loyalty /High LCV
…This works, but is not the answer …
SmartPak: Broadcast vs. Automated Emails
65%
35%
Revenue
1
0
Volume
PromotionalAutomated
70 unique transactional and
lifecycle emails/day, 10+ promotional emails per month
28 automated programs in place
Today’s Keys
Behavior
AutomationReal-TimeData/Content
Integrations
Delight/Add Value
Idea #1: Evolve “Welcome” to “Onboarding” Program
@LorenMcDonald@Silverpop
Welcome Progression – But still generic …
Immediate3-7 days
7-14 days
Immediate
Stand alone
Email # 1Email # 2
Email # 3
3-part series
Retailer
Women Men Home
Email Sign-Up
Welcome Email 1
Shoe Offer
Beauty
Browse
GenericContent
Ooops
Email Sign-Up
OnboardingEmail 1
Onboarding Email 2
Onboarding Email 3
OnboardingEmail 4
Or you try to convert them on “Home” items
Follow on social
Includes current Home products offerw/ recommendation
Includes gender based offers
Includes current location-based
content
Using Web Tracking – marry browse behavior to email address
Idea #2:Move Beyond Cart Abandonment to Browse Remarketing@LorenMcDonald@Silverpop
Browse – Sniffing Around
Browse / Process Abandonment: Showing Interest
Sent
Delivered
Opened
Clicked
Product Views
Cart Additions
Checkouts
Orders
Revenue
Units
UncommonGoods - Browse Retargeting ProgramA customer views one of him” category …
Their page view gets logged in Silverpop’s Web Tracking table …
Browse Retargeting ProgramAn automated program is keyed off of the Web Tracking table …
Browse Retargeting Email
2.2% Conversion rate
SmartPak Browse Program
• 37.6% Open Rate• 7.35% CTR• $0.44 Rev/Email – 4X broadcast
Idea #3. Take your cart abandonment program up a notch
@LorenMcDonald@Silverpop
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Cart: 2.0
Real-time
Recommendations/ Reviews Series
Content/“Human”
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Real-time remarketing campaigns, where the email was sent immediately following the abandon, generated 105% more
revenue than the same email sent only 24 hours later.
Source: SeeWhy
SmartPak: Abandon Cart w/ Recommendations
• 38.5% open rate
• 10.15% CTR
• 50% conversion rate
• $4.80 revenue/email
Dynamic product recommendations
Cart Email ADay 1
Cart Email BDay 3
Cart Email CDay 5 AVERAGE
Open Rate 40% 39% 32% 37%
Click-to-Open 44% 47% 28% 41%
Click-thru-Rate 18% 18% 9% 15%
Conversion Rate 22% 15% 24% 20%
Sales/email $8.60 $8.40 $5.04 $7.46
DEMCO – Impact of Using a Series of Emails
• Aaron - Real person• Service tone• 50% conversion rate
“Human” Cart abandonment
Idea #4. Reminders and Replenishment Programs
@LorenMcDonald@SIlverpop
“Important Dates” Reminder Email
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Your dates trigger an email…
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21 days before occasion
Personalized with name
Occasion w/ date
Coupon code
10% Off
31% CTRHighest revenue generating email
Out of Stock = Sku Notify Emails …
Sku Notify Emails
23.9%ConversionRate
ReplenishmentGoal: Increase sales of repeat purchases
Timing: Based on a calculation of when product will run out
Results:- 29.4% Open Rate- 3.76% CTR- $0.42 Rev/Email- 9.36% Conversion Rate
Idea #5. Post-Purchase Touches
@LorenMcDonald@Silverpop
Order Confirmation, Shipped
2.4% conversion rate
Purchase Cross-Sell
Goal: Increase sales by marketing a relevant product to customers - Targeted customers based on previous purchases
Results:- 19.41% Open Rate- 4.31% CTR- $0.58 Rev/Email- 12.5% Conversion Rate
Subject Line: “Stop Sore Feet in their Tracks”
How-to video
Idea #6. Reward Your Best Customers
@LorenMcDonald@Silverpop
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evo - Best Customers: R1F1M1
Recency(Top
Quartile)
Monetary Value
(Top Quartile
)
Frequency(Top
Quartile)
Surprise and Delight
Triggered 7 days after a frequent customer has spent a grand total of $650 in their lifetime.
Best Customers: R1F1M1
Woohoo! Because we’re so thankful you chose to shop with us we’d like to offer you this code good for $50 off your next purchase. It’s as good as it sounds – 50 free dollars good toward ANY order over $50 on evo.com.
How it works: Enter your code in the “Enter Coupon Code” spot in the cart before checkout and we’ll automatically deduct $50 from your order.
Here is your code: %%50 Dollar Code%%
We appreciate you shopping with us and hope to see you again soon!
With love, evo
Thanks!
What idea are you taking back to the office?
A unified, behavioral-driven platform that lets marketers incorporate
every imaginable customer touch point, regardless of system or vendor,
into a single view that drives individualized, real-time content through the most appropriate channel.
Silverpop Retail Partner Ecosystem
Download the “Print Money Today” Whitepaper
http://www.silverpop.com/marketing-resources/white-papers/all/2013/emails-marketers-should-automate/
Interested In Learning More?
silverpop.comsilverpop.com/marketing-resources
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