Teleflora + Custora: Using CLV to Drive Sustainable Growth

teleflorawebinar

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.

The Retail Tipping Point

David Stychno creative

Sculpture by Isamu Noguchi

 

Growing retailers often place companies like Amazon on a pedestal, strategizing about the hurdles necessary to overcome and place themselves amongst the upper echelon. But let’s be honest, comparing yourself to the Amazon of today is simply unrealistic – and will likely only frustrate you.

Every company reaches what I like to call a “tipping point.” Some hit it at the $20 million mark, some at the $50 million mark, others much later. This “tipping point” forces a company to evaluate their strategy and make a crucial decision: continue with the status quo, or adapt and dig in to their customer data to move that revenue needle forward. If you are like most growing companies, you are probably leaning more towards the latter, devising a plan to move beyond optimizing one-time transactions and entering the realm of sustainable revenue through retention.

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Relationship Marketing In Custora – New Software Release

“What can we do this month to nurture ‘almost VIP’ shoppers into ‘VIP’ customers?”

 

“What churn prevention tactics do we have in place for our highest value customers?”


“How are we converting our 1x buyer, fashion-focused customers to make a 2nd purchase?”

 

We all know marketing is about building long-lasting relationships with our customers. Yet with all the new marketing technology that has emerged over the past few years, we still find ourselves caught up in the busy short-term needs of manual list pulls and frenzied scrambles to get the daily email out the door. Marketing is busy, and marketing is hard — and there is usually little, if any, time for questions such as the ones above.

 

The new release of Custora is designed to make these types of conversations a reality. Over the past few years, we’ve been fortunate to work with some of the biggest names in retail, large and small, and young and old — and we’ve expanded the software to capture best practices across the board.

 

These include the “playbook” that most successful retail marketing teams follow for formulating and executing marketing strategy:

  • Opportunity sizing and prioritization: what opportunities emerge from the data — and where should the team focus its time and resources
  • Testing and iteration: what ideas and messages are the most effective for reaching different customer segments
  • Automation: how can the best ideas be automated to create a sustainable “retention system” over time?

 

How do teams actually use the new release in practice? Let’s imagine that BigStore USA, an ecommerce retailer, were to log in to the new retention dashboard. They’d see a breakdown of the most important customer-centric Key Performance Indicators (KPIs), tracking the strength of their relationships with customers throughout the lifecycle. (Click here to learn more about these KPIs.) And an opportunity sizing would show them the gains, that they could expect, benchmarked against results from similar retailers.

 

Exploring their data, they might discover that their most significant opportunity involves increasing the purchase rate of customers who are active and engaged with the brand. By navigating to the Retention Marketing Manager, they could then access the full array of triggers available to them to reward and deepen the loyalty of their most valuable customers. They would also discover the opportunity to launch “programs”: recurring campaigns focused on strategic segments of customers, like their VIPs and almost-VIPs.

 

BigStore USA would try a variety of ideas to surprise and delight their VIPs. One month they might try exclusive sneak-peek access to a new shoe collection; the next, they might try a thank-you note from the CEO. And for their “almost VIPs,” they might try rolling out the red carpet with free shipping upgrades and personal shopper consultations.

 

As they experimented with different approaches to loyalty cultivation, they would discover what ideas worked best for each segment — and the retention dashboard would track exactly how much their efforts were moving the needle on the relevant KPI. Over time, they would continue to iterate and automate their best-performing ideas to capture the full opportunity from this segment.

 

We’re excited to have the opportunity to share this new release — stay tuned to learn more about how other retailers are using Custora to power relationship marketing!

Learn from Crocs’ email promotions strategy on our upcoming webinar

We’ll be joined by Crocs’ Kelsey Vendetti who runs their email program and will be talking us through their e-commerce team’s promotional strategy. You’ll hear a step-by-step rundown of their different promotional email programs, from the planning stage all the way through to the results data for a few recent campaigns.

Crocs’ marketing team offers promotions several times per month to their customers, yet recognizes the importance of targeting these promotions to those customers who need the extra push towards purchase, and varying these promotions to keep customers interested.

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The fastest-growing fashion retailers: Diving into the report [Webinar Invitation]

We’re excited to host a webinar together with Tim Grace, VP eCommerce at The Tie Bar. Tim will share advice, insights, and stories from the front lines about building and growing a successful e-commerce brand.

In a live conversation with yours truly, Tim will discuss real-life e-commerce case studies, and retailer benchmarks from Custora’s latest report: The Custora E-Commerce Pulse High-Growth Fashion Index.

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