how to take your customer from engagement to purchase

How to take your customer from engagement to purchase

Game Changer: Strategy

Old School of ThoughMarketing strategy focused on getting a customer to purchase something TODAY.

Current FocusOnline retail is to capture customer demand and convert the demand IMMEDIATELY

Cost vs Revenue

Acquisition cost of getting new customer increase

Profit margin per conversion is decreasing

NEED to RETAIN & MAXIMIZE Customer Lifetime Value

Challenges of CLV

• Low repeat sales within a twelve month period of time.

• Short window period of opportunity for marketers. 90 days period.

Key Take Away

Converting DEMAND IMMEDIATELY

Prioritize RELATIONSHIP vs CONVERSION

CLV is KEY

The JOURNEY

Begins

Where do we START?

Know Your CUSTOMER

CRAFT your CUSTOMER EXOERIENCE

Be CONSTANT & CONSISTENT

1

23

Know your CUSTOMER

CLVCalculating CLV as the sum of all purchases a customer makes in a given time period.

CLV-365

CLV-30 CLV-90

Behavior

• eCommerce customers spend 69% of their first year’ spend within 30 days

• The fastest growing ecommerce companies have a customer life value of 79% higher than their peers

• The top 1 percent of customers are worth 18 times more than the average customer

CLV 365 Trends Across Industries

Big SpenderRegardless, it’s evident that every industry has a group of extremely high-value customers, and these customers represent an enormous opportunity for a retailer

The ability to identify the marketing campaigns attracting these big spenders can have a major impact on a company’s ability to scale aggressively.

A marketing campaign that brings in a few of these “big spenders” could be worth significantly more than a campaign that brings in hundreds of low-value customers.

It’s not easy to analyze the ROI of a marketing campaign using customer lifetime value, but if you’re interested in getting more of these super-spenders, it’s what you have to do.

CLV 365 Trend over Time

Buyer Behavior Trend

The most intense buying behavior is happening in the first 30 days of doing business with a company, and that behavior has strong predictive power about what is to follow.

Customers that are outspending their peers at 30 days have a high

likelihood of continuing to do so.

Customers Order Trends

Only 32% of customers actually order a second time over the course of

the first year.

Repeat Purchase Trends

Average Order Value Trends

The majority of customers have an

average order value less than $50.

Key Takeaway on CLVThis means that once a retailer gets a customer to make a second purchase, there’s a much higher likelihood of getting that customer back through the door a third, fourth, even fifth time.

Combine this with the knowledge that most spending happens in the first 30 days of doing business with a company, and retailers have a playbook on how to turn first-time buyers into loyal customers.

Boost AOV represents another opportunity for retailers to boost CLV, without the additional costs of customer acquisition through design tweaks to improving user experience

The days of easy customer acquisition are ENDing

3 most Important eMarketing basic Know your Market Segment Know your Buyers profile Campaign targeting by profiling ROI

360 View of Customer - Analytically

Craft the CUSTOMER EXPERIENCE

Primary SecondaryOMNI CHANNEL ACCESSIBILITY

DESIGN YOUR PRESENCE BASED on YOUR CUSTOMER

Know your TARGET & DESIGN accordingly

…… Age . Location . Infrastructure . Consumer Maturity ……

PERSONALIZED

Greetings

Preferences

Browsing History

TARGET

Show me you know ME

Tell me WHAT I NEED

SEEING is BELIEVING

UPSELL

CONSTANT & CONSISTENT

Customer ExperienceIs CONSISTENT

Customer Experience Is CONSISTENT

REMEMBER your PRICELESS Possession

PEOPLE

How do I motivate my team to manage my customer CX?

Motivate your team with GAMIFICATION

Increase Sales Closure

Create a healthy competitive environment

GAMIFIED & REWARD

Game PlayA ball token is passed around to agent who achieved a specific objective ie. Sales closure, FCR, etc.

Game Objectiveso Increase Individual

Performanceo Boost Moraleo Collect Performance Data

Bouncing Ball

Game PlayEach time an agent hits a KPI, he or she gets to take a card or drop a card. At the end of the shift, the player with the best hand wins

Game Objectiveso Increase Individual Performanceo Boost Moraleo Collect Performance Data

VIRTUAL POKER

salamatSee you at MATRADE MALAYSIA

Yvonne Ng … yvonne.ng@anbiz.com … www.anbiz.com