Achieve high growth by keeping customers coming back to your ecommerce website
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Success! You’ve got a regular stream of sales coming in, but the cost of acquisition is so high, how do you make this more profitable? How do you increase the lifetime value of a customer by enticing them to come back? A healthy customer retention rate is a key factor in any high growth business. You can’t be a high growth without it! During this webinar, Tom Robertshaw, Ecommerce Evangelist at Space 48, will take you through how to factor in customer retention in all areas of the business. Whether this is improving auditing and improving website user experience or through identifying targetted email campaign opportunities. You’ll learn: A wide range of opportunities for re-engaging with customers Different ways to evaluate your website performance and customer satisfaction How to prioritise the newly identified opportunities so that you can take the next step and test them Real-life examples of how our customers have increased revenues through successful customer retention strategies
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Achieve high growth by keeping customers coming back to your ecommerce website
- 1. Achieve high growth by keeping customers coming back to your ecommerce website ECOMMERCE EVANGELIST, SPACE 48
- 3. Thue is the Kissmetrics Webinar Wizard and Marketing Ops Manager. Before joining forces with Kissmetrics, he was a Lyft driver in SF, which is also how he ended up as a Kissmetrics marketer. Whenever Thue is not trying to automate everything around him, you can find him hiking in the Sierras. THUE MADSEN Marketing Operations Manager, Kissmetrics @ThueLMadsen Tom started his career as a Magento developer and escaped to the world of ecommerce consultancy through his agency’s acquisition by Space 48. Outside of this, you’ll find him playing and watching soccer and rugby, and most recently learning to ride a motorbike! TOM ROBERTSHAW Ecommerce Evangelist, Space 48 @bobbyshaw
- 5. 2 Why would they come back? 3 The many reasons why they aren’t 4 So, what can we do? TABLE OF CONTENTS #Kisswebinar 5 And when can we get it done by? 1 High growth, I like the sound of that
- 7. 40% of revenue comes from returning customers (Adobe) Returning customers represent only 8% of visitors (Adobe) Increasing customer retention by 5% increases profits by 25% - 95%. (Bain & Co) Businesses with 40% repeat customers generated nearly 50% more revenue than similar businesses with only a 10% repeat customers.(Sumall) ACHIEVE HIGH GROWTH #Kisswebinar
- 8. Returning customers work a lot like compound interest ACHIEVE HIGH GROWTH #Kisswebinar
- 9. #Kisswebinar
- 10. #Kisswebinar
- 11. Imagine if you were adding new customers at an increasing rate too! ACHIEVE HIGH GROWTH #Kisswebinar
- 12. Why would they come back? ❤
- 13. You reliably solve their problems and they think of you in a time of a new need TWO PARTS TO THE EQUATION #Kisswebinar Experience Timing
- 14. Customer has a need They arrive on your site They are evaluating if you are likely to be able to fulfil that need Your job is to show that you can NEEDS #Kisswebinar
- 15. Site is super simple to navigate Shows all information needed clearly Low friction design Customer has confidence in what they’re doing HIGH QUALITY USER EXPERIENCE #Kisswebinar
- 16. Pricing is competitive Directly: Product Pricing Indirectly: Loyalty program PRICING #Kisswebinar
- 17. Shipping is competitive By pricing By speed SHIPPING #Kisswebinar
- 19. Why aren’t customers coming back?
- 20. Self-evaluation Consultancy Customer Analytics and Surveys EVALUATION #Kisswebinar
- 21. Review against UX principles baymard.com smashingmagazine.com practicalecommerce.com econsultancy.com USER EXPERIENCE #Kisswebinar
- 25. Get more data on customer experiences Directly: Questionnaires Indirectly: Analytics tools with click tracking and heat mapping USER EXPERIENCE #Kisswebinar
- 26. Payment Section might not inspire confidence Use gateways that customers are familiar with, .e.g. PayPal, Amazon, Stripe PAYMENTS #Kisswebinar
- 27. Slow/expensive shipping options provided No shipping estimates provided, or worse, you miss them SHIPPING OPTIONS #Kisswebinar
- 28. Increase Enjoyment # Make them remember you
- 35. Identify your loyal customers Identify opportunities to support them LOYAL CUSTOMERS #Kisswebinar
- 39. Customer service is an opportunity ENGAGEMENT #Kisswebinar
- 40. CUSTOMER SEGMENTATION #Kisswebinar They segment customers based on spend and number of orders Provide different offers and rewards to each group
- 41. EMAILS #Kisswebinar Welcome journeys Offers based on customer segment Abandoned baskets Win-back campaigns Any other reason to re-engage, e.g. birthdays!
- 44. REMARKETING #Kisswebinar Google Adwords Google Display Network Criteo Social
- 45. REMARKETING #Kisswebinar Dynamic & Static remarketing Remarketing Lists For Search & Shopping Ads (RLSAs) Upload customer email lists to platforms
- 46. Where to start $
- 47. As a team, decide on the factors that are important to you: Frequency, Feasibility, Impact, Importance, Cost, Shininess PRIORITIZATION #Kisswebinar
- 48. PRIORITIZATION MATRIX #Kisswebinar Frequency Importance Feasibility Cost Total Feature A 3 2 9 1 23 Feature B 9 1 6 7 19 Feature C 1 8 7 7 19 Feature D 5 4 5 3 21 May also weight columns
- 49. Get something in place and working for every area. Then iterate. Don’t miss out because you were optimizing something else DON’T OVER ENGINEER #Kisswebinar
- 50. • UX Review & Conversion Rate Optimisation • User generated content • Loyalty Programmes • In-Store Events • Content Marketing • Social • Customer Service • Delightful shipping • Customer Segmentation • Personalised Product Recommendations • Abandoned Baskets • Email marketing campaigns • Advertising • Remarketing CHECKLIST #Kisswebinar
- 51. Compare New Versus Returning Customer: Sessions Conversation Rate Orders Customer Lifetime Value KPIS #Kisswebinar
- 52. THUE MADSEN Marketing Operations Manager, Kissmetrics @ThueLMadsen tmadsen@kissmetrics.com Questions? TOM ROBERTSHAW Ecommerce Evangelist, Space 48 @bobbyshaw tom@space48.com