Facebook has become one of the most effective advertising channels thanks to the amount of data it has on its users. This data allows for a wide array of targeting methods for advertisers. On one hand, the variety of options can be a blessing since it allows Facebook marketers to get more granular with targeting than they can anywhere else. For marketers who know exactly who they want to target, this is great.
On the other hand, the large number of options can also be a curse, since it’s very easy to waste ad spend testing various targeting combinations in an attempt to arrive at the best-performing audience segments.
At Custora we are big believers in the power of continuous testing and optimization. But we’ll let you in on a secret that we have found through our work with some of the largest and most sophisticated retailers in the world. Combining predictive customer lifetime value with Facebook Lookalike Audience targeting consistently delivers 5 to 10x improvements in Facebook advertising performance.
We recently hosted a webinar with Tommy Lamb, Teleflora’s Director of Loyalty and Retention. Tommy, who has previously held positions at Dermstore, Lucky Brand, and BCBG, walked us through the ways his team is leveraging customer data to drive sustainable growth. Check out the full video below.
Custora’s CEO, Corey Pierson, kicked off the webinar by discussing why customer-centric metrics such as customer lifetime value (CLV) are essential indicators of the health of retailers’ customer databases, and why customer retention is becoming more important than ever.
Tommy then shared four case studies—churn prevention, VIP programs, and two cases of advanced segmentation. In each, he used Custora’s predictive algorithms to select the best audiences at key moments in the customer lifecycle. He explained how he determined which opportunities to pursue, how he began testing offers and creatives, and how he used holdout groups to measure the success of each campaign.
Fill out the form below to get the recording.
Tim Grace, VP eCommerce at The Tie Bar, talks about using data and optimizing online marketing to grow a successful e-commerce brand.
We recently published The Custora E-Commerce Pulse High-Growth Fashion Index: A new report analyzing 20+ fashion and lifestyle retailers that grew their online revenue and transactions the most in 2014. Our goal was to understand what makes these high performance retailers different from everyone else, resulting in a growth rate that is almost double the industry average. Some of the findings are straight-forward — e.g. using data effectively is a must — while others are more surprising: e.g. for the best retailers, 27% of new customers make a second purchase within 60 days of their first purchase. You can download the full report here.
Recently, we hosted a webinar with one of the brands featured in the report. Tim Grace, VP eCommerce at The Tie Bar, went “on the record” and shared advice and tips on building and growing a successful e-commerce brand.
Below are highlights from the interview, lightly edited for brevity and clarity. You can listen to the entire interview or get the accompanying deck (PDF) below.
One of the things I like the most about my job at Custora is building our research platform, The Custora E-Commerce Pulse. I get to work with dozens of e-commerce retailers, geek out over their data, and interview the best & brightest minds in e-commerce and digital marketing (by the way, if this sounds like your idea of fun, we’re hiring).
Introducing The Custora E-Commerce Pulse High-Growth Fashion Index: A new research report analyzing 20+ fashion and lifestyle retailers that grew their online revenue and transactions the most in 2014.
We’re trying to transition into a type of marketing that produces customers who are going to be more loyal, instead of optimizing for the initial sale. — Tim Grace, VP eCommerce, The Tie Bar
US e-commerce is growing fast, with revenue up 14.9% in 2014 according to the The Custora E-Commerce Pulse — a free online dashboard tracking online transactions from over 100 US retailers, 500 million shoppers, and over $80 billion in transaction revenue.
However, this average growth figure masks that some online retailers are growing much, much faster. For this report, we analyzed some of the fastest-growing online fashion, accessories, and lifestyle retailers based in North America. Our goal was to understand what makes these high performance retailers different from everyone else, resulting in a growth rate that is almost double the overall average.
We have to create an experience where customers want to tell us more about themselves. — John Tucker, VP of Member Experience, Trunk Club