using benchmark data to improve performance

+

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