As part of our Webinarch Madness series, we hosted a webinar with Professor Eric Schwartz of University of Michigan’s Ross School of Business. His research focus is on predicting customer behavior, understanding its drivers, and examining how companies can actively manage their customer relationships with marketing.
In the webinar, Professor Schwartz shares how the latest research from academia is affecting customer lifetime value and multivariate testing in the retail context. This is a must-watch for those interested in the future of customer marketing.
Fill out the form below to get the recording.
For the retail industry, the holiday season can be a blessing and a curse. Generally, the season is seen as critical for a business – upwards of 630 billion dollars are spent during the holidays, and the two month span we refer to as “the holiday season” brings in 43% of a retailer’s new customers for the year on average. However, with this onslaught of new customers comes a challenge: the Customer Lifetime Value (CLV) of shoppers acquired during the holidays is 15% lower than other times of the year.
With so many customers new to your brand and increased spend from existing customers, the holiday season is a crucial time to solidify relationships with your customers to turn them into repeat shoppers.
In our recent webinar, we discussed three advanced segmentation techniques you can use to improve your messaging this holiday season. You can watch the full video below.
Just as the 1960s were called the age of distribution, and the 1990s labeled the age of information, the 2010s have been dubbed “the age of the customer.” In this age, companies are reinventing themselves to better understand and serve customers who are becoming increasingly powerful.
As a side effect of the age of the customer, companies have been gathering massive amounts of data. While this data can take many forms (e.g. social, behavioral, mobile, sensor) and can differ from company to company, most of this new data has at least one thing in common: it’s not being used.
We work with smart people at some of the best companies in the world every day to tackle this challenge, but we can never pass on an opportunity to open the conversation to others. In that vein, we invited customer insights expert, Brandon Purcell from Forrester, to be a guest presenter at our webinar on the use of analytics to better leverage customer data.
We covered a wide range of topics with Brandon from fancy french restaurants, to Star Wars, and even Google Glass, but the biggest takeaway was these three steps to start using your customer data more effectively. (you can watch the full conversation below)
Spring may be just around the corner, but there’s still plenty to be said about what happened this winter. Earlier this year, we published the 2015 Holidata Recap Report, examining the major trends of the 2015 holiday shopping season. In addition, we brought together the e-commerce community for a webinar to recap the season and discuss how holiday trends will impact their 2016 marketing plans.
You can watch the full webinar below, but here are three of the most surprising trends from this holiday season.
1) Cyber Monday is becoming Cyber Week
Historically, our advice has been to think of the holiday shopping season as a marathon, not a sprint. While that still rings true, this year there were some miles that were more important than others.
In 2015, the top seven shopping days of the holiday season all fell in one week – what we’ll refer to as “Cyber Week.” (This week is comprised of the dates between 11/24-11/30).
This year marked the tenth anniversary of Cyber Monday. In those ten years, Cyber Monday has become synonymous with the best sales, inventory, and shipping options that the internet has to offer. To leverage that reputation, retailers have been stepping up their offerings for the week leading up to Cyber Monday as well. Shoppers who are serious about getting a good deal now flock to Cyber Week for their holiday shopping needs.
Bonobos has a reputation for delivering an excellent customer experience; whether it’s putting the entire staff on customer service duty on Cyber Monday, providing one-to-one shopping experiences in their guideshops, or cleverly segmenting their email campaigns, one thing’s for sure – when it comes to understanding their customers, Bonobos doesn’t monkey around (get it?).
To help spread some of that customer-centric love, we paired with Elizabeth Trongone Layne, Marketing Director at Bonobos (a Custora customer), for our most recent webinar on e-commerce holiday marketing. Read on for some of the tips she shared for putting your customers at the center of your holiday marketing plan.