Commerce Strategy Session:Customer Lifecycle

Management

Is Your Customer Targeting A Guessing Game?

Do you know what your customers are up to? Which ones should join your loyalty program, and which ones should be part of a win back campaign?

Some Industry Stats:

50% of merchants say it's difficult to make decisions that affect their store's profitability based on your current ecommerce data (Jirafe Poll)

More than 80 percent of brands send the same message to all of their customers, and not all customers are created equal (hubspot)

66 percent of Amazon’s sales are repeat purchases - they optimize for returning visitors, but the industry average is 7 percent. (ClickZ)

The likelihood of driving a purchase from a campaign that involves exisiting customers is 14x higher than from new customers. (Referral Candy)● They’re more likely to buy. The probability of selling to an existing customer (60-70%) is much higher than that of selling to a new one

(5-20%). [1]● They’re less price sensitive. 85% of customers reported that they wouldn’t mind paying more for the assurance of a superior customer

experience. [2]

Understanding Customer Behavior is Hard...Without the Right Tools

These Guys are Nailing It!

Total basket value • Number of products • SKU’s • Descriptions Category • Price • Promotions

SHOPPING CART DATA

Pages visited • Time spent on page • Entry and exit pages Products viewed • Ad banners displayed • Images clicked

PAGE VIEW DATA

Referrer • Keyword • URL • Domain • Base URL • CategoryNew user • Returning user • Location • Time

VISITOR DATA

Google Analytics Only Gives You Half of the Information You Need.

Cancelled orders • Products returned and exchanged

POST ORDER DATA

Products purchased • Taxes, shipping costs • Other processing costs • Number of orders by product and category • Average order value • Number of orders

CUSTOMER & ORDER DATA

Transactions approved, pending and denied

TRANSACTION DATA

E-commerce Merchants Also NeedTransactions, Product, Order & Customer Data.

Questions Jirafe can help merchants answer:

● How do you encourage people who’ve viewed your products to take the next step and purchase them?

● How do you keep them coming back for more?

● What analytics are predictive of future customer behavior?

● Can your current customer behavior patterns help you win and nurture new customers?

UP NEXT: 5 Goals to Master in Customer Lifecycle Management

What Insights are Needed to Understand and Act on Certain Customer Behaviors?

● Your Challenge: You are getting a lot of traffic to your products pages, but conversion rates are low. How can you turn browsers into buyers?

● Your Data Driven Action: Look at customers that viewed your products, but didn’t purchase and then enroll them in an ad retargeting program with messaging like, “Shop now and receive free shipping,” or target them with emails offering discounts on their next/first purchase.

1. Win New Customers

1. Win New Customers

Example: Bonobos Email for Discount on First Purchase

● Your Challenge: There are a lot of brands competing for market share, how do you retain your valuable customers?

● Your Data Driven Action: Look at your customers that purchase often and spend the most, and make sure you to stay top-of-mind with the right promotions. You might consider giving them exclusive access to new products, or including them in friends and family promotions.

2. Stay Top-of-Mind with Existing Customers

2. Stay Top-of-Mind with Existing Customers

(Email) Saks Fifth Avenue - Special Offer for Existing Customers

3. Retain Your Best Customer and Keep Them Loyal

● Your Challenge: You have loyal customers, and you want to reward them. How do you keep them engaged, and reward them for repeat purchases?

● Your Data Driven Action: Target these customers with rewards programs to encourage continued loyalty, and give them exclusive perks.

(Email) Starbucks - Membership Loyalty Program

3. Retain Your Best Customer and Keep Them Loyal

● Your Challenge: Some of your customers haven’t shopped with you in a while, and you miss the revenue they used to bring to your store. How do you get them to start purchasing again?

● Your Data Driven Action: You can reactivate these customers with a win back campaign that offers incentives such as discounts or credits toward a purchase.

4. Motivate Inactive Customers to Buy

4. Motivate Inactive Customers to Buy

(Email) Ann Taylor - Personalized Offer

● Your Challenge: How can you ensure new customers make repeat purchase rates based on behavior patterns and that they don’t drop off?

● Your Data Driven Decision: Track customer behavior over time, and monitor repeat purchase rates. Figure out which products encourage repeat purchase rates and target customers accordingly.

5. Know What Drives Customer Behavior

Don’t miss next week’s session to learn how strategic merchandising can dramatically

improve revenue.

Sign up at:http://info.jirafe.com/join-jirafe-for-a-commerce-strategy-session

Join Us Next Week!

Visit jirafe.com to learn more or start a trial!

Questions?