Acquire, Grow & Retain Customers, Fast
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Sailthru did a study this past quarter of consumers across the US, the UK, and Western Europe to identify the drivers of brand loyalty for retailers and media publishers and opportunities for marketers to inspire loyalty, and we’re here to share some of the results from that study for the first time.
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Acquire, Grow & Retain Customers, Fast
- 1. Acquire, Grow & Retain Customers, Fast
- 2. @eporres
- 3. What % of consumers say that retail and media brands don’t mean anything to them? 0-20% 21-40% 41-60% 61-80% 81- 100%
- 4. Fewer than 6% of consumers say that “brands don’t mean anything to them.” Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 5. Loyalty is a Two-Way Street of brand loyalists say they want the brand to acknowledge their participation in loyalty programs.40% Source: Sailthru Q3 Consumer Loyalty Study, n=1,005 For publishers, loyalty can’t be bought Less than a quarter of consumers (23%) say their loyalty to media publishers would be improved by changes in prices or discounts, and just as many said they best way to encourage their loyalty was to improve content.
- 6. Are there any media outlets, publishers, or brands you consider yourself loyal to? If so, please list up to three. Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 7. US, Canada, Western Europe Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 8. US Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 9. Three out of four retail brand loyalists (76%) have interacted with a favorite brand in some way that could have been personalized over the past 12 months Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 10. Loyalists Interact Digitally 7% 8% 12% 17% 22% 22% 22% 23% 24% 26% 51% 61% Enabled push notifications from the mobile app Signed up for/received Text (SMS) Messages or alerts Interacted with their official social media accounts Downloaded or used a mobile app Received direct (physical) mail Received/downloaded a digital coupon/code Signed up for/participated in loyalty program Received a physical coupon Received an online message Signed up for or received an e-mail newsletter Visited a physical store location Visited their website Loyalist Brand Interactions, past 12 months Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 11. Almost every interaction with a media publisher can be can be personalized in some way for the reader Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 12. Loyalists Interact Digitally 10% 11% 15% 16% 18% 21% 21% 35% 66% 70% Signed up for/participated in a loyalty program Signed up for/received Text Messages/Alerts Received physical mail Enabled push notifications from a mobile app Received an online message Interacted with official social media accounts Signed up for email newsletter Downloaded/used mobile app Visited the website Read/watched/listented to content Loyalist Brand Interactions, past 12 months Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 13. We open 49% of all emails on our mobile devices Source: Sailthru Open Rate Benchmarks, 2015 - 2016 12% Tablet29% PC 10% Other
- 14. “My Tesla read my emails for me while running autonomously.”
- 16. Loyalty, Retention and Personalization of retail brand loyalists say they only want to be shown products or services that are relevant to them.31% of those retail brand loyalists want their purchase history to be used to tailor messaging content for them.41% of those retail brand loyalists want to be addressed by name. 34% of those retail brand loyalists want those brands to acknowledge something specific about them, such as their hobbies and interests20% Source: Sailthru Q3 Consumer Loyalty Study, n=1,005
- 19. How to personalize Improve Make a decision Learn Customer Preferences v
- 20. Method: Attribute-Based Personalization Attribute-based systems look at attributes assigned to a given item. When a person shows interest in or purchases that item, these systems find other items with similar attributes to recommend to that customer. Generally, attribute-based recommendation systems are Product- based.
- 21. Method: Collaborative Filtering Collaborative filtering systems use data from multiple customers to fill in “gaps” in a person’s profile, identifying things they might like based on their similarities to other customers. Contextual: similarities based on what the person is doing or looking at right now Historic: similarities based on what the person has done throughout his or her lifetime
- 22. Method: Model-Based Collaborative Filtering Applies machine-learning to the product and person datasets and uses statistical techniques to predict the probability of a customer acting on a given recommendation (or set of recommendations) using the entire dataset. Model-based approaches are both product- and user-based (A person like X is most likely to respond to products A, B, and C)
- 23. Examples of Each Attribute-Based Collaborative Filtering “Because you watched…” “People who bought this also bought…” Model-Based Collaborative Filtering Discover Weekly “Top picks for you…”
- 24. Why Personalize?
- 25. Consider the alternative: Disengagement!
- 26. Personalized communications reduce opt-outs by 45% Source: Sailthru Customer Benchmarks, 2015 - 2016
- 27. Personalized messaging performs 27% better than generic messaging Source: Sailthru Customer Benchmarks, 2015 - 2016
- 28. Personalization Drives Higher Engagement Source: Sailthru Customer Benchmarks, 2015 - 2016 No Personalization Personalized Interaction Rates with Emails, Non-Personalized vs. Personalized +27%
- 29. The Real Cost of Not Personalizing Content Sent by media publishers between October 2015 and September 2016 28 Billion Emails 5.3 Billion Opens 211 Million Lost Interactions 6.5 Billion additional lost page views Source: Sailthru Customer Benchmarks, 2015 - 2016
- 30. Loyalty matters more than ever Loyalists interact digitally more than ever Those interactions can be personalized Personalization methods vary; choose wisely (Person)alization drives real results
- 31. “And don’t forget about mobile.”
- 32. IGNITI ON
- 33. By 2020, 50% of all brand interactions will be personalized
- 34. www.sailthru.com sales@sailthru.com 817.812.8689 @sailthru NYC HQ 160 Varick St., 12th Floor New York, NY 10013 San Francisco 360 Clementina Street San Francisco, CA 94103 Los Angeles WeWork LaBrea 925 N. LaBrea Ave Los Angeles, CA 90038 London 6 Ramillies Street 2nd Floor, London W1F 7TY, Wellington 31 Dixon Street Level 2, Wellington 6011, New Zealand Pittsburgh 100 South Commons Pittsburgh, PA 15212 Thank You @eporres
Editor's Notes
- We did a study this past quarter of consumers across the US, the UK, and Western Europe to identify the drivers of brand loyalty for retailers and media publishers and opportunities for marketers to inspire loyalty, and we’re here to share some of the results from that study for the first time. We asked them how they'd describe their loyalty to brands with response options like: very loyal generally loyal sometimes loyal not at all brands don't mean anything to me Because you’re all consumers in the room [click]
- 3% for retail 8% for media These two categories are important to this room because they represent real-world sandboxes of human behavior – the nature of media consumption and purchasing behavior – something humans do every day. By studying these behaviors, we can learn from and influence strategies across the entire B2C (and a healthy part of the B2B) landscape.
- I had this experience last week with a order problem with Amazon. "Thank you for being a Prime customer" – in chat, as well as on the phone
- And yet Facebook would say that it’s “Not a media company?” The results here are as much about survey design as they are about the logos on screen. Remember, this was an open-ended question on loyalty.
- This chart also affirms the importance of thinking in a multi-channel way - can't just look for just one engagement signal. Melody / Symphony metaphor - need to see the notes and the chords Any smart marketer can figure out retention tactics, but retention does not breed loyalty. Bed Bath and Beyond is great example - I shop there because I never don't have a 20% off coupon, but I am not loyal to them. If I got same coupon for Williams Sonoma, I'd go there.
- So Sailthru sends a lot of email (one of our many talents). In fact, we’re the largest sender of personalized email on the planet. 1.6 Billion profiles under management. By the time this presentation is done, during a peak holiday period, we’ll have sent 5.7 million emails. And so we understand a lot about human behavior, because humans are at the receiving end of email, and at least half of them hold onto a single email address for 10 or more years, which is even longer than the life of a cell phone number! Here’s what we know: [click]
- Eve – Tesla’s ’KITT’
- Definitely an improvement for Geoff over this ride. And while we’re not suggesting responsive design for camels, or even Teslas, the proof is incontrovertible that we’re communicating in a mobile first world, and so everyone in this audience need to consider their mobile communications strategies for 2017.
- Loyalists - your BEST CUSTOMERS. Earlier this year we conducted a study with senior executives from retail and media companies worldwide and found that those who invested in retention significantly increased market share 180% more than those who focus on acquiring new customers Not to mention Bain’s study from a few years ago which shows that it costs 6x more to acquire a new customer than it does to retain them. So let’s focus on these gems, these loyalists. [click] Relevancy Name Purchase History Hobbies Interests
- % of room ever eaten at Per Se? Or one of Zagat’s top 10 restaurants in NYC? Or Open Table? How many of you have ordered “the red” from the list? Well you’re lying because none of those restaurants have just a ‘red’ – the very best ones want to learn something about you first. Manfred Krankl and his wife Elaine started Sine Qua Non back in 1994 (cult wine, Rhone varietal) Red White
- Use customer data to learn about customers – Implicit & Explicit data - the best customer data doesn't come from the user profile they self-select... - time of day – - price point, etc.? Make a decision about what content or product to recommend to a person Personalized Send Time – How many people here send emails to their customers at exactly the same time of day? 3. Monitor customer response and use that to inform future recommendations Create a learning flywheel PLEDGE VS. DONATION – WHAT THEY DO
- Collaborative filtering can be user-based (“people like you bought X”) or item-based (“people who also bought this item bought X”).
- LinkedIn employs several different recommendation engine techniques. "Companies you may want to follow" uses a mix of content-matching (attribute-based) and collaborative filtering, ditto for "Jobs you may be interested in," where the engine needs to match information about the job to information about you in your profile, while also looking at how similar people responded or expressed interest to similar postings.
- A customer came to us with an engagement problem ... we looked at their engagement history over a year, and here's what we found (re: fish chart)
- So imagine if you have 2x the number of customers you could speak with in any given year.
- (on average), a single interaction in an email (click) can result in as many as 31 additional page views for a publisher 6.5 - Generated by readers post-click
- In short, retention doesn't necessarily breed loyalty but loyalty DOES breed retention