Our Predict! retail marketing executive roundtable event touched down in San Francisco on April 30th. Over great food at Boulevard restaurant, retailers compared notes on what they are currently doing to engage and retain their customers.
Here are ten great lessons shared during the evening:
1. Retention isn’t always about buying more products.
More often, retention is about engagement. One of the attendees shared that those customers who participate in a voting process on their website, are four times more valuable and have the highest NPS scores.
2. Email is a very important retention channel.
Many brands use email to re-engage customers. For one brand, 80% of email revenue comes from existing customers. Facebook is also proving successful for retargeting with at least 600% ROI.
3. Dedicate an executive to retention.
At least two of the companies at the dinner now have executives whose full-time job it is to focus on retention.
4. Wholesale brands practice retention marketing too.
Even brands with no direct-to-consumer channel practice lifecycle marketing. One such company uses warranty information to launch successful product replacement campaigns at set intervals after the initial purchase.
5. Pay special attention to your best customers.
Some companies pay special attention to retention of their best customers. Of course you need to be able to recognize who your best customers are.
6. There is a fine line between creepy and personalization.
Giving customers control over their own data can go a long way to overcome any objections consumers may have.
7. Understand omni-channel behavior and preferences.
Several companies have built omni-channel customer profiles to better understand the omni-channel consumer and how to reach them based on their contact preferences.
8. Contact your customers at the right time.
For many of the attendees, sending content at the right time is mission critical. For example, if a school textbook company sends promotions after the semester has already started, students will no longer be interested.
9. Triggered campaigns can double conversion.
One marketer moved from batch and blast campaigns to personalized recommendations and triggered marketing (like “low inventory” alerts on abandoned cart items) and increased conversion 100%.
10. Getting customers from first to second purchase is key.
One attendee issues customers a $32 credit (Magic Johnson’s #) to spend on their next order and increased their 3 month reorder rate from 26% to 30%.
Retail executives who want to continue the discussion online, can request an invitation to our private LinkedIn group here.