Identifying Hidden Customer Segments That Drive Revenue
•Als PPTX, PDF herunterladen•
0 gefällt mir•323 views
Finding new growth opportunities with existing customers is crucial to the success of any business. This webinar will discuss how online retailers can increase their bottom line by identifying, strategizing, and engaging with hidden customer segments, like the Gifter. We'll consult with you step-by-step on how your business can identify these segments through mining various data systems and how to get started on your marketing campaign.
Empfohlen
Empfohlen
Weitere ähnliche Inhalte
Mehr von Oro Inc.
Mehr von Oro Inc. (18)
Kürzlich hochgeladen
Kürzlich hochgeladen (20)
Identifying Hidden Customer Segments That Drive Revenue
- 1. Identifying Hidden Customer Segments That Drive Revenue Presented By: +
- 2. WEBINAR SPEAKERS Thom O’Leary Alex Goldman President, FIXER Group Consulting Project Manager, Oro, Inc. Thom O’Leary of Fixer Group Consulting advises successful online stores to help them double their revenue year over year. He helps successful online stores that are outgrowing their current tools find the right e-commerce platform. www.fixergroup.com Alex Goldman is a Project Manager and Solutions Engineer at Oro Inc. where he has scoped and implemented dozens of OroCRM and OroCommerce applications. www.oroinc.com
- 3. AGENDA IDENTIFYING SHOPPER SEGMENTS IDENTIFYING RECIPIENTS DRIVING SALES Q & A GIFTING OCCASIONS ORO’S PHILOSOPHY DEMO OF OROCRM
- 5. Importance Varies by Products: Valentine’s Day, Mother’s/Father’s Day, Christmas TYPICAL HOLIDAY GIFT OCCASIONS Recurring: Birthdays, Anniversaries, Work Anniversaries ANNUAL PERSONAL GIFT OCCASIONS Some Seasonal, Some Unpredictable: PERSONAL EVENT GIFT OCCASIONS Graduations, Babies, Weddings, Thank You Gifts GIFTING OCCASIONS
- 7. IDENTIFYING SHOPPER SEGMENTS: GIFT GIVERS It’s not always obvious: Look for hard evidence & subtle clues THINK LIKE AN INVESTIGATOR Definite Gift Givers: Gift card senders, gift notes, gift wrap/box, personalization, asked for gift help COLLECT THE EVIDENCE Possible Gift Givers: PIECE TOGETHER THE CLUES Gender-specific gifts, different sizes, different addresses
- 9. IDENTIFYING RECIPIENTS Identify and Modify: Learn the buying and product patterns of your gift givers, then encourage higher ROI items LTV and AOV of GIFT GIVERS Examine Gift Messages: Export and review most commonly used gift messages WHO IS THE LUCKY RECIPIENT? Mother or Mom?: WORDING MATTERS Phrasing can tell you a lot about your customers and how to speak to them
- 10. DRIVING SALES
- 11. DRIVING SALES Create email segments and social audiences Target these segments around known holidays Substitute missing info with info you do have Tune your CRM to track customer occasions Use follow-up messages for momentum of goodwill Create physical mailer segments 1 2 3 4 5 6 Include something in the package for the giver, too Gather gift-specific testimonials and UGC 7 8
- 13. ORO’S PHILOSOPHY
- 15. The Oro Team Yoav Kutner CEO Jary Carter CRO Dima Soroka CTO Michael Bessolov VP, Engineering Motti Danino COO Roy Rubin Advisor
- 17. DEMO OF OROCRM
- 18. Some of Our Customers
- 20. RECAP IDENTIFYING SHOPPER SEGMENTS IDENTIFYING RECIPIENTS DRIVING SALES GIFTING OCCASIONS THE RIGHT TOOL FOR THE TASK
- 21. QUESTIONS? Be sure to download our actionable PDF guide in the handouts section after today’s session
Hinweis der Redaktion
- General introduction
- Intro to speakers
- Overview of what will be covered: Four main components to increasing the sale of gifts: The Occasion, The Giver, The Recipient, and the Perfect Gift Then we will explore ORO’s unique approach to discovering these hidden segments, and show you just how easy it is to do when you have access to the right too.
- While there are many different kinds of hidden segments of customers, gift-givers make a GREAT example. To identify them requires some detective work and connecting dots, and that approach can be easily applied to other hidden segments like “birthday money” shoppers, “tax refund” shoppers, “end of budget year” shoppers, “complete-ist” shoppers and die-hard fans.
- Regardless of what type of hidden customer segment you are seeking, a good place is to start by asking, “when?” Finding gift-givers is a great example since the “when” is around holidays, either public or private. But whatever kind of segment you are looking for, “when” they make a purchase is a good place to start. While major holidays drive significant e-commerce sales, there are personal holidays happening every single day. Birthdays, anniversaries, graduations and gifts of gratitude abound, but it can be a lot harder to market to personal gift givers when there aren’t (literally) retail seasons named after their celebrations. For a marketing segment that includes - basically - everyone, niche-ing down to actionable segments to target can be a challenge. There are some tried and tested techniques that e-comm managers can use to identify and engage with gift-givers all year long, and stay on the top of their minds for every gift-worthy occasion. And the same techniques used to identify personal gift and event occasions can be applied to finding other significant dates triggering sales from your customers.
- The first step to engaging with a particular group is being able to identify them with a repeatable, consistent methodology. Continuing to use gift-givers as our example, we’re going to review how to create a methodology that works repeatedly. You can modify the parameters to match what you are looking for specifically. This can be as simple as tagging them based on what they have purchased (like a gift card), but digging a few steps deeper can yield a much richer set of customers to add to your segment. Here are some tips to help you identify gift givers from your e-commerce store's customer base.
- THINK LIKE AN INVESTIGATOR: While your customers are probably not trying to hide evidence that they are making a purchase from your store, it may not be immediately apparent. As you are compiling your list/segment of gift-giving customers, sometimes you'll find hard evidence, and other times just clues. Don’t consider the lack of “hard evidence” to indicate that a person does not belong in your segment. It is, however, useful to lay out the distinction between evidence and clues so that you can weight your information appropriately. EVIDENCE: Some examples of evidence that a customer is a gift-giver. You can definitely include these people in your gift-giver segment. Customers who... ...sent a gift certificate/card to someone (not to themselves) ...included a gift note with their order ...selected gift wrapping at checkout, or a gift box ...chose personalization or engraving with initials other than their own initials ...have called or emailed your customer service team looking for gift advice or assistance PIECE TOGETHER THE CLUES: Some examples of clues that a customer is a gift-giver. You can probably include these people in your gift-giver segment:: If your store only sells women's jewelry, there's a strong chance that most of your male shoppers are purchasing gifts. If you have a customer who has bought items in vastly different sizes, they are likely not shopping for themselves. (If they bought a Small and Medium, they may just be checking for size.) If shipping and billing addresses are different, especially interstate. (This could also be fraud, so be sure to filter out any fraudulent orders.) These are just a few indicators that a customer is making a purchase to give a gift. Your particular store and industry could have many more datapoints under either the evidence or clue categories.
- It's easy to get lost in the data, so keep in mind that in broad strokes identifying shoppers AND identifying recipients is important. Continuing with the example of gift givers and gift receivers, you want to identify gift-givers so that you can send them specific messaging encouraging them to give gifts from your online store. If you're a little off in your targeting, well, everyone gives gifts from time to time so it's not the end of the world. Make the most of the data you have and move on to the next step in your gift-giving marketing campaign. In the mass market, gift-giving follows trends. Sometimes they are macro trends (like Cabbage Patch Dolls or Wii game consoles), and sometimes they are micro-trends. Many of these gift-giving trends emerge subconsciously - or more accurately - from examination, not necessarily from purposefully steering people toward specific items. When it comes to spending marketing dollars, riding a trend can be more efficient than trying to initiate your own trend, so here are some questions to answer once you have segmented your gift-giving group, so that you can match your products with what their intended recipient actually wants:
- LTV and AOV: What LTV (lifetime value) and AOV (average order value) behavior do your gift-givers exhibit? How do they stack up against your overall customers? If your brand is strong on repeat purchases, your gift-giving segment may buck that trend. If your brand encourages a high AOV for each transaction, do your gift-giving customers exceed that standard or fall short? These questions can help you identify what kind of gifts they have been giving, and adjust your marketing/positioning to move these customers where you want them to be. WHO IS THE LUCKY RECIPIENT?: Another tactical technique to gather intel on your gift-givers is to pull an export of all gift messages and run an analysis for the most recurring words. This doesn't need to be super scientific - just run them through a word cloud app (there are plenty of free ones). If you see repetitions of words like Birthday, Anniversary, Mom, you can begin to make inferences about your gifters and direct messaging to ride the trend of their typical behavior. WORDING MATTERS: Likewise, if the phrasing in your gift messages is "Mother" vs. “Mom,” or “30th” (as in birthday or anniversary) recurs often, those word choices can tell you a lot about your typical gift recipients. This is pure marketing intel, and can inform your messaging and targeting in significant ways. This is CRITICAL to getting your messaging right. Whether you are going after gifters or not, the way you frame out your messaging can make the difference between a sale and a pass. A gift giver may have very little knowledge of what they are buying, but just know that their recipient is “into XYZ.” You need to help connect those dots. The kind of gifts being given to each category of person or category of event can vary greatly, so tapping into your current customer trends is a powerful - and efficient - way to extend your capability to address the needs of your gift-giving customers and other hidden segments.
- OK, THIS IS NEAT BUT HOW DO I USE THIS INFORMATION TO GENERATE REVENUE?: While every ecomm and marketing manager has their own protocol for turning actionable information into action (ideally profitable action), here are some specific techniques that have proven successful in converting gift-givers into repeat gift-givers (with above-average AOV and ROI).
- Since we’re really getting into specifics, there is a lot of information here. Since you signed up for the webinar, you’ll receive a link after the session to download a cheat-sheet about how to do what we are discussing today. 1) Create a segment of known or suspected gift-givers (or whatever hidden segment you are targeting) in as many channels as you can. This should absolutely include email marketing, but can be extended to social media, PPC, offline engagement (like postcards) and retargeting/remarketing. 2) Target these segments with specific messaging around known holidays or the other “when” events we identified at the beginning. If they had a previous good experience giving a birthday/anniversary/graduation/etc. gift, your brand is already a known entity in their experience, so you have an advantage over the competition. Like everyone else, gift-givers are looking for solutions and great gifts, so capitalize on the momentum of their past, positive experiences with your brand. 3) If a customer meets your criteria to be segmented as a likely gift-giver but you don’t specifically know what personal holiday/event they have made a purchase for, you can always target them with an “anniversary of your first/last purchase” message. Consider this a “[insert your store name]” Anniversary, and consider sending your yearly follow-up email one week earlier than their past purchase. Chances are that their gifting event is a yearly recurrence. 4) If you use a CRM system, mark relevant dates/months as they are revealed on the customer records. Be careful not to cross the creepy line where it seems like you are stalking a customer, but be attentive to their needs and cognizant of their purchase patterns. Ideally, this information can be filtered back to your ecommerce system in an actionable way e.g. email segmentation, but CS agents are often the front line in customer relations, and this intel can be a rapport-builder. 5) Most online retail stores have automated follow-on messages to encourage feedback, product reviews, sharing, etc. Follow up with people you know are giving gifts shortly after the gift arrived with two purposes in mind: a) receive honest feedback on the item/experience and b) secure an additional sale from the gift-giver. Haven't you ever purchased a gift for someone and liked it yourself? Capitalize on that momentum of goodwill about both the experience and the item. 6) Some online stores send physical mailers (postcards, catalogs, letters), and many do not. Segment your known gift-givers into a physical mailer list and test their response to a seasonal message delivered into their physical mailbox. 7) Sub-segment: If a gift-giver includes a gift message or gift wrap in their order, but their billing/shipping addresses match, try including a postcard or a note for the gift-giver with a deal just for them or even a simple goodwill message. This personal touch of detail can engage them as a loyal customer for repeat purchases. 8) When appropriate, solicit testimonials specifically about how great a gift your products are and use these testimonials seasonally. This idea can dovetail with your standard reviews practice, or the information can be extracted/tagged from your standard reviews, but the underlying concept is to promote the right review messaging at the appropriate times to express the positive experience of other gift-givers. This can also take the form of UGC. Promote gift-centric UGC (user generated content) such as unboxings, gift photos/videos, etc. A promotional technique like this may not be as compelling if you sell clock parts or oil filters, but you probably didn't read this far into this article if that is the type of products your company sells anyway! AND REMEMBER…
- EVERYONE GIVES GIFTS! Even if you can't positively ID someone as a gift-giver, making your site friendly to people in this mindset is powerful. If you sell auto parts, find your “never fail” segment… it could be for a consumable like wiper blades. Everyone needs wiper blades eventually. If you sell food delivery, everyone has special occasion meals. If you sell electronics, everyone thinks about an upgrade when a new model comes out. In other words, identifying hidden segments does not need to be an exact science as long as your messaging resonates. Have your recommendation engine showing popular items or suggested pairings (particularly around traditional gifting holidays). Seasoned gift givers – and most people in general - need suggestions for “what is hot” and wary gift givers need reassurance that they are making gift decisions that will be well-received. This is where content marketing can really help connect the dots.
- So to recap: Start with “when” to identify fruitful hidden customer segments, be open to all types of gifting occasions and make sure your site is friendly to those occasions Identify gift givers and other relevant segments in your customer base, and develop a protocol to identify and encourage the behavior in the future Keep in mind who the recipients of purchases will likely be, and let that inform your wording, positioning and the items you promote as being giftable While it can be neat to crunch all this data, acting upon it in concrete ways is what will convert it from information into revenue. It’s easier to be right than wrong as long as you approach it with an experimental mindset By merging both qualitative and quantitative means you can identify and engage gift-giving customers all year long and become one of their go-to places to shop when looking for gifts. Think of your own gift giving behavior, start small and begin engaging this segment in your marketing automation and marketing calendars. Gift-givers are a lucrative, hidden segment who can be addressed with good targeting and smart data management. Extend the dynamics you experience in the gift-giving season to other times of year, and don’t neglect “personal holiday” shoppers in your overall messaging plans.
- We would like to open it up for questions now, and if you are tight on time you can download an action guide which will be linked from an email we will send at the conclusion of this presentation.