you are not your customer - #slcsem jan. 2015
TRANSCRIPT
#SLCSEM @sunnyhunt
Only about 22% of businesses
are satisfied with their
conversion rates.-econsultancy
#SLCSEM @sunnyhunt
#SLCSEM @sunnyhunt
“Conversion rate is stagnant (or dropping).”
“Our CAC is skyrocketing.”
“The marketing campaign bombed.”
“Our repeat purchases are dying.”
“Customer service is whining about being overloaded, again.”
#SLCSEM @sunnyhunt
#SLCSEM @sunnyhunt
Your “ideal” customer isn’t simply a person who has cash
and is willing to spend it with you.
#SLCSEM @sunnyhunt
Everyone is not your customer.
- Seth Godin
#SLCSEM @sunnyhunt
Wouldn’t it be great if
customers:
•Converted faster
•Required fewer “touches”
•Spent more
•Stayed longer
•Provided more predictable
business outcomes?
#SLCSEM @sunnyhunt
#SLCSEM @sunnyhunt
0.96%
6.52%
#SLCSEM @sunnyhunt
Do your customers:
• Buy only with sales or discounts?
• Regularly shop your competition?
• Return your products at a high rate?
• Trash you on social media?
• Harass your customer service team?
#SLCSEM @sunnyhunt
#SLCSEM @sunnyhunt
Segmentation
1. Identify your #1 business goal
2. Segment customers behaviorally
3. Segment customers based on values
4. Reverse engineer your customer segments to attract more like them.
#SLCSEM @sunnyhunt
#1 Business Goal – Increase the number of active customers
#SLCSEM @sunnyhunt
#1 Business Goal – Increase the number of active customers
#SLCSEM @sunnyhunt
• Cancelation rate
• Customer conversion channel
• Determine level of “maintenance”
• Run a test targeted to this group
#SLCSEM @sunnyhunt
• 1:1 Interviews– Media and content consumption
– Improve their lives
– Favorite brands
– Charitable causes
• 4 Questions1. What do our customers value in their lives?
2. What are our customers passionate about?
3. How does our product make our customers’ lives better?
4. How can we deliver value for our customers that’s better than our competition?
#SLCSEM @sunnyhunt
• 1:1 Customer Interviews
• Customer Advisory Board
• Google – Affinity data and Analytics
• Buy Customer Data – (validation)
• Monitor Social Media – (validation)
#SLCSEM @sunnyhunt
• Keep it simple
• Focus on creating 4-6 “groups”
• This is a discipline, not a one-time project
• Segments don’t live in the marketing department
#SLCSEM @sunnyhunt
• Your marketing isn’t about your technology, it’s about filling a need your customers have.
• Use words, phrases and values your customers express to create meaningful content.
#SLCSEM @sunnyhunt
• “I’d rather be at my daughter’s soccer game than mowing the lawn.”
• “I’m so busy on the weekends, I don’t have time to mow my lawn.”
• “I don’t want to own lawn mower anymore.”
• “I need to get my HOA off my back, but I’m too busy to mow my lawn.”
#SLCSEM @sunnyhunt
#SLCSEM @sunnyhunt
WHAT DO I HAVE TO DO TO GIVE YOU MY MONEY?
1. Simplify, simplify, simplify• Reduce number of purchase options
• Easy to understand instructions
2. THEN Assess nitpicky abandonment issues.• Merchandising issues
• Form abandonment issues
• Error messages
#SLCSEM @sunnyhunt
Old School New School
#SLCSEM @sunnyhunt
Premium pricing for single-use customers
#SLCSEM @sunnyhunt
• Continue the Conversation
– Cross-sell opportunities
– Help combat seasonality
– Encourage repeat purchases
• Startups: Beta Launches & Metered Invites
– Don’t let them forget who you are!
– Continue to build excitement
#SLCSEM @sunnyhunt
“I want this, today!” 3 months later: “Instacart, who?”
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4 months elapsed. Nuthin’ but crickets.
#SLCSEM @sunnyhunt
Improved anticipated seasonal
attrition rate by ~15%
#SLCSEM @sunnyhunt
• Tip #1 – Find the RIGHT Kind of Customer
• Tip #2 – Messaging based on CUSTOMERS’ needs
• Tip #3 – Simplify your purchase process
• Tip #4 – Continue the conversation after conversion.
#SLCSEM @sunnyhunt
KNOW THY CUSTOMER
BEFORE INVESTING TIME OR CASH.
#SLCSEM @sunnyhunt
WHERE TO FIND / STALK ME
(totally kidding about the stalking part)
#SLCSEM @sunnyhunt
Sunny HuntCEO/Founder
@sunnyhunt
+SunnyHunt
/in/Sunnyhunt/