retention please - athens - final · email marketing 56% social media marketing 37% content...
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RETENTION PLEASE!h o w t o m o t i v a t e m o r e c u s t o m e r s t o s t a y l o y a l & b u y a g a i n
@irhodes
Ian RhodesFounder of Ecommerce Growth Company
Sharing 22 years of Ecommerce insight
1.) Why customer retention is critical2.) What actions you can take
@irhodes
THIS AFTERNOON’S AGENDA IS PRETTY SIMPLE
There’s a huge profitable growth
opportunity for you in CUSTOMER RETENTION
@irhodes Source: Shopify
YOUR CURRENT CUSTOMERS ARE YOUR
MOST VALUABLE MARKETING ASSET
don’t just treat them as one long list of names in a database
?With all your focus on newcustomer acquisition are you shackling profitable sales growth?
@irhodes
THE CASE FOR RETENTION
The Value CreatedThe Ease of DeliveryThe Opportunity Gap
Retention: Evidence in Data
Country/Region Website Visitors
One Time Purchasers
Repeat Purchasers
France € 1.83 € 5.49 € 11.76
Germany € 2.53 € 6.19 € 10.59
United Kingdom £ 2.13 £ 5.10 £ 11.53
Europe € 1.75 € 5.34 € 11.54
United States $ 2.06 $ 5.22 $ 10.24
Source: Adobe 2012 Study - https://irhod.es/adobe-ret
EXHIBIT A: The value of a website visitor
@irhodes
Retention: Evidence in Data
Platform Effective?
Email Marketing 56%
Social Media Marketing 37%
Content Marketing 32%
Referral Marketing 26%
SEO 13%
Paid Search 4%
Source: MarketingCharts.com Study
EXHIBIT B: The Ease of Delivery
@irhodes
Retention: Evidence in Data
Growth Strategy % Greater Focus
Customer Acquisition 44%
Customer Retention 18%
Both or No Idea Whatsoever 38%
Source: MarketingCharts.com Study
EXHIBIT C: The Opportunity Gap
@irhodes
3 Myths We Need To Bust
1) Customer retention is only important to established brandsYou don’t have time to focus on retention
If we give a good service, customers will come back anyway
@irhodes
3 Myths We Need To Bust
Retention is only important to established brands2) You don’t have time to focus on customer retention
If we give a good service, customers will come back anyway
@irhodes
3 Myths We Need To Bust
3 Myths We Need To Bust
Retention is only for established brandsYou don’t have time to focus on retention
3) If we give a good service, customers will come back anyway
@irhodes
3 Myths We Need To Bust
What are you doing to retain more customers?
@irhodes
This isn’t retention.This is random.
3 steps to a damn good retention strategy
Consistent data + Welcome experience + Personalised communications
@irhodes
Step 1 You need data.However.It’s different.
Step 1
What goes on under the funnel?
@irhodes
@irhodes
Recommended Tool: www.Glew.io
… also Exponea, Ometria and email service providers
Understanding CLVCustomer Lifetime Value
@irhodes
CLV = Average Order Value x How Often Purchases Made
Product & CategoryMarketing ChannelPrice Point (AOV vs APF)
+Recency (How Soon?)
Frequency (How Often?)
Monetary (How Much?)
@irhodes
DIG DOWN INTO CLV
Create a post purchase experience
Step 2
@irhodes
onboarding new customers & thanking repeat customers… this is the impact of email segmentation
*60% of consumers are more likely to repeat-purchase from a retailer or brand that communicates with them directly after a sale.
*Narvar.com
Make customers feel
like they’re joining your
club
@irhodes
Recognise Repeat
Customers
GET PERSONAL
• Thank them for their repeat business• Send from a ‘real’ human email address• Remind them you’re there to help• Introduce your VIP loyalty programme
UNLOCKING THE 2nd & 3rd PURCHASE IS CRITICAL TO BUILDING LIFETIME VALUE
@irhodes
Let people in… open your doors a little widerConsider how you introduce new customers to your entire product range
@irhodes
Master the art of email personalisation
Step 3
@irhodes
Send behaviour-triggered emails
@irhodes
One example:The return of the abandoning browser
Plain Text styled emails work brilliantly…Human-to-Human
Create workable segmentsWhat did they last buy?When did they last buy?How did they last buy? Discount? Full Price?How much have they spent?Did they buy as a gift?What about people that have never bought?Domestic or International?
Make the shift from the email blast to the personalised recommendation
@irhodes
[
Value Your VIPs
VIP = VERY IMPORTANT PEOPLEAre they aware that they’re a VIP of your brand?
How do you define a VIP within your own business?How will you demonstrate their value?
- First access?- Exclusive offers?
- Tiered discounts?- Exclusive content?
@irhodes
5 Key Takeawaysü As sexy as it may be, it’s not all about
acquisitionü Success in retention impacts your
approach to acquisitionü Learn the tools and discover the dataü Create a club - build the best welcome
sequence your customer has ever encountered
ü Personalise. Personalise. Personalise.
@irhodes
