Marketing Hole In One: Best Practices for Customer Acquisition & Retention
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For most retailers, 80% of the marketing budget is focused on acquisition; however, research shows that repeat customers are responsible for 41% of revenue generated. Join GolfHQ, Spring Metrics, and Windsor Circle as they walk through best practices for marrying customer acquisition and retention strategies. Here from GolfHQ as they talk through how they use both acquisition and retention to bring in new customers and keep them.
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Marketing Hole In One: Best Practices for Customer Acquisition & Retention
- 1. A Marketing Hole-in-One Best Practices for Customer Acquisition & Retention
- 2. Speakers: Joe Zumpella Shawn Williams Andrew Pearson Sales & Marketing Director, GolfHQ President & COO, Spring Metrics VP of Marketing Windsor Circle
- 3. Agenda • From Visitor to Customer • GolfHQ’s Story • Customer Acquisition • Customer Retention • Questions
- 4. Content Divider Page 1 Brief description of content division From Visitor to Customer What does this journey look like?
- 5. First Things First: • Only 8% of site visitors are existing customers – 4% are returning purchasers – 4% are repeat purchasers Source: Adobe Loyal Shopper’s Report 2013
- 6. First Things First: • Only 8% of site visitors are existing customers – 4% are returning purchasers – 4% are repeat purchasers Source: Adobe Loyal Shopper’s Report 2013 • This 8% represents 41% of revenue
- 7. Meet Sally Sally – New Visitor
- 8. Meet Sally Sally – New Visitor Clicks on Google Ad
- 9. Meet Sally Sally – New Visitor Clicks on Google Ad Lands on GolfHQ
- 10. Meet Sally Sally – New Visitor Clicks on Google Ad Lands on GolfHQ Visits Site No purchase or subscription
- 11. Meet Sally Sally – New Visitor Clicks on Google Ad Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Web search for product and buys from another vendor
- 12. Meet Sally Sally – New Visitor Clicks on Google Ad Receives newsle+er Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Signs up for newsletter
- 13. Meet Sally Sally – New Visitor Clicks on Google Ad Receives newsle+er Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Signs up for newsletterReceives newsle+er
- 14. Meet Sally Sally – New Visitor Clicks on Google Ad Receives newsle+er Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Signs up for newsletterReceives newsle+er Receives newsle+er Web search for product and buys from another vendor
- 15. Meet Sally Sally – New Visitor Clicks on Google Ad Receives newsle+er Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Signs up for newsletterReceives newsle+er Receives newsle+er Visits Site
- 16. Meet Sally Sally – New Visitor Clicks on Google Ad Receives newsle+er Lands on GolfHQ Visits Site Visits Site No purchase or email captured No purchase or subscription Signs up for newsletterReceives newsle+er Receives newsle+er Visits Site Doesn’t see product or promotion on homepage Web search for product and buys from another vendor
- 17. Content Divider Page 1 Brief description of content division GolfHQ’s Story
- 18. About GolfHQ
- 23. By the numbers For Every 100 Clicks: Cost Per Click $0.50 $50 Conversion Rate 1 – 2% 1 new customer AOV $100 $100 orders Net $50 net
- 24. By the numbers w. email capture For Every 100 Clicks: Cost Per Click $0.50 $50 Conversion Rate 1 – 2% 1 new customer AOV $100 $100 orders Net $50 net Email Capture Rate 10% 10 email addresses Email Conversion 33% 3 new customers New Net $350
- 25. 4x sales = 6x profit Spend $50 • Capture 1 new customer Spend $50
- 26. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 Spend $50
- 27. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 Spend $50
- 28. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 Spend $50
- 29. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole Spend $50
- 30. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50
- 31. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address
- 32. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100
- 33. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers
- 34. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers • Sell $300 more
- 35. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers • Sell $300 more • Total Sales = $400
- 36. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers • Sell $300 more • Total Sales = $400 • Net = $350
- 37. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers • Sell $300 more • Total Sales = $400 • Net = $350 • With 40% margins, you already have $110 profit!
- 38. 4x sales = 6x profit Spend $50 • Capture 1 new customer • Sell $100 • Total Sales = $100 • Net = $50 • If your margins are 40%, you are $10 in the hole • Only if customer makes 2nd purchase, do you profit $30. Spend $50 • Capture 1 new customer + 10 email address • Sell $100 • Convert 3 more customers • Sell $300 more • Total Sales = $400 • Net = $350 • With 40% margins, you already have $110 profit! • If ½ make a 2nd purchase, you will have $190 profit!
- 39. Content Divider Page 1 Brief description of content division Customer Acquisition
- 40. Customer Acquisition • ~97% leave with no action • Relationships – Engage – Build • Differentiate – Tell your story – Separate from compeMMon
- 41. Customer Acquisition • How? • Leverage what’s available • Personalize – Content – Offers • What works best? – Test • Improve – Big steps – Small steps
- 42. Customer Acquisition • Convert today – First Mme buyers à Repeat buyers • Capture emails – Acquire ability to reach out • Social impact – Broaden presence • Relationships, relationships, relationships
- 43. • Target segment – Hit product page – Time on site • Results – 52% increase in CR – Revenue lift – New customers Inset text area. Golf HQ Success - Conversions
- 44. • Target segment – Promotion – limited time – All visitors • Results – 44% increase in CR – Revenue lift – New customers Inset text area. Golf HQ Success - Conversions
- 45. • Target segment – 1st or 2nd visit – Desktops & laptops – Time on site • Results – 1,750 likes – 15% increase in CR Golf HQ Success - Social
- 46. • Target segment – 1st time visitors – Desktops, laptops, & tablets • Results – 5,252 emails captured Golf HQ Success – Email Capture
- 47. Remember Sally? Sally – New Visitor GolfHQ.com
- 48. Remember Sally? Sally – New Visitor GolfHQ.com 1st Visit
- 49. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit
- 50. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits
- 51. Content Divider Page 1 Brief description of content division Customer Retention We’ve acquired the customers…now what?
- 52. • 2 part New Customer Welcome Series – Open Rate: 33.9% – Click Rate: 11.2% – 35.7% increase in 2x purchaser segment Retain New Customers
- 53. • 2 part New Customer Welcome Series – Open Rate: 33.9% – Click Rate: 11.2% – 35.7% increase in 2x purchaser segment Retain New Customers
- 54. • 2 part New Customer Welcome Series – Open Rate: 33.9% – Click Rate: 11.2% – 35.7% increase in 2x purchaser segment Retain New Customers First name personalization
- 55. • 2 part New Customer Welcome Series – Open Rate: 33.9% – Click Rate: 11.2% – 35.7% increase in 2x purchaser segment Retain New Customers First name personalization Dynamic product recommendations
- 56. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits
- 57. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Email Captured & 1st Purchase
- 58. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Welcome 2 Email Captured & 1st Purchase
- 59. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Welcome 2 Email Captured & 1st Purchase Makes 2nd purchase
- 60. Facebook
- 61. Facebook
- 62. Facebook
- 63. Facebook
- 64. • Automated Data-Driven Emails – New subscriber welcome – 1st purchase thank you series – Product recommendations – Best customer campaign – Win-back campaign Keep Existing Customers KNOW CONNECT THANK REWARD BUY MORE SAVE EVANGELIZE LISTEN ACQUIRE
- 65. Open Rate: 61.5% 40% increase in best customers Segment: 3+ purchases Best Customer Email
- 66. Open Rate: 61.5% 40% increase in best customers Segment: 3+ purchases Best Customer Email Dynamic product recommendations
- 67. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Welcome 2 Email Captured & 1st Purchase Makes 2nd purchase
- 68. Remember Sally? Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Welcome 2 Email Captured & 1st Purchase Makes 2nd purchase Makes 3rd purchase Becomes a best customer Best Customer
- 69. Save Your Churning Customers • 3-Part Win-back Series – Open rate: 24.8% – Click rate: 2.3%
- 70. • Segmenting promotions – Early stages • 2 key segments – Customers who haven’t come back in 180 days – Non-purchasers • Receive a specific offer Segmenting Promotions
- 71. 3 Keys to Email Marketing Ini7aliza7on Op7miza7on Reten7on Automa7on Win By: • Volume Key Metrics: • List Size • Send Volume Key Activities: • Build List • Send Frequently ESP Selection: • Cost Segmentation: • None Automation: • None
- 72. 3 Keys to Email Marketing Ini7aliza7on Op7miza7on Reten7on Automa7on Win By: • Volume • Content Key Metrics: • List Size • Send Volume • Opens • Clicks Key Activities: • Build List • Send Frequently • Frequent Sends • Content Creation • Dashboard & Reporting ESP Selection: • Cost • Better Feature Sets Segmentation: • None • Available But Limited Automation: • None • None
- 73. 3 Keys to Email Marketing Ini7aliza7on Op7miza7on Reten7on Automa7on Win By: • Volume • Content • Data Key Metrics: • List Size • Send Volume • Opens • Clicks • Conversions • Engaged Subscribers • Churn Key Activities: • Build List • Send Frequently • Frequent Sends • Content Creation • Dashboard & Reporting • Contact Strategy • RFM Analysis • Market Basket Analysis ESP Selection: • Cost • Better Feature Sets • Cost • Integration • Segmentation • Automation Segmentation: • None • Available But Limited • Advanced • Purchase History • Web History Automation: • None • None • Post Purchase Welcome Series • Win Back Campaigns • Cross Merchandizing • Reviews
- 74. Driving Conversions Through Site, Social & Email Sally – New Visitor GolfHQ.com 2nd Visit 1st Visit 3+ Visits Welcome 1 Welcome 2 Email Captured & 1st Purchase Makes 2nd purchase Makes 3rd purchase Becomes a best customer Best Customer
- 75. Content Divider Page 1 Brief description of content division Questions?
- 76. Content Divider Page 1 Brief description of content division Windsor Circle: 1(877) 848-4113 sales@windsorcircle.com Windsorcircle.com Spring Metrics: (919) 794-5003 sales@springmetrics.com Springmetrics.com GolfHQ: 1(855) 465-3470 GolfHQ.com Resources: • Download the 2 page lifecycle marketing map • www.WindsorCircle.com/map • Download the GolfHQ Spring Metrics case study: • www.SpringMetrics.com/golfhq-case-study/ • Sign up for the GolfHQ.com email list to stay in touch with all future sales, promotions, and new product launches We will send a link to the recording and the slideshare after the webinar.