Retention.com for B2B is here! Try it out today
In today's digital landscape, our online activities span a multitude of platforms and devices, from web browsing and social media to messaging and smartphones. We're immersed in a world of diverse apps catering to our every need, from e-commerce and work conversations to personal interactions and digital payments. The Internet of Things further adds to this data explosion. With nearly 5 billion internet users worldwide generating an astonishing 2.5 quintillion bytes of data daily, the landscape was already rapidly evolving before 2020. However, the COVID-19 pandemic accelerated this transformation, forcing even the most traditional users to embrace the online world out of necessity.
So, what does this data surge and digital transition mean for brands? Quite simply, everything! The concepts of hyper-personalization and omni-channel experiences in marketing have been gaining momentum for some time. Yet, today's consumers, increasingly conscious of privacy due to high-profile data breaches, demand seamless user experiences. This presents an opportunity for marketers to reassess their approach to personalization, and this is where identity resolution comes into play.
Identity resolution is, essentially, the art and science of securely identifying an individual customer across various data sources, channels, and devices. It relies on a deterministic or probabilistic identifier to consolidate a person's data, attributes, and interactions from disparate sources. Without identity resolution, customer data remains trapped in isolated silos, rendering it ineffective in the new digital landscape. Implementing a comprehensive customer data strategy entails developing an identity resolution component that can merge these silos into a cohesive, accurate dataset.
Beyond these core functions, identity resolution also facilitates identifying households, their needs, and personas, in addition to individual consumers. Building lookalike audience segments opens the door to scaling marketing investments and unlocks numerous other data-driven use cases for enterprises.
The strategic importance of identity resolution lies in providing marketers and brands with anonymized master profiles of each consumer, enabling them to engage customers in meaningful moments. This, in turn, allows brands to deliver truly empathetic and memorable customer experiences that not only drive purchases but also foster long-term loyalty.
At the heart of identity resolution solutions are dynamic identity graphs—a continually evolving database of customer identities and touchpoints. This database acts as a single source of truth, connecting customer data from various sources for targeting, measurement, and insights.
A robust identity graph database ensures accuracy, reach, and privacy while effectively utilizing deterministic online and offline datasets to unify customer profiles and fill in gaps when new connections are established. With a future devoid of cookies on the horizon, marketers must adopt an identity-first approach to their customer data strategy. Without identity resolution, it becomes impossible to connect the dots across the customer journey, measure engagement, and deliver personalized, empathetic customer experiences.
Are you prepared to deliver personalized experiences?
At Retention.com, our identity graph has been integral to our technology from the outset. By incorporating customer intelligence into the marketing and measurement equation, we're empowering DTC marketers across the U.S. to personalize the experience and retain customers to achieve robust returns.
Customer retention is vital for brands looking to grow their e-commerce business and cultivate loyal followers. On both Amazon and your own website, implementing strategies to boost repeat purchases from existing customers can significantly impact your bottom line.
From personalized promotions to optimizing your product catalog, here are 7 proven strategies to improve customer retention on Amazon and your website:
On Amazon, tailor promotions for recent, high-spending, and repeat customers. On your website, extend loyalty discounts to your valued customers, ensuring consistency across platforms.
Offer "subscribe & save" coupons to entice customers into regular purchasing habits. The initial discount pays off through increased customer spending over time. This can work on Amazon and your website.
Utilize a Demand-Side Platform (DSP) for retargeting campaigns, especially for dormant customers. On Amazon, the levers on DSP allow for this granularity while also allowing for the exclusion of subscribe & save customers.
Some products lead customers to buy more products from your brand, others not so much. Identify gateway products that drive repeat sales by analyzing the LTV data of your catalog as a whole. From there, direct your marketing dollars to the SKUs that give you the most bang for the buck.
Leverage Amazon and social media posts to build brand followership. Heightened touch-points amplify customer engagement and strengthen brand loyalty. Amazon Posts is free-to-use, and its "Follow" feature builds a connection, ensuring more frequent interactions for sustained retention.
Combine customer engagement emails (Amazon) and past purchase history (website) for a potent re-engagement strategy. Hit them with the one-two punch, DSP retargeting & email combo for a sure way to drive that re-engagement.
Make sure the products you are selling are top quality. High-quality products meet and exceed customer expectations, fostering trust and loyalty, which are essential for long-term retention. When customers consistently receive value, they are more likely to remain loyal, make repeat purchases, and advocate for the brand, solidifying the link between product quality and sustained customer relationships.
By focusing on winning back loyal customers and incentivizing repeated purchases across platforms, you can maximize customer lifetime value while minimizing acquisition costs.
Consult with an agency like Envision Horizons to develop data-driven retention strategies tailored to your brand and products. As a leader in optimizing Amazon and e-commerce success, they're dedicated to elevating your brand's retention efforts. Request a free Amazon growth plan from experts at www.envisionhorizons.com.
Black Friday is the biggest shopping event of the year, and the time when your customers are likely to be most engaged.
Using Retention.com can help you to turn your anonymous Black Friday shoppers into revenue, drive more sales, improve your brand awareness, and set your business up for success.
We know BFCM can feel a little overwhelming, so we put together a one-stop-shop guide for holiday strategy planning. Check out our Ultimate BFCM 2023 Strategy Calendar, designed to help you make sure you capture every sale and every dollar this holiday season.
Learn more about how your business can leverage Retention.com for the Black Friday holiday season.
Nothing stirs fear in the hearts of eCommerce marketing teams quite like a new Apple privacy announcement. And their most recent edicts concerning link-tracking changes in iOS17 are no exception.
The privacy landscape is constantly changing, and we’re all evolving in stride. Let’s walk through some of these changes, whether or not they’ll affect you, and what Retention.com is doing to stay ahead of them.
According to Apple’s recent announcement, Link Tracking Protection is likely to be enabled by default in Apple’s Mail app, Messages, and Safari's Private Browsing mode.
As with most new iOS changes, we expect that this will roll out in September or early October when the new iOS is usually released to general consumers. Fortunately, it often takes a couple of months for wide adoption of the new iOS.
Link Tracking Protection aims to strip certain query parameters from URLs in Apple Mail, Safari Private Browsing Mode, and Messages.
What are query parameters? They can include:
First things first, this will not impact your regular social utm codes (utm_source, utm_medium, etc). Nor will it strip Impact Radius or Klaviyo query params, or even custom utm parameters.
This is good news.
So, what will be affected?: The parameters added by Google and Facebook: fbclid and gclid.
This will hurt Google Analytics’ ability to track your Google Ads, Meta’s ability to track Facebook Ads, and Facebook’s Conversion API.
Yikes? Actually, not so scary. Remember, Link Tracking Protection is only happening in Apple Mail, Messages, and Safari Private Browsing mode. Most shoppers do not use Safari Private Browsing mode, the only place where Google Search Ads should be affected. And most Facebook shoppers shop directly through the Facebook Native App.
In short, we expect that this won’t really affect most of your tracking.
Then comes Apple Mail, which has around a 50% market penetration rate. This is where you’re likely to lose Google and Facebook attribution parameters (gclid and fbclid). Your other parameters should still work.
Let’s talk about what this really means. Losing fbclid and gclid parameters in emails received through Apple Mail (or through Messages/Safari Private Browsing) can cause some headaches for you, such as:
Wait, broken things?
Well, as mentioned above, this really only impacts gclid and fbclid attribution via Google Analytics, Facebook Conversion API, and Meta ad tracking, and only in this one channel. All your other attribution methods should still be fine.
Here’s a reminder of what’s not going away (at least not yet, as far as we can tell):
The result? This really won’t affect that much of your attribution.
Since we have time to adapt before the changes really take hold, let’s be pragmatic about it:
First, consider your channels - Remember that only some link tracking parameters will be affected in only some channels, and most people won’t be shopping through those channels.
Second, consider your attribution tracking - Are you wholly reliant on Google Analytics/Facebook to track your performance, and are you only using Google Ads? There’s no time like the present to consider alternative options.
Third, lean in to attribution methods that are not being affected. Make sure you’re exercising everything at your disposal to track the customer journey and maintain that valuable attribution.
Nope.
This change shouldn’t have a noticeable impact on our current product suite. Social advertising attribution tracking from an email click is a small pool to begin with – and when the specificity of in-private browsing is added, the pool gets even smaller.
Retention.com will still serve you up with plenty of net-new, high-intent customers that you otherwise would be losing, and you’ll still be able to market to them using your existing marketing automation tools with all of your regular attribution methods. No changes there.
While these announcements can seem scary, rest assured that our team of seasoned eCommerce and agency experts is staying way out ahead of the curve.
In the dynamic world of digital marketing, effective audience retargeting is a crucial strategy for businesses aiming to maximize their online advertising efforts. Retargeting allows brands to reconnect with users who have shown interest in their products or services, providing a higher probability of conversions. To accomplish this, leveraging both third-party and first-party data is essential. In this blog post, we will delve into the importance of combining these two data sources and explore how their synergy can amplify retargeting efforts, drive engagement, and boost overall marketing success.
Before delving into the benefits of combining third-party and first-party data, it's essential to grasp their distinct characteristics.
Third-party data refers to information collected by external entities unrelated to your brand. These sources can include data aggregators, publishers, and other companies that track user behavior across various platforms. Third-party data offers broad insights into consumer preferences, interests, and demographics, making it a valuable resource for targeting specific audience segments.
On the other hand, first-party data is generated directly from interactions between your brand and your customers. This data is typically collected through website analytics, customer relationship management (CRM) systems, email marketing platforms, and other owned channels. First-party data provides a deeper understanding of individual user behavior, preferences, and purchase history, allowing for highly personalized retargeting campaigns.
By combining third-party and first-party data, businesses can access a holistic view of their target audience. Third-party data adds depth to the understanding of customer segments by providing broader demographic and interest-based insights. Meanwhile, first-party data offers granular details about individual user behaviours, enabling brands to create highly personalized retargeting campaigns.
Integrating third-party and first-party data enables brands to refine their audience targeting strategies. Third-party data allows businesses to discover new potential customers and expand their reach, while first-party data enables precise targeting of existing customers and prospects who have already shown interest. By combining these two data sources, brands can create highly relevant and targeted ad campaigns that resonate with their audiences, increasing the chances of conversion.
The synergy between third-party and first-party data can significantly enhance campaign performance. Third-party data provides valuable insights that help identify high-value customer segments, while first-party data enables personalized messaging and tailored offers. By leveraging both data sources, businesses can optimize ad delivery, create compelling content, and improve campaign efficiency, resulting in higher engagement and conversion rates.
When third-party and first-party data are used in tandem, brands gain the ability to create customized customer journeys. By understanding customer preferences, interests, and behaviors from first-party data, businesses can identify touch-points where retargeting efforts can be most effective. Third-party data then enhances this personalization by providing additional context and insights into customer behavior outside of the brand's owned channels, enabling the delivery of relevant messages at the right time and on the right platform.
In the realm of audience retargeting, the combination of third-party and first-party data is a winning formula for success. By leveraging both data sources, businesses can create powerful, personalized campaigns that resonate with their target audience, enhance engagement, and drive conversions. The comprehensive insights obtained through third-party data, when combined with the granular details of first-party data, enable brands to optimize their retargeting efforts, deliver highly relevant messages, and build long-term customer relationships. In the ever-evolving landscape of digital marketing, harnessing the power of both third-party and first-party data.
In the digital landscape, a growing email list remains a vital asset for brands seeking to engage customers and drive conversions. However, achieving substantial and rapid list growth requires proactive and strategic efforts. In this blog post, we'll explore six effective strategies that can help your brand accelerate its email list growth, enabling stronger customer relationships and maximizing conversion opportunities.
To rapidly expand your email list, employ captivating list building tactics that resonate with your target audience. Craft compelling offers, known as lead magnets, that provide genuine value in exchange for email addresses. These can include ebooks, checklists, templates, webinars, or exclusive discounts. Ensure your lead magnets are visually appealing, well-designed, and highly relevant to your audience's interests and needs. Promote them across various channels, such as your website, blog, social media, and paid advertisements, to attract new subscribers swiftly.
Transform your website and landing pages into powerful tools for capturing email leads. Optimize them strategically to drive conversions by placing prominent email signup forms in high-visibility areas. Employ attention-grabbing headlines, persuasive copy, and compelling calls-to-action (CTAs) to encourage visitors to subscribe. Conduct A/B testing to determine the most effective form placements, designs, and CTAs for your specific audience. Additionally, consider implementing exit-intent pop-ups to re-engage visitors who are about to leave your site.
Contests and giveaways offer exciting opportunities to grow your email list while fostering engagement and enthusiasm. Offer enticing prizes that align with your brand and captivate your target audience. Create dedicated landing pages where participants can enter their email addresses to participate. Promote the contests across your website, blog, social media channels, and through email campaigns. Encourage participants to share the contest with others, amplifying your reach and generating potential list growth.
Leverage the power of influencer collaborations to expand your brand's reach and access new audiences. Identify influencers who align with your brand values and possess a substantial following within your target market. Collaborate with them to create engaging content, such as sponsored blog posts, videos, or social media campaigns, which incorporate a call-to-action to join your email list. This approach not only exposes your brand to a broader audience but also leverages the influencer's credibility and trust among their followers.
Social media platforms present excellent opportunities for driving traffic to your website and accelerating email list growth. Optimize your social media profiles by prominently featuring a link to your email signup form. Create compelling and shareable content that motivates your followers to join your email list. Consider hosting exclusive promotions or providing special offers exclusively for your social media followers who sign up. Actively engage with your audience, respond to comments and messages, and actively participate in relevant communities to establish rapport and foster trust.
Identity resolution can be a powerful technique for growing your email list by improving the accuracy and completeness of customer data. To effectively utilize identity resolution, start by collecting and consolidating data from various sources. It's essential to cleanse and standardize the data to eliminate duplicates and inconsistencies. Use advanced identity resolution tools, like Retention.com Grow, that leverage algorithms to identify and link multiple data points to a single identity. Our Grow tool can also enrich your customer data by incorporating additional information from third-party sources. Continuously analyze and iterate based on data insights to improve targeting and engagement. Prioritize the quality of your subscribers over quantity for long-term success. We know, this sounds like a daunting process, luckily our Grow tool puts this all on auto-pilot for you! See how Vital Proteins used Grow to achieve nearly 10x ROI.
To achieve rapid email list growth, brands must adopt proactive and strategic approaches. By implementing these six effective strategies - employing captivating list building tactics, optimizing website and landing pages, engaging through contests and giveaways, collaborating with influencers, and optimizing social media engagement - you can accelerate the growth of your email list and unlock valuable opportunities for customer engagement and conversion. Remember, consistent effort, creativity, and delivering value to your audience are crucial for building a thriving email list that propels your brand toward long-term success.
You can grow your email list 10-15x faster with Retention.com Grow. Book a demo with us to learn more.
Did you know that improving customer retention by just 5% can increase your e-commerce business profits from 25% to 95%? Retention marketing can enhance your business’s revenue growth and customer acquisition.
Customers who are already familiar with your brand and have had good experiences buy more often. They also tend to spend more than new customers.
Additionally, repeat customers often refer favorite brands to friends and family, bringing in more business. Simply put, a well-researched retention marketing plan is essential for e-commerce businesses.
Retention rates vary by industry. So, it’s essential to research retention rates for your niche and use that data as a benchmark.
Other ways to measure retention marketing success include tracking churn rate, engagement rate, reactivation rate, and customer lifetime value.
But how do you gather this information?
This post covers five top retention marketing tools to help grow, build, and increase profits for your e-commerce business.
Google Analytics is a valuable retention marketing analytics tool for collecting visitor insights. You can discover where user traffic originates and engagement trends and track customer purchases and shopping carts.
Additionally, you’ll glean information such as demographics and various consumer behavior analytics to help improve retention marketing campaigns.
Set up Google Tag Manager, which will collect data from the visitor’s web browser. Then you can use the information to qualify and segment traffic and generate customized reports, including:
There are around 200 different metrics and customizations in Google Analytics.
Gamification is precisely what it sounds like, using competition and points to encourage customer engagement. Using gamification can improve your customers’ experience and enhance the buyers’ journey.
Some examples of gamification include:
Marketo helps you enhance customer experience with behavior tracking and easy-to-build and scale automated retention marketing campaigns.
You could set Marketo up, so your customers receive points for specific purchases. Or, offer badges to repeat customers and brand advocates.
Gamification is a highly effective retention marketing strategy paired with a loyalty program. Fitbit, Duolingo, and Grammarly all use gamification in their marketing strategies.
For example, Grammarly sends weekly writing updates and achievement medals to commemorate premium users’ consecutive weeks of writing.
CRMs help businesses build and retain customer relationships at every step of the customer lifecycle. The technology allows companies to make informed decisions using data.
You can track, analyze and store customer information to create a complete customer profile. Salesforce enables businesses to centralize all customer data sources, including emails and VOIP systems, into one location.
What’s more, you can personalize emails to target customers and make them feel as if you wrote the email specifically for them. This retention marketing tool also enables you to customize the content in the email based on your customer’s needs.
Salesforce data integrates with customer service apps like Salesforce Service Cloud, so your team can access customer requests, questions, and complaints.
Considering that 56% of customers say they stay loyal to brands that “get” them, it pays to track this data.
Klaviyo is an email marketing tool that automates marketing flows at every stage of the buyer's journey. This tool is specifically for e-commerce platforms like Shopify and Shopify Plus.
With Klaviyo, you can target specific audiences using behavior, location, profile property, list, order date, and many other metrics.
Klaviyo provides:
Email automation helps Shopify businesses increase sales with targeted emails to shoppers to encourage them to complete their purchases. Klaviyo can also help you personalize customer experiences by segmenting your email list.
Then you can send targeted emails based on a shopper’s behavior, so your business is the one that “gets” them.
Of course, there’s still the matter of the customers who abandon their carts, leaving you with no information for follow-up. Here’s the thing—statistics show over 70% of online consumers abandon their shopping carts before they complete the purchase.
Here’s how you find that missing information.
At Retention.com, we provide retention marketing solutions. Our identity resolution software helps businesses get first-party data from anonymous web visitors.
Even better? You can integrate your Retention.com account with Google Tag Manager, Marketo, Salesforce, and Klaviyo. In fact, we integrate with over 50 platforms to identify those unidentified prospects.
For example, a Retention.com and Salesforce Marketing Cloud integration will automatically send contacts acquired by your Retention.com account to the Salesforce Marketing Cloud into any list you choose.
The technology automatically suppresses existing contacts, so there won’t be duplicates. And you can set up custom filters to sync filters to send leads from various domains to different lists or ESPs.
Cart abandonment emails have a 21% click-through and 11% conversion rate. They help you find out why a customer didn’t make a purchase. Use this information to improve customer experiences and customer service and build brand loyalty.
Retention.com’s Reactivate is another powerful tool to win back customers who have gone dormant. The CEO of Science Natural Supplements, Cody Bramlett, says, “I can easily contribute 25% of our monthly list revenue to this indispensable tool!”
Science Natural Supplements wanted to email dormant email addresses without compromising deliverability to drive ROI and conversions.
The e-commerce company loaded a dormant list into the Reactivate system, then used Maropost to trigger real-time re-engagement emails. They sent inactive subscribers a six-part reactivation flow.
When a dormant subscriber opened the first email, they landed on the active list. On the other hand, if they didn’t open the first email, it triggered the rest of the email flow.
The results were 8x ROI, with a 3x return.
You’ll find more inspiration for your retention marketing campaign in the Rentention.com blog. Be sure to check out our case studies for ideas, as well.
Sources: https://business.adobe.com/products/marketo/adobe-marketo.html
https://www.salesforce.com/crm/
Between rising inflation and worries about recession in 2023, you might wonder how to recession-proof your e-commerce business. One of the best things you can do right now is to gain a better understanding of consumer behaviors.
Consumers are most likely to stick with brands they trust when the economy turns. And you build trust with a deep understanding of their pain points and perspectives.
In other words, customer retention can help recession-proof your business. Read on to find out how to implement a solid retention marketing program.
A well-planned customer retention program begins with data. From acquisition to retention, it's essential to connect customer data touch points, including:
Retention.com provides one-click integrations with over 50 of the world's leading marketing automation platforms, such as:
Why is connecting the information necessary? Using and combining analytics helps you paint a complete picture of consumer behavior.
Additionally, implementing a combination of analytics allows you to understand how new customers find your business, products, and services. You can also determine what keeps them coming back.
It's vital to know what drives consumer behavior in the overall market and specifically for your industry. According to McKinsey and Company research, two-thirds of Americans are worried about inflation.
Additionally, 19% are concerned about climate change and sustainability. How can your business use these two critical pieces of data?
It depends on your specific customer.
Not everyone is equally concerned about sustainability or inflation. Research indicates 75% of baby boomers say increasing prices are their top concern.
On the other hand, only 44% of Gen Zers worry about inflation. For this segment, personal and political issues top their list. Ultimately, it's all about perception.
For instance, 30% of respondents on the McKinsey Report believe there's been a significant markup in the prices of skin care products, makeup, baby supplies, toys, and consumer electronics. However, the inflation on these items was only 2% in 2022.
On the other hand, only 25% of respondents believed prices had increased for home and garden supplies. But, in fact, inflation in this category has risen over 11%. The point is that data can help you create targeted messaging that reflects your customers' perceptions.
Targeted messaging works best when you create buyer personas that represent your customers. Then you can generate articles, social posts, emails, and ads that speak directly to their needs and pain points.
You can recession-proof your business by combining buyer personas with a retention strategy. Tailor retention to fit your brand's consumer touch points and business model, and map out post-purchase scenarios.
Some of the key point indicators (KPIs) you should use include:
These KPIs can help you continually optimize your offers and understand how customer lifetime value grows. Customer retention marketing offers a proven ROI and is vital to recession-proof your e-commerce business.
Develop a retention marketing flow based on the data you've gathered. Personalize these communications from the beginning as soon as your customers make their first purchase.
Follow up by introducing them to your brand philosophies as well as your products. Provide added value with personalized incentives, such as a loyalty program.
Today, brands can stand out among the crowd by offering the most value. Remember to use data to define incentives based on customer pain points and perceptions to increase their lifetime value.
Doing so will help you recession-proof your business and benefit from customer loyalty. To that end, remember to create personas for those who abandon their carts or start shopping elsewhere.
When you have a solid idea of who these consumers are, you can create messaging that speaks directly to them.
You can use insights into your customers' reasons for cart abandonment. Not only that, but you can also use identity resolution technology to find out who the consumers are across platforms.
An automated email and SMS customer journey are vital for e-commerce businesses because it helps you help shoppers who abandon their carts.
A series of targeted emails will remind your customers about the items they want to buy. And targeted emails allow you to add an incentive to encourage them to buy.
Otherwise, you're losing out on numerous potential sales. What's more, an effective email automation program enables you to create those personalized experiences customers are looking for these days.
Using customer personas can also help you segment your email list. That way, you can send targeted emails that speak to their pain points and perceptions.
Creating engaging customer experiences reinforces why your customers purchase from your brand. And it keeps them coming back, even in a poor economy.
Retention.com is a marketing solutions provider specializing in retention marketing and e-commerce solutions. We can help you improve cart abandonment and re-engage potentially lost customers with one-click integrations.
We help businesses reclaim up to ten times more cart abandonment revenue with industry-leading Identity Resolution technology. What that means for you is identifying otherwise unidentified customers.
Then you can create a personalized retention marketing flow that automatically triggers messaging. Help recession-proof your e-commerce business. Contact Retention.com today to set up a demo. We're here to help.
If you own and operate an e-commerce business, customer retention should be at the forefront of your marketing strategy. After all, the buyer's journey doesn't end at acquisition.
Engaging with your customers to build long-term relationships increases customer loyalty. Not only that, but those customers will become more valuable to your business over time.
Customer acquisition versus customer retention is like dating versus marriage. Dating is a chance to get to know people. Once you find that person who fits you perfectly, you want to nurture that relationship.
Similarly, your brand has an ideal customer. When you understand them, you can build a retention marketing strategy to keep them happy.
The best way to dominate your retention marketing strategy is by thinking long-term. Customer retention means developing extensive insights about your ideal customer.
In other words, understanding how your brand can add value to the buyer's journey is vital. Using a customer relationship management platform (CRM) like Salesforce enables your business to manage customer relationships using data.
Gathering data is essential to developing insights about your customers' demographics, shopping habits, and what they need from your brand. Storing data in one location gives you a complete picture of your customers in real-time, with insights into their patterns.
CRM software organizes all your customer data, customer service notes, and metrics. Additionally, a CRM helps you identify different types of customers and their interests.
That way, you can segment audiences, track customer activity, and work proactively to maintain those meaningful relationships. It's typically easier to upsell and cross-sell to returning customers.
However, remember that the bottom line is to deliver value, not overload them with too much information.
Consider this. Retention starts with your customers' first purchase. You can begin a new relationship with a personalized thank you email, welcoming them to your community.
Then direct them to helpful content, such as product demonstrations or articles responding to their specific needs. Providing educational resources such as e-books, downloadable PDFs, how-to guides, and tutorials reinforces your brand's credibility.
When you know your audience, you can create relative content in various formats to enhance their experience with your brand.
Also, invite them to your social platforms to build a community that interacts with one another. After that, continue communicating by providing offers that show you appreciate their business.
For example, celebrate specific milestones and special occasions, and include little surprises, such as loyalty discounts. Loyalty programs offer customers points for their purchases and incentivize social shares.
Gamification and loyalty programs track customer purchase history and set milestones as they complete certain steps. Let them know about specific discounts and prizes as well as how close they are to reaping their rewards.
All e-commerce businesses face the reality of cart abandonment. Statistics reveal that 70% of online shoppers abandon their carts before making a purchase.
This lost revenue equals around $18 billion yearly. Why miss out on those potential sales?
Instead, make a cart abandonment email strategy part of your retention plan. First, you need to understand why your customers abandoned their shopping carts in the first place.
In general, 2023 statistics reveal that a significant part of these high cart abandonment rates is that consumers are browsing. They often load their shopping cart and save it for later as they explore their options.
One of the latest studies found that a little over 58% of online shoppers in the U.S. abandoned a cart because they weren't ready to buy. Here's the thing, sending cart abandonment emails is an opportunity to illustrate to these consumers that your brand has the most to offer.
You can also discover their reasons for not completing the purchase and use this information to improve the process. Ultimately, it's your brand's chance to make an impression.
Use abandoned cart emails as a customer connection moment and make a positive emotional connection. There's no better way to build brand loyalty and dominate your retention marketing strategy.
If executed properly, you'll be able to get 10% of customers to complete their purchases.
What do you do when an unidentified customer abandons their shopping cart? Identity Resolution connects a user's identity through transactions, devices, browser behavior, and other data.
Identity resolution creates a customer profile by analyzing data across channels, including:
Without identity resolution software, touchpoints from the same customer would read as if they were from different people. However, this software collects anonymous and personally identifiable data, then stitches algorithms and analysis to create a customer identifier.
In short, identity resolution software gives you a holistic view of customer interactions with your brand across channels. For instance, if the user is unauthenticated, you might have a phone number that the software recognizes. Then it will trigger an SMS.
Identity resolution can also trigger a separate journey from the existing flow on your messaging platform and collect data.
As our name implies, at Retention.com, we focus on retention marketing solutions. We're in the business of helping to grow Shopify stores.
Our software integrates with over 50 leading marketing automation platforms, including Salesforce, Klaviyo, and Google Tag Manager.
Our retention marketing solutions can help you reactivate lapsed accounts, maximize customer retention, and reclaim abandonment revenues across all channels. Check out these case studies to discover how we've helped clients in various industries build their e-commerce businesses.
Contact us when you're ready to dominate your retention marketing strategy.
Online competition is growing every day. From retail sales to consulting services and healthcare, most industries are heading to the internet to find more customers.
While new customers are essential to building any business, there's even more success in keeping your current customers happy.
If you're wondering why retention marketing is essential to your e-commerce business, here are four things you need to know.
Both retention marketing and acquisition marketing are strategies to grow your business. What sets them apart is the type of customer each plan targets.
Acquisition focuses on landing new customers, and retention marketing centers around keeping your customers coming back.
Also, acquisition drives new customers to your website to get them to make a purchase.
Some of these strategies include:
The thing is, new customer acquisition typically takes time and investment, as consumers must first find you. Then they consider your service or product, usually comparing it with your competitors before buying anything.
In contrast, retention marketing campaigns deepen your brand's connection to its customers. These strategies revolve around building a loyal repeat customer base, considering the overall lifetime value of those relationships.
Retention marketing encourages customers' repeat business and concentrates on the customer's experience. In short, it builds brand loyalty.
First, customer retention costs less than acquisition. Estimates show it's five to 25 times more expensive to gain new customers than to keep existing ones.
The thing is, customers are more likely to be comfortable spending money with brands who've proven they're trustworthy and reliable. According to ThinkImpact, 56% of consumers say they're more loyal to brands that understand them.
You can only really get to know your customers by repeatedly engaging with them. And when you do, something remarkable happens. Their lifetime value grows over time.
That's because the longer they stay with your brand, the more money they spend on upsells. Additionally, loyal customers not only tend to make repeat purchases, but they are also more likely to become brand advocates.
A referral from a loyal customer is gold.
It's a snowball effect that makes acquiring new customers easier. That's because referrals are four times more likely to convert than leads. And it didn't cost your business anything to acquire those new customers.
Retention marketing requires using success metrics such as:
Finding out which success metrics work best for your industry is vital. Not only that, but you'll need to know what the averages are for your industry.
For example, online retail has an average customer churn rate of 22%, and e-commerce businesses have an average retention rate between 30% to 40%. You can use averages for your industry as a benchmark to measure against your retention and churn rates.
To figure out customer retention rates, you measure the percentage of repeat customers over a set time. You could calculate it over a year, by quarters, months, weeks, or whatever time you choose to collect the information.
Customer churn is the opposite of retention, and you measure it over a length of time, as well.
The churn rate equals how many customers you have at the end of the year minus new customers. Then you divide that number by the number of customers you had when the year began.
Understanding why customers don't return is an essential aspect of retention marketing. It can help you make improvements to your products and services.
When your repeat customers stop buying, it could be for reasons from poor customer service to slow shipping. Additionally, it might be something out of your control or a standard in the industry.
There's an average retention and churn rate for every industry.
You can use various tactics to improve customer retention, including
Reengaging customers who have abandoned their carts is one of the most successful ways to ensure repeat business. In fact, one of the most significant problems e-commerce businesses face, regardless of the industry, is cart abandonment.
To that end, an abandoned cart email strategy is not only a good idea, but it's also vital to building your business.
Similar to customer churn, there are many reasons why consumers abandon their carts. For one, they may get ready to buy, then find out that add-on fees cost too much.
How many times have you changed your mind because shipping and taxes increased the cost of an item? Another big reason is that delivery should be shorter.
And sometimes, their credit card gets declined. Part of customer retention is understanding the variety of reasons your customers abandon their carts.
The good news is identity resolution software can help you re-engage customers who've shown interest. Identity resolution is about examining the data to determine your buyer's identity and what matters to them.
Ultimately, retention marketing is all the work you do to understand your customer better. Then you can give them an overall experience that keeps them returning for more.
Your e-commerce website needs tools to decipher and measure all of that data. For example, tools like Google Analytics and Retention.com work together to gather information and measure your efforts.
Retention.Com is a retention marketing solutions provider. We provide technology that helps you measure and track cart abandonment and recovery rates.
You can keep all of your customer data in one place, enabling you to use historical data and learn more about your customers' behavior.
Understanding your customers means that you can build campaigns that speak directly to their needs. It takes the guesswork out.
Retention.com's dashboard integrates with over 50 platforms, and you get real-time reports to assist your retention marketing efforts. Find out more about how we can help and book a demo today.
