Going Beyond Loyalty Programs to Retain Your Customers – Optimove - GrowCommerce 2017
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This document discusses strategies for retaining customers beyond basic loyalty programs. It emphasizes using data science and precision marketing techniques to foster emotional loyalty. Key points include segmenting customers using migration patterns, building predictive models tailored to specific needs, designing experiments to test individual messages and communication streams, and catering marketing to each customer's unique journey over time. The goal is to achieve the "ultimate" in customer marketing through speed, emotional intelligence, and a dynamic, data-driven approach.
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Going Beyond Loyalty Programs to Retain Your Customers – Optimove - GrowCommerce 2017
- 1. Going Beyond Loyalty Programs for Retaining Your Customers
- 2. https://www.linkedin.com/in/yoavsusz/ Yoav_s@Optimove.com Yoav Susz leads Optimove’s New York-based business development team, where he is playing a major role in Optimove’s successful expansion into the US market. Yoav specializes in helping retail brands build emotionally- intelligent retention marketing strategies that focus on leveraging each brand’s core identity. In his position, Yoav focuses on building relationships with partners across the Americas. Prior to joining Optimove, Yoav served as a corporate litigator for Israel’s leading law firm, where he represented some of the world’s leading technology companies. Yoav holds an LLB from The Interdisciplinary Center and an MBA from the Stern Business School at NYU.
- 3. 03 More information is available at www.optimove.com Science-first Customer Marketing Hub
- 4. Customer Loyalty 04 The Holy Grail in a Digital World
- 5. 05 The Aim of Customer Marketing is to Foster Loyalty to Increase LTV
- 6. The Ultimate in Customer Marketing • Start a conversation • An emotionally intelligent one • Do so at the speed of your customers 06
- 7. What does it Take to Reach the Ultimate in Customer Marketing? Precision Speed 07
- 8. 08 Techniques You Need to Master • Org built for speed! • Data science • Experiments Design • Catering to the customer journey
- 9. 09 Org Built for Speed • The ‘assembly line’ doesn’t work! • We need quick turnover from ideation to execution • CRM A-team
- 10. 10 Data Science Organizing, manipulating, modeling and analyzing customer data is the ultimate way to really get to know your customers
- 11. 11 Data Science Invest in the foundations - have a true single customer view as part of your marketing tech Time
- 12. 12 Data Science First level of acquaintance – divide and conquer Segments CohortsClusters
- 13. 13 Data Science / First level of acquaintance – divide and conquer Migration is actually the biggest part of segmentation From / To Registered Only New Active One Timers Churn Churn One Timers Dormant Registered Only New Active One Timers Churn Churn One Timers Dormant 80.5% 0% 0% 0% 0% 0% 0% 11.5% 60.0% 0% 0% 0% 0% 0% 0% 8.2% 89.0% 3.5% 5.6% 1.5% 1.5% 0% 31.8% 0% 89.0% 0% 0% 0% 0% 0% 11.0% 0% 92.0% 0% 0% 0% 0% 0% 7.5% 0% 91.5% 0% 8.0% 0% 0% 0% 2.4% 7.0% 98.5%
- 14. 14 Data Science / Predictive models As humans, in our day to day, we do ‘predictive’ all the time by factoring in our past experiences In many cases, simple heuristics will do the trick unless you are sensitive to performance PPC example - Optimize on first purchase Vs. an LTV model When you do build a model, things to remember: • They are as good as the raw data they seat upon • They require customization • One needs a ton of talent and experience to build a proper model
- 15. 15 One interaction with one message One interaction with a few messages Communication streams Experiments Design
- 16. 16 One interaction with one message Scientific uplift measurement
- 17. 17 The Basic Test vs Control
- 18. 18 One Interaction With a Few Message Alternatives The basic A/B test
- 19. 19 One Interaction With a Few Message Alternatives The self-optimizing campaign
- 20. 20 Competing strategies Communication Streams • The problem of hidden cannibalization (what if I only got revenue sooner, but did not impact LTV?) • How can I prove that I’m really getting an uplift? (Maybe what I was doing before Optimove was just as good…) • The concept of “forever control” – the only way to measure this scientifically
- 24. 24 Catering to the Customer Journey / The static journey "Life is what happens while you are busy making other plans." –John Lennon
- 25. 25 Catering to the Customer Journey / The dynamic journey
- 26. Questions?