The benchmarks are derived by analyzing data sets from your ecommerce niche
Okey, bundles are great for increasing average order value. You probably do bundles already but when it comes to improving them, our answer once again is data. We suggest that you use your customer behavior data to find strongly correlated products on your store. Bundle them up, knowing people do see them as complementary and you got yourself a winner.
We see a lot of entrepreneurs rely on their gut feeling when arranging things on their website. For example, you might think you should cross-sell only products from the same category as the one ordered. Well, that's not always the case and we frequently see interesting patterns in product correlations. That's why you need to see what your customers actually do and buy before jumping to conclusions.
This is an interesting trick and we see it performing quite well. Your email marketing strategy, of course, should include discounts. But sometimes it isn't needed and you’re eating your own margins. That's why send your next campaign without a discount in the first email. Enjoy conversions at full margins for a few days. Then, send another email with a discount to the rest of the people who didn't buy. You will trigger more people because you already pinned that product in their heads at a premium price with the previous email.
Many online stores ignore what happens after a sale is done. But it is important to continue the engagement because it can play a significant role in how people think about your brand. People buy again when satisfied. Recipe: Post-purchase, you need a content drip sequence of 2-3 emails that are relevant, provide value for free and represent your brand.
Probably the biggest change that you can do to your email marketing if you are not doing it already. Sending multiple email newsletters to smaller groups of people instead of one mass newsletter improves conversion rates significantly. Much like in your FB targeting, where you don't simply out in USA, 18 - 65, right? You want to be more specific than that and pick the right people for your ad. The same goes for email - you want your email to be relevant and that's why you need to target your audience. Recipe: Use your customer data (the more, the better), and filter your users based on that data. 1-2 hours should be enough to set up the different emails and don’t forget to stock up well to meet the increased demand.
Win-back emails are great to supplement the other strategies. Depending on how big your lists is, you will be getting nice spikes of revenue every time you send such campaigns. Simply remind people you are still there, your offers are better than ever and they can easily buy from you again. Recipe: You need a list of your old customers (people who haven't purchased in the past 60 days but have more than 1 order), an exclusive offer, an email with good copy and a compelling subject line. Pro tip: If your list is big enough, segment it further to make an even more relevant promo. Pro tip 2: Check for email automation tools to automate your win-back emails easily and make money on autopilot.
Don't ever start doing email marketing if you don't really understand the different types of customers in your database or you’ll be committing a mass email suicide. If you want to start personalising email marketing, you need to know how often your customers tend to buy from your store, what products they like to buy together, what's their sentiment and so on. How do you learn all that? Recipe: You need analytics, ideally customer profiles with all their behavior, a white board, patience and lots of A/B tests. Put all that together, start mapping things on the wall and you'll get the insights you need.
Now, that's odd, talking about acquisition as a retention strategy. Basically, this is a different approach to analysing your acquisition channels. Instead of looking for conversions and short-term revenue, we suggest that you look at the LTV (lifetime value) of customers won with different campaigns, channels and even products. Such analysis shows which channels and efforts bring loyal customers. It's more of a long-term strategy but pays off especially when you wonder where to spend your marketing money. Recipe: Well, you simply need the right analytics tool to show you different breakdowns of LTV, Metrilo has such features.
Cool, you are already doing great! Keep updating your ideal customer profile. We suggest that you speak to your customers, ask for feedback, understand what they love about your products and simply use it at the core of your acquisition strategy. See where those ideal customers are by analyzing carefully the channels that bring sales. The more accurate your reporting is, the better decisions you can make on what acquisition channels to spend your time and money.
Now when you have to increase your new customer acquisition, this usually means more money for advertising. We got an awesome strategy suitable for SEM, SEO and even social ads. Analyse your products and see which ones, when purchased as a first order by new customers, bring more LTV over time. Then simply push these products more. This is a really smart strategy because it boost the returns on your ads. After all, you are looking for sustainable growth, right?
Finding the right audience on Facebook is tough. What about finding the perfect customers there? We suggest that you go to your customer database, pick your most loyal/ top clients. Pull their emails and go to Facebook and import them as an audience. Now create a lookalike audience based on that list. Chances are that you'll end up with a really well-sellected audience. Then go back to you analytics platform and check the top converting geolocation. Add that to the targeting and voila! (Psst, you can do that with any specific segments from your database and just use them for remarketing campaigns). Recipe: CRMs usually handle this type of tasks quite easily. Metrilo, for instance, can generate such lists in just a few clicks and works with historical data straight from your store.