Using Benchmark Data to Improve Performance
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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 Data to Improve Performance Webinar Series: Acquiring & Retaining High Value Ecommerce Customers Anita Andrews, RJMetrics + Morgan Jacobson, HubSpot
- 2. #INSERTHASHTAG+ #ECOMMLTV @INBOUNDECOMM Head of Ecommerce Sales MORGAN JACOBSON
- 3. #INSERTHASHTAG+ #ECOMMLTV @AGARIMELLA VP, Customer Success ANITA GARIMELLA ANDREWS
- 4. #INSERTHASHTAG+ #ECOMMLTV AGENDA 1 Customer Acquisition 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 CUSTOMER ACQUISITION
- 7. #INSERTHASHTAG+ #ECOMMLTV What is “Top-Performing”?
- 8. #INSERTHASHTAG+ #ECOMMLTV Top Performers Acquire Customers Faster
- 9. #INSERTHASHTAG+ #ECOMMLTV Top Performers Acquire Customers Faster
- 10. #INSERTHASHTAG+ #ECOMMLTV Best Practices for Acquiring More Customers • Conversion Opportunities Before the Checkout • Segment and Personalize Your Interactions • Nurture Abandoned Carts
- 11. #INSERTHASHTAG+ #ECOMMLTV 99% of first-time visitors will NOT make a purchase.
- 12. #INSERTHASHTAG+ #ECOMMLTV You need to capture their information.
- 15. #INSERTHASHTAG+ #ECOMMLTV Go beyond the coupon code.
- 16. #INSERTHASHTAG+ #ECOMMLTV What Kinds of Content? • Newsletters • Blog Subscriptions • How it Works • Beginners Guides • Buying Guides • Style Guides • Recipe Guides
- 22. #INSERTHASHTAG+ #ECOMMLTV 60% of ecommerce marketers don’t know their abandoned cart rate.
- 23. #INSERTHASHTAG+ #ECOMMLTV Abandoned Cart Nurturing
- 24. #INSERTHASHTAG+ #ECOMMLTV Abandoned Cart Nurturing
- 25. #INSERTHASHTAG+ #ECOMMLTV Abandoned Cart Nurturing
- 26. #INSERTHASHTAG+ #ECOMMLTV Abandoned Cart Nurturing + Upsell/Cross Sell
- 27. #INSERTHASHTAG+ #ECOMMLTV 2 CUSTOMER RETENTION
- 28. #INSERTHASHTAG+ #ECOMMLTV Number of Orders
- 29. #INSERTHASHTAG+ #ECOMMLTV Top Companies Keep Customers Coming Back
- 30. #INSERTHASHTAG+ #ECOMMLTV 68% of customers will never purchase a second time.
- 32. #INSERTHASHTAG+ #ECOMMLTV Customer Retention Best Practices • Reorder Marketing • Subscription Options • Re-engagement Campaigns
- 36. #INSERTHASHTAG+ #ECOMMLTV 3 AVERAGE ORDER VALUE
- 37. #INSERTHASHTAG+ #ECOMMLTV Increase Average Order Value
- 38. #INSERTHASHTAG+ #ECOMMLTV Strategies to Increase Average Order Value • Onsite Personalization and Segmentation • Product Page Recommendations • Upsell and Cross Sell
- 39. #INSERTHASHTAG+ #ECOMMLTV Onsite Personalization and Segmentation
- 42. #INSERTHASHTAG+ #ECOMMLTV Product Page Personalization
- 43. #INSERTHASHTAG+ #ECOMMLTV Upsell and Cross Sell
- 44. #INSERTHASHTAG+ #ECOMMLTV 4 CUSTOMER LIFETIME VALUE: QUALITY VS. QUANTITY
- 46. #INSERTHASHTAG+ #ECOMMLTV Acquire Better Customers: AOV + Retention
- 48. #INSERTHASHTAG+ #ECOMMLTV YOUR BEST CUSTOMERS ARE SIGNIFICANTLY BETTER THAN YOUR AVERAGE CUSTOMERS.
- 49. #INSERTHASHTAG+ #ECOMMLTV The top 10% of customers is worth 6x more than the average customer.
- 50. #INSERTHASHTAG+ #ECOMMLTV Best Practices to Increase the CLV of Your Best Customers 1 Identify Key Customers 2 Target with Perks and Promotions
- 51. #INSERTHASHTAG+ #ECOMMLTV WHAT KIND OF CUSTOMERS DO YOU WANT?
- 52. #INSERTHASHTAG+ #ECOMMLTV Buyer Personas to Shape Your Strategy • Demographic and behavioral information • What types of content or experiences attract them • What types of messaging and channels influence their behaviors
- 54. #INSERTHASHTAG+ #ECOMMLTV Ways to Identify High Value Customers • Amount of Revenue • Order Frequency (Monthly, Yearly) • Product Categories • Email and Social Media Engagement
- 55. #INSERTHASHTAG+ #ECOMMLTV Perks and Promotions • Early Access to Products and Sales • Exclusive First Looks • Free shipping Over a Certain Value • Free Samples or Gifts
- 56. #INSERTHASHTAG+ #ECOMMLTV Early Access to Products and Sales
- 58. #INSERTHASHTAG+ #ECOMMLTV Free Shipping Over a Certain Order Value
- 59. #INSERTHASHTAG+ #ECOMMLTV Free Samples or Gifts
- 60. #INSERTHASHTAG+ #ECOMMLTV Loyalty and Rewards 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 HOLIDAY CUSTOMERS
- 62. #INSERTHASHTAG+ #ECOMMLTV Holiday Shoppers Are Different
- 64. #INSERTHASHTAG+ #ECOMMLTV Best Time to Remarket: Same Holiday Season
- 65. #INSERTHASHTAG+ #ECOMMLTV Making the Most of Holiday Shoppers • Upsell and Cross Sell • Post-Holiday Promotions • Nurturing Campaigns • Targeted Re-engagement Campaigns
- 66. #INSERTHASHTAG+ #ECOMMLTV Upsell and Cross Sell with Gift Guides
- 68. #INSERTHASHTAG+ #ECOMMLTV Nurture Into Another Purchase
- 69. #INSERTHASHTAG+ #ECOMMLTV Targeted Re-Engagement Campaigns
- 71. #INSERTHASHTAG+ #ECOMMLTV How to Join 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 to Market 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 have a 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