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Using Benchmark Data to Improve Performance
The document is a webinar presentation on acquiring and retaining high-value ecommerce customers. It discusses benchmarks for key metrics like customer acquisition, retention, average order value, and lifetime value. It provides best practices for improving performance in each area, such as nurturing abandoned carts, subscription options, and personalizing the customer experience. The presentation emphasizes focusing on customer lifetime value over quantity and identifying high-value customers to improve overall business performance.
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Using Benchmark Data to Improve Performance
- 1. + Using Benchmark Datato Improve Performance Webinar Series: Acquiring & Retaining High Value Ecommerce Customers Anita Andrews, RJMetrics + Morgan Jacobson, HubSpot
- 2. #INSERTHASHTAG+ #ECOMMLTV @INBOUNDECOMM Head ofEcommerce Sales MORGAN JACOBSON
- 3. #INSERTHASHTAG+ #ECOMMLTV @AGARIMELLA VP, CustomerSuccess ANITA GARIMELLA ANDREWS
- 4. #INSERTHASHTAG+ #ECOMMLTV AGENDA 1 CustomerAcquisition 2 Customer Retention 3 Average Order Value 4 Customer Lifetime Value: Quality vs. Quantity 5 Holiday Shoppers
- 5. #INSERTHASHTAG+ #ECOMMLTV 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
- 6. #INSERTHASHTAG+ #ECOMMLTV 1 CUSTOMERACQUISITION
- 7. #INSERTHASHTAG+ #ECOMMLTV What is“Top-Performing”?
- 8. #INSERTHASHTAG+ #ECOMMLTV Top PerformersAcquire Customers Faster
- 9. #INSERTHASHTAG+ #ECOMMLTV Top PerformersAcquire Customers Faster
- 10. #INSERTHASHTAG+ #ECOMMLTV Best Practicesfor Acquiring More Customers • Conversion Opportunities Before the Checkout • Segment and Personalize Your Interactions • Nurture Abandoned Carts
- 11. #INSERTHASHTAG+ #ECOMMLTV 99% offirst-time visitors will NOT make a purchase.
- 12. #INSERTHASHTAG+ #ECOMMLTV You needto capture their information.
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- 15. #INSERTHASHTAG+ #ECOMMLTV Go beyondthe coupon code.
- 16. #INSERTHASHTAG+ #ECOMMLTV What Kindsof Content? • Newsletters • Blog Subscriptions • How it Works • Beginners Guides • Buying Guides • Style Guides • Recipe Guides
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- 22. #INSERTHASHTAG+ #ECOMMLTV 60% ofecommerce marketers don’t know their abandoned cart rate.
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- 26. #INSERTHASHTAG+ #ECOMMLTV Abandoned CartNurturing + Upsell/Cross Sell
- 27. #INSERTHASHTAG+ #ECOMMLTV 2 CUSTOMERRETENTION
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- 29. #INSERTHASHTAG+ #ECOMMLTV Top CompaniesKeep Customers Coming Back
- 30. #INSERTHASHTAG+ #ECOMMLTV 68% of customers willnever purchase a second time.
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- 32. #INSERTHASHTAG+ #ECOMMLTV Customer RetentionBest Practices • Reorder Marketing • Subscription Options • Re-engagement Campaigns
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- 36. #INSERTHASHTAG+ #ECOMMLTV 3 AVERAGEORDER VALUE
- 37. #INSERTHASHTAG+ #ECOMMLTV Increase AverageOrder Value
- 38. #INSERTHASHTAG+ #ECOMMLTV Strategies toIncrease Average Order Value • Onsite Personalization and Segmentation • Product Page Recommendations • Upsell and Cross Sell
- 39. #INSERTHASHTAG+ #ECOMMLTV Onsite Personalizationand Segmentation
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- 42. #INSERTHASHTAG+ #ECOMMLTV Product PagePersonalization
- 43. #INSERTHASHTAG+ #ECOMMLTV Upsell andCross Sell
- 44. #INSERTHASHTAG+ #ECOMMLTV 4 CUSTOMER LIFETIMEVALUE: QUALITY VS. QUANTITY
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- 46. #INSERTHASHTAG+ #ECOMMLTV Acquire BetterCustomers: AOV + Retention
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- 48. #INSERTHASHTAG+ #ECOMMLTV YOUR BESTCUSTOMERS ARE SIGNIFICANTLY BETTER THAN YOUR AVERAGE CUSTOMERS.
- 49. #INSERTHASHTAG+ #ECOMMLTV The top10% of customers is worth 6x more than the average customer.
- 50. #INSERTHASHTAG+ #ECOMMLTV Best Practicesto Increase the CLV of Your Best Customers 1 Identify Key Customers 2 Target with Perks and Promotions
- 51. #INSERTHASHTAG+ #ECOMMLTV WHAT KINDOF CUSTOMERS DO YOU WANT?
- 52. #INSERTHASHTAG+ #ECOMMLTV Buyer Personasto 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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- 54. #INSERTHASHTAG+ #ECOMMLTV Ways toIdentify High Value Customers • Amount of Revenue • Order Frequency (Monthly, Yearly) • Product Categories • Email and Social Media Engagement
- 55. #INSERTHASHTAG+ #ECOMMLTV Perks andPromotions • Early Access to Products and Sales • Exclusive First Looks • Free shipping Over a Certain Value • Free Samples or Gifts
- 56. #INSERTHASHTAG+ #ECOMMLTV Early Accessto Products and Sales
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- 58. #INSERTHASHTAG+ #ECOMMLTV Free ShippingOver a Certain Order Value
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- 60. #INSERTHASHTAG+ #ECOMMLTV Loyalty andRewards 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
- 61. #INSERTHASHTAG+ #ECOMMLTV 5 HOLIDAYCUSTOMERS
- 62. #INSERTHASHTAG+ #ECOMMLTV Holiday ShoppersAre Different
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- 64. #INSERTHASHTAG+ #ECOMMLTV Best Timeto Remarket: Same Holiday Season
- 65. #INSERTHASHTAG+ #ECOMMLTV Making theMost of Holiday Shoppers • Upsell and Cross Sell • Post-Holiday Promotions • Nurturing Campaigns • Targeted Re-engagement Campaigns
- 66. #INSERTHASHTAG+ #ECOMMLTV Upsell andCross Sell with Gift Guides
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- 68. #INSERTHASHTAG+ #ECOMMLTV Nurture IntoAnother Purchase
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- 71. #INSERTHASHTAG+ #ECOMMLTV How toJoin the Top-Performers 1 Product/Market Fit Plays a Big Role 2 Pay Attention to Your Metrics 3 Optimize for Customer Lifetime Value
- 72. #INSERTHASHTAG+ #ECOMMLTV How toMarket Like a Top-Performer 1 Get to Know Your Prospective Customers 2 Build Relationships With Them 3 Engage With Them on a Personal Level
- 73. #INSERTHASHTAG+ #ECOMMLTV We havea 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
- 74. #INSERTHASHTAG+ #ECOMMLTV At RJMetrics,our mission is to inspire and empower data-driven people. RJMetrics CloudBI
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