How to grow your ecommerce business through advancing customer retention strategies. This is a slidedeck from a 30min keynote presentation in Athens, Greece April 2019.
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Your Retention Please - The Ecommerce Growth Strategy
1. RETENTION PLEASE!h o w t o m o t i v a t e m o r e c u s t o m e r s t o s t a y l o y a l & b u y a g a i n
@irhodes
Ian Rhodes
Founder of Ecommerce Growth Company
Sharing 22 years of Ecommerce insight
2. 1.) Why customer retention is critical
2.) What actions you can take
@irhodes
THIS AFTERNOON’S AGENDA IS PRETTY SIMPLE
4. YOUR CURRENT
CUSTOMERS ARE YOUR
MOST VALUABLE
MARKETING ASSET
don’t just treat them as one long list
of names in a database
5. ?With all your focus on new
customer acquisition are you
shackling profitable sales growth?
@irhodes
6. THE CASE FOR RETENTION
The Value Created
The Ease of Delivery
The Opportunity Gap
7. Retention: Evidence in Data
Country/Region Website
Visitors
One Time
Purchasers
Repeat
Purchasers
France € 1.83 € 5.49 € 11.76
Germany € 2.53 € 6.19 € 10.59
United Kingdom £ 2.13 £ 5.10 £ 11.53
Europe € 1.75 € 5.34 € 11.54
United States $ 2.06 $ 5.22 $ 10.24
Source: Adobe 2012 Study - https://irhod.es/adobe-ret
EXHIBIT A: The value of a website visitor
@irhodes
8. Retention: Evidence in Data
Platform Effective?
Email Marketing 56%
Social Media Marketing 37%
Content Marketing 32%
Referral Marketing 26%
SEO 13%
Paid Search 4%
Source: MarketingCharts.com Study
EXHIBIT B: The Ease of Delivery
@irhodes
9. Retention: Evidence in Data
Growth Strategy % Greater Focus
Customer Acquisition 44%
Customer Retention 18%
Both or No Idea Whatsoever 38%
Source: MarketingCharts.com Study
EXHIBIT C: The Opportunity Gap
@irhodes
10. 3 Myths We Need To Bust
1) Customer retention is only important to established brands
You don’t have time to focus on retention
If we give a good service, customers will come back anyway
@irhodes
11. 3 Myths We Need To Bust
Retention is only important to established brands
2) You don’t have time to focus on customer retention
If we give a good service, customers will come back anyway
@irhodes
3 Myths We Need To Bust
12. 3 Myths We Need To Bust
Retention is only for established brands
You don’t have time to focus on retention
3) If we give a good service, customers will come back anyway
@irhodes
3 Myths We Need To Bust
13. What are you doing to
retain more customers?
@irhodes
20. Product & Category
Marketing Channel
Price Point (AOV vs APF)
+
Recency (How Soon?)
Frequency (How Often?)
Monetary (How Much?)
@irhodes
DIG DOWN INTO CLV
21. Create a post
purchase
experience
Step 2
@irhodes
onboarding new customers & thanking
repeat customers
… this is the impact of email segmentation
*60% of consumers are more likely to repeat-
purchase from a retailer or brand that
communicates with them directly after a sale.
*Narvar.com
23. Recognise
Repeat
Customers
GET PERSONAL
• Thank them for their repeat business
• Send from a ‘real’ human email address
• Remind them you’re there to help
• Introduce your VIP loyalty programme
UNLOCKING THE 2nd & 3rd PURCHASE IS
CRITICAL TO BUILDING LIFETIME VALUE
@irhodes
24. Let people in… open
your doors a little wider
Consider how you introduce new
customers to your entire product range
@irhodes
27. Create workable segments
What did they last buy?
When did they last buy?
How did they last buy? Discount? Full Price?
How much have they spent?
Did they buy as a gift?
What about people that have never bought?
Domestic or International?
Make the shift from the email blast
to the personalised recommendation
@irhodes
[
28. Value Your VIPs
VIP = VERY IMPORTANT PEOPLE
Are they aware that they’re a VIP of your brand?
How do you define a VIP within your own business?
How will you demonstrate their value?
- First access?
- Exclusive offers?
- Tiered discounts?
- Exclusive content?
@irhodes
29. 5 Key Takeaways
ü As sexy as it may be, it’s not all about
acquisition
ü Success in retention impacts your
approach to acquisition
ü Learn the tools and discover the data
ü Create a club - build the best welcome
sequence your customer has ever
encountered
ü Personalise. Personalise. Personalise.
@irhodes