In this video and article we reveal 7 ways you can better use your customer data, or automation, to overcome some of the common challenges ecommerce brands are facing now.
We understand the long-term ambition is to increase the lifetime value of your customers. But with the surge of digital transformation happening at lightning speed around us, we know that many eCommerce brands are having to deal with immediate changes to the shopping experience and fighting for customer retention amongst increasingly fierce competition.
Watch RedEye’s Head of Marketing Rachael Kotadia delve into 7 data-driven ideas to help you secure customers and revenue now.
Data-driven ideas to accelerate revenue now, as you can’t wait a lifetime for LTV
The Digital City Festival was an inspiring event where visitors could learn about new and exciting developments, trends and advice for the future of digital marketing.
We’ve pulled out the core takeaways from our masterclass session below…
1. A growing single purchaser’s segment
A customer database isn’t valuable if a large percentage of those customers have only ever purchased from you once. Statistically, there is only a 27% chance of a first-time customer purchasing again if left alone.
We recommend you maximise your chances of a repeat purchase and make all that new customer acquisition activities worth it by implementing a first to second purchase campaign.
We have a handy visual guide with top tips to help you develop a strategy to manage your newly acquired customers and turn them into profitable repeat purchasers.
2. Converting more browsers into paying customers
Already have an abandoned basket campaign set up? Is it as personalised as it could be, to really catch your customers attention and bring them back to your website?
We recommend upgrading your abandoned basket campaigns with simple tips such as personalising to include whether your customer is a VIP or has free delivery package, showing the CTAs that best reflect how they like to purchase or simply adding additional recommended for you items to bump up any AOV.
These are just a few simple ways you can stand out above the competition and capture your browsers attention to convert them into a purchaser.
3. Having stock or supply issues
The worst-case scenario is that a potential customer comes to you for a product, and it isn’t in stock, perhaps giving them a negative experience or worse causing them to go to a competitor.
A ‘Back in stock’ automated campaign is such a simple way to reach out to those who have shown interest in your products, keep them engaged and notified when the product back in stock, resulting in them purchasing once it is available again.
Read more about how you can maximise your sales with this style of automated campaign.
4. Customers having higher than ever expectations
Customers are increasingly expecting better experiences with the brands they choose to engage with. Sending every campaign to every customer is no longer accepted as some customers might not want to receive emails about specific campaigns or at certain times of the year.
Sending them campaigns they don’t want to receive can cause a customer to hit the dreaded unsubscribe button.
Adapt to their needs by gathering their preferences on whether they might like to opt out of any specific campaigns, or simply pause emails from you for a certain period of time and ensuring that information you keep on file is up to date.
Read more about how giving customers more control over the marketing emails they receive will benefit you and them.
5. How to retain more customers
Its 60-70% easier to sell to an existing customer than a brand new one, so retaining more of your customer base and extending the lifetime value of a customer is imperative for business growth.
Many brands have basic arbitrary reactivation campaigns set up to draw a customer back once they have lapsed. However, these are often triggered too late once a customer has already churned.
Implementing a predictive churn model can help you identify those customers who are most likely to churn and trigger the re-activation campaign to each customer at their own individual moment of lapsing.
RedEye helped allbeauty retain more customers by reducing customer churn through predictive analytics and enabled them to achieve an impressive 516.7% increase in revenue from their lapsing segment.
Read more about how they have utilised Artificial Intelligence and Predicted Analytics to achieve these great results.
6. Struggling with limited team resources
We have all heard about ‘The Great Resignation’ and some have experienced it more than others, with 27.9% of marketers changing jobs in the last 12 months which may have left gaps within your marketing teams.
Simply implementing more automation into your marketing strategy will enable you to do more marketing that requires less time and resources.
Automations can be set up to run in background, automatically triggered off your customers behaviours or engagements, or personalised based off your customers data, so you can then concentrate on more strategic tasks while the automations can bring in up to 60% of email revenue.
Read our handy visual infographic which explores the different types of automations you can implement to grow your marketing success.
7. Choosing the right tech or partner to help your business grow
Getting good strategic support, alongside innovative automation technology, is an important factor to enable your business to go from strength to strength.
For over 25 years RedEye has not only provided our clients with a cutting-edge AI driven Marketing Automation platform, but also personalised strategic support – even becoming part of your marketing team – in helping you build out a sophisticated data driven CRM strategy that is right for your business to help your drive revenue and build customer loyalty.
If you are interested to find out how we can help your business grow through more intelligent marketing automation, we’d love to have a chat with you.
Photo Credit: Prolific North