Holiday Hangover Webinar

Transcription

1 Holiday Hangover Webinar How to turn one-time holiday shoppers into lifelong customers. #HolidayHangover

2 Agenda Introduction Planning for customer retention Useful statistics How the Honest Company retains customers What data do you need to track? Post-holiday campaign ideas Questions

3 The Honest Company The Honest Company is a one-stop-shop for the safest products, best service, and most useful tools and information for today s modern families, with the ultimate goal of redefining the family brand by helping create healthier, happier homes, and a better future for all children. Sue Cho Marketing Manager The Honest Company

4 Retention Science Retention Science is the best way to target, engage, and retain your customers. Our marketing platform uses machine-learning algorithms to predict customer behavior and automate 1-to-1 retention campaigns. We make advanced data science accessible to all marketing teams. Ryan Lee Client Success Manager Retention Science

5 Agenda Introduction Planning for customer retention Useful statistics The Honest Company strategy What data do you need to track? Post-holiday campaign ideas Questions

6 Why plan for customer retention? A 5% increase in Customer Retention increases profits by up to 125% (Bain & Company) It's 7 times more expensive to acquire a new customer than it is to keep a current one (White House Consumer Affairs) On average, loyal customers are worth up to 10 times as much as their first purchase (White House Consumer Affairs) Subscribers that receive a welcome show 33% more long-term brand engagement (Chiefmarketer.com)

7 Planning for Customer Retention Acquisition is completely different from retention.

8 Planning for Customer Retention How do you measure retention? What are the KPIs? Repeat purchase rate Cancellation rate for subscriptions CLV (customer lifetime value)

9 Planning for Customer Retention What is Customer Lifetime Value (CLV) and how do you measure it?

10 Planning for Customer Retention Who is in charge of retention?

11 Agenda Introduction Planning for customer retention Useful statistics The Honest Company strategy What data do you need to track? Post-holiday campaign ideas Questions

12 What data do you need to track? General ecommerce customer data Dates (last purchase, subscribed, canceled) How many people are buying gifts? Gift receipt options Gift card purchases What items are in wish lists What items are returned Use data to proactively support your customer success team

13 What data do you need to track? Who are Honest s customers and how do you segment them?

14 What data do you need to track? How does the Honest Company utilize CLV and LTP (likelihood to purchase)?

15 Agenda Introduction Planning for customer retention Useful statistics The Honest Company strategy What data do you need to track? Post-holiday campaign ideas Questions

16 Post-holiday Campaign Ideas What campaigns should you start working on right now? Win-back on gifts & subscriptions Make sure those gift certificates get redeemed Upsell gift purchases into subscriptions Post-holiday excess inventory Didn t get what you wanted? Buy it for yourself! Use wish list data for product recommendations and include a special holiday discount Year in review 2014 Blog about your most popular items. Any surprises? Make predictions for next year. Perfect way to promote new items

17 Post-holiday Campaign Ideas What are Honest Company s plans for after the holiday season?

18 Agenda Introduction Planning for customer retention Useful statistics The Honest Company strategy What data do you need to track? Post-holiday campaign ideas Questions