how to take your customer from engagement to purchase
TRANSCRIPT
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
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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
