Top Retail News & Fun Fact Friday – How To Re-engage 1500+ of Your Customers

May, 26 2016

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"AgilOne's Clients Reengaged on Avg. 1500+ customers through Churn Prevention and Reactivation Campaigns"     .    

Terms Defined:

Churn Prevention

is a campaign that attempts to save clients who are at risk of lapsing by targeting them with an email (can include an offer). The emails have messaging like "we miss you!"

Reactivation 

campaigns that target customers who are long gone from the brand and we know they'll have a low probability of coming back - but, a quick, well targeted email CAN grab some customers back and gain you incremental revenue.

Best Practices

Typically, you would do churn prevention between 7 to 12 months with no purchase and reactivation if the customer has not be back after a year or more. AgilOne clients optimize this period based on their own customer data.

AgilOne's Secret Sauce

Churn Prevention campaigns targets clients who have not purchased for a time period where 75% of the other repeat buyers would have purchased again

Reactivation campaigns are enacted is when 90% of the other buyers would have purchased again

This way you can personalize and automate your campaigns...

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Here's one example of Churn prevention for at risk customers:

The goal here is to retain customers who were at risk of churning. They sent out an email to clients exactly 335 days after the last purchase (they got to that number using their own data analytics to optimize this campaigns effectiveness). They have this campaign automated to run daily - so they set it up and leave it to continually bring in incremental revenue! The unique piece her is how they use the likelihood-to-buy model to optimize the offer in the message!

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Now that you have the steps to be a customer retention master, make sure to browse the top headlines for this week!

Top Retail News & Insights

Every Friday we post top trending retail news for you and are now introducing a fun fact to help you benchmark your marketing efforts against peers. Get the articles here.

1. CBC: Canada Goose to open its first retail stores in Toronto and NYC

Iconic Canadian brand Canada Goose, known for its popular luxury outerwear, said Thursday it plans to open its first retail stores this autumn.

The company said it will open its flagship outlets in Toronto's Yorkdale Shopping Centre in October, and in Soho in Manhattan in November. Both stores will be about 4,000 square feet in size.


2. Small Business Trends: Is Your Retail Marketing Email Campaign Driving Your Customers Crazy?

The average consumer subscribes to 2.3 retailer email lists, according to First Insight, which polled consumers about their email habits. But even with that small amount of subscriptions, the average consumer gets 13.1 emails per week from those retailers. And some consumers (6 percent) get a stunning 40 emails per week from retailers. Now, I love a good sale as much as the next shopper, but even I think that’s too much!


3. Business Insider: Shoppers are flocking to this one segment of the retail market

The e-commerce market continues to outpace overall retail growth in the U.S., according to the U.S. Department of Commerce. Online sales grew 15% year-over-year in the first quarter of 2016, compared to just 2% for the total retail market.

E-commerce sales in the U.S. climbed to more than $92 billion in the quarter, which represented 7.8% of the $1.18 trillion in all retail sales during that time. That total retail sales figure includes both online and in-store sales.


4. Harvard Business Review: Online Retailers Should Care More About the Post-Purchase Experience

Today, retail brands create customer experiences around these four moments and focus on driving shoppers to click the “buy” button. Yet it’s important for brands to remember this is not the end of the journey for the customer. Rather, it’s the beginning of a relationship. When a customer makes a purchase online, there’s an “experience gap” from the time the customer checks out to when the product arrives.

This is the new moment of truth for online shoppers. Providing a positive experience at this time of anticipation is a tremendous opportunity for retailers to deepen their relationships with customers and build loyalty for their brands. Surprisingly, only 16% of companies are focused on customer retention, even though it costs at least five times more to acquire a new customer than to keep an existing one.


5. Luxury Daily: Selfridges future-proofs its omnichannel business via shoppable app

British department store Selfridges is further embracing omnichannel retail with the launch of a shoppable mobile application.

The app’s development comes 18 months after Selfridges overhauled its Web site to be touch-first and highly responsive (see story). Selfridges’ social-media friendly app is part of the second phase of the retailer’s investment into strengthening and “future-proofing” its omnichannel business.


 

 

 

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