how & why to make your magento ecommerce customer centric
Post on 21-Jan-2018
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> Serial entrepreneur from Bucharest, Romania> Passionate about psychology, data, relations & change
Valentin RaduCEO & founder Omniconvert
WHAT DO WE REMEMBER
?
My life tests:> 17 different jobs> 4 companies> 30 relationships> raising 2 kids> (Thank God!) - having one wife
60% retention rate
40% retention rate
20% retention rate
10% retention rate
Year
1
Year
2
Year
3
Year
4
Year
5
Year
6
Annual revenue
Customer-centricity phases
Awareness Research StrategyExecution
Business Intelligence(NPS, RFM segmentation, Lifetime Value vs Customer Acquisition cost)
Budget(Retention programs, operations team, new technologies)
Team
Technology(to track, report,, personalize the experience)
Business Intelligence Platform
Business Analyst
Personalization BI Tool Survey tools
Data Analyst Data AnalystDevs, UX, Customer Support
Low Low Medium High
https://goo.gl/8Ttyv9
Monitor the right KPI’s
1
23
4
5
Set strategicgoals
StrategicInitiatives
Prioritise
Execute & repeat
#GetUplift
Strategic initiative
OS 1: increase
NPS to 75
OS2:Decrease
return rate to 10%
OS 3: Increase
LTV to $3400
OS 4: Increase
conversion rate to 1.4%
OS 5: Increase retention
rate to 65%
Total impact score
Personalized thank-you letter after thefirst order 5 1 3 0 4 13
PPC Hacking 0 0 0 2 0 4
Build / hire a growth team 3 2 2 3 3 16
Retention optimization audit 3 1 2 3 3 10
Activate a new payment method 0 0 0 2 2 4
Find out the buyer persona with on sitesurveys 1 0 1 3 3 8
Build the RFM model
Analyze the impact(NPS, Retention, LTV)
Don’t stop until you have 100 ideas
Understand your Buyer Persona:surveys for each
important segment
Hygiene step:Treat the pains
(product / services)
Start brainstorming based on your budget
Cosmetics step:Do the math - how much can you invest to keep a customer vs to acquire a
new one?
Execute
Restart
Recency - How recent is the last order?
Frequency - How often that customer bought?
Monetary Value - What is the total revenue you got from the customer?
From the ones which are not ordering anymore, how many are not placing an order because of
> your products From which categories? Bad quality / false expectations?
> your servicesDelivery time, experience, return policy, packaging, etc?
How to do it?
> On-site surveys> Post-order emails
> Post-order remarketing FB ads (with proper capping)
Identify the best customers
Proper retention program
Higher retention rate
Higher revenue
Data-driven growth
Your homework
1. Emotions will build relations2. You should make someone responsible for retention3. Focus on habit-forming4. You can’t grow retention (and anything else) if you
don’t monitor it. What you don’t measure, doesn’t count5. Be good
Interested in our BI & personalization plugin for Magento?
valentin.radu@omniconvert.com
A/B testing - wysiwyg editor, split
URL testing, multi-page testing
Actionable Surveys - Cart abandonment
surveys with real time objection treatment,
Net Promoter Score, Buyer Persona
identification
Web Personalization - change the visitor's experience
in real time using on-page variables based on Customer
Lifetime Value, Geo location, behaviour, Weather
conditions, etc.
Interactions - pop-ups, bars, widgets which can
be triggered on load, on scroll, on the exit intent of
the visitors
Business Insights - Track & monitor the
most important eCommerce KPIs, Llifetime
Value, RFM segment, cohort analysis, ROI,
YoY growth
Valentin Radu
www.omniconvert.com
https://uk.linkedin.com/in/valentinradu
Thank you!
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