“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!