using benchmark data to improve performance
TRANSCRIPT
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Using Benchmark Data to Improve Performance
Webinar Series: Acquiring & Retaining High Value Ecommerce Customers
Anita Andrews, RJMetrics + Morgan Jacobson, HubSpot
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@INBOUNDECOMM
Head of Ecommerce Sales
MORGAN JACOBSON
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@AGARIMELLA VP, Customer Success
ANITA GARIMELLA ANDREWS
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AGENDA
1 Customer Acquisition
2 Customer Retention
3 Average Order Value
4 Customer Lifetime Value: Quality vs. Quantity
5 Holiday Shoppers
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The Caveats
• These numbers will look different based on industry, what
you sell, etc.
• Use these numbers to guide the way you think about your
business strategy, not as a final ruler on your business
success
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1 CUSTOMER ACQUISITION
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What is “Top-Performing”?
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Top Performers Acquire Customers Faster
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Top Performers Acquire Customers Faster
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Best Practices for Acquiring More Customers
• Conversion Opportunities Before the Checkout
• Segment and Personalize Your Interactions
• Nurture Abandoned Carts
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99% of first-time visitors will NOT make a purchase.
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You need to capture their information.
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Conversion Opportunities
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Go beyond the coupon code.
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What Kinds of Content?
• Newsletters
• Blog Subscriptions
• How it Works
• Beginners Guides
• Buying Guides
• Style Guides
• Recipe Guides
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Just Ask
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Segment…
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Tailor your communications.
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60% of ecommerce marketers don’t know their abandoned cart rate.
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Abandoned Cart Nurturing
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Abandoned Cart Nurturing
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Abandoned Cart Nurturing
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Abandoned Cart Nurturing + Upsell/Cross Sell
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2 CUSTOMER RETENTION
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Number of Orders
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Top Companies Keep Customers Coming Back
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68% of customers will never purchase a second time.
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Customer Retention Best Practices
• Reorder Marketing
• Subscription Options
• Re-engagement Campaigns
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Reorder Marketing
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Subscription Options
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Re-Engagement
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3 AVERAGE ORDER VALUE
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Increase Average Order Value
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Strategies to Increase Average Order Value
• Onsite Personalization and Segmentation
• Product Page Recommendations
• Upsell and Cross Sell
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Onsite Personalization and Segmentation
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Product Page Personalization
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Upsell and Cross Sell
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4 CUSTOMER LIFETIME VALUE: QUALITY VS. QUANTITY
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Average CLV
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Acquire Better Customers: AOV + Retention
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Customer Lifetime Value
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YOUR BEST CUSTOMERS ARE SIGNIFICANTLY BETTER THAN YOUR AVERAGE CUSTOMERS.
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The top 10% of customers is worth 6x more than the average customer.
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Best Practices to Increase the CLV of Your Best Customers 1 Identify Key Customers
2 Target with Perks and Promotions
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WHAT KIND OF CUSTOMERS DO YOU WANT?
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Buyer Personas to Shape Your Strategy
• Demographic and behavioral information
• What types of content or experiences attract them
• What types of messaging and channels influence their
behaviors
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Ways to Identify High Value Customers
• Amount of Revenue
• Order Frequency (Monthly, Yearly)
• Product Categories
• Email and Social Media Engagement
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Perks and Promotions
• Early Access to Products and Sales
• Exclusive First Looks
• Free shipping Over a Certain Value
• Free Samples or Gifts
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Early Access to Products and Sales
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Exclusive First Looks
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Free Shipping Over a Certain Order Value
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Free Samples or Gifts
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Loyalty and Rewards Programs
• All of these perks can be part of loyalty and reward
programs
• Later in the series we’ll go in deeper depth into how you
can prompt loyalty through a program
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5 HOLIDAY CUSTOMERS
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Holiday Shoppers Are Different
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Holiday Acquisition
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Best Time to Remarket: Same Holiday Season
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Making the Most of Holiday Shoppers
• Upsell and Cross Sell
• Post-Holiday Promotions
• Nurturing Campaigns
• Targeted Re-engagement Campaigns
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Upsell and Cross Sell with Gift Guides
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Post-Holiday Promotions
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Nurture Into Another Purchase
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Targeted Re-Engagement Campaigns
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CONCLUSION
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How to Join the Top-Performers
1 Product/Market Fit Plays a Big Role
2 Pay Attention to Your Metrics
3 Optimize for Customer Lifetime Value
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How to Market Like a Top-Performer
1 Get to Know Your Prospective Customers
2 Build Relationships With Them
3 Engage With Them on a Personal Level
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We have a dedicated team of Inbound Marketing Specialists focusing on ecommerce companies like you. If you are interested in a personalized assessment, let us know: http://hubs.ly/y0-pS90
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At RJMetrics, our mission is to inspire and empower data-driven people.
RJMetrics CloudBI
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QUESTIONS?
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THANK YOU