Retail Retention Marketing Trends with IBM Marketing Cloud
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The document discusses key findings from the 2016 Internet Retailer Retention Marketing Report, highlighting the significance of customer retention in a competitive retail environment where first-time buyers contribute less revenue compared to repeat customers. It emphasizes the importance of data utilization and personalized marketing strategies to improve retention rates, alongside practical tips for retailers to enhance customer loyalty and satisfaction. Additionally, it features insights from expert speakers and a call to action for retailers to evaluate their retention strategies and seek expert consultation.
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Retail Retention Marketing Trends with IBM Marketing Cloud
- 1. RETAIL RETENTION MARKETING TRENDS An Overview of the 2016 Internet Retailer “Retention Marketing Report” +
- 2. Today’s Speakers Steve Dumas IBM Marketing Cloud Gautham Pandiyan Windsor Circle
- 3. Today’s Agenda • The Importance of Retention in Retail • The 2016 Internet Retailer Retention Marketing Report Findings • Insights, takeaways & surprises • 5 Tips for Customer Retention • Real life case study, Q&A
- 4. Retail: A Highly Competitive Market!
- 5. Why Retention Matters This 8%... Represents 41% of revenue Source: Adobe Loyal Shoppers Report 1st Time Buyers: $25.50 2nd Time Buyers: $ 52.50 By The Numbers: 1st Time Buyers: $25.50 2nd Time Buyers: $ 52.50
- 6. Acquisition Grows Increasingly Expensive
- 7. The Profitability of Retention Revenues
- 8. POLL 1 What percentage of your Marketing Budget is focused on Retention and existing customers? • 0-10% • 10-25% • 25-50% • 50+ %
- 9. Introducing…
- 11. Progress, but Room to Grow…
- 12. More Focus on Retention
- 13. 0% 10% 20% 30% 40% 50% 60% 70% 80% % of Retailers Budgeting over 30% by Industry
- 15. Email Resources Focused on Retention
- 16. Social Media Resources Focused on Retention
- 17. Replenishment: The Perfect Retention Use-Case
- 19. Retail marketers face a number of challenges today: Getting the right 'data' to be truly data-driven marketers Knowing what to do with that data Spending the time & analysis to truly understand their customers Finding time to setup the many different hyper- personalized campaigns they know they should…. A Retailer’s Checklist
- 20. The State of Email-eCommerce Integration
- 21. POLL 2 What channels are you most active in to drive retention? • Email • Social Media • Web (SEO/PPC/Display) • Mobile (SMS/Push) • Other
- 22. 1. Turn Observations into Actions 2. Understand Your Customers Personas 3. Promote Loyalty 4. Educate Your Customers 5. Increase Brand Affinity with Data Science 5 Tips for Customer Retention
- 23. Understand your historical order, customer, and product data Turn Observations Into Actions
- 24. Use your data to send personalized communications based on your unique customers Understand Your Customers Personas
- 25. • Demonstrate your unique value proposition and what makes you different than your competitors • Offer incentives/discounts that reward loyalty • Show your appreciation Promote Brand Loyalty
- 26. Create a unique experience that shows customers you care about their satisfaction with their purchase Educate Your Customers
- 27. Offer a concierge-level of service that makes your customers fall in love with you • Replenishment reminders • Relevant product recommendations • Timely promotions based on buying cadence Increase Brand Affinity with Data Science
- 28. POLL 3 Would you like help improving your Retention Rates & drive more revenue from your existing customer database? • Yes, please contact me to setup a call • Yes, I’d like to schedule a “Retention Health Check” consultation • Perhaps, please send me more info & follow-up • No thanks, I’ve maximized my revenue potential with my database
- 29. Resources & Questions Retention Marketing Report 2016 Email Benchmark Study WindsorCircle.com/Retention [email protected] [email protected]
- 30. • Schedule a “Retention Health Check” at Shop.org: – Windsor Circle: Booth #5074 – IBM Marketing Cloud: #5001, #9048 • Contact us for a consultation from your desk! – [email protected] – [email protected] Next Steps to Retention Nirvana!