Congratulations, you’ve survived one of the biggest trading events in the retail calendar! Hopefully you’ve enjoyed record-breaking sales but even if you haven’t, the good news is it’s not just about the short-term gains. A customer should be for life, not just BF/CM (Black Friday, Cyber Monday)!
To cement the long-term success of BF/CM, the focus should now be on retention - getting your newly acquired customers to stick around and keep coming back.
So, how can you build longer-term loyalty and turn your new customers into lifelong customers? Of course, the answer to this lies in your data!
You’ll know your best-selling products and categories and your most loyal customers, but there’s so much more in your data. For example;
What are your best-selling product combinations? (It's a cracking way to increase basket size!)
Which products are converting well / poorly? Which are viewed the most but bought the least? And which are those hidden gems that are viewed least yet bought most? (You'll want to get these into the spotlight!)
What products do customers order next based on their first order and how long does it take for them to place that important second order?
Which products are the true heroes – the ones that lead to the highest number of subsequent orders and create the most loyal customers? Contrast these with the one-hit wonders, great at acquiring one-time customers who are never to be seen again!
What’s the AOV (average order value) of customers acquired with a discount versus full price?
What’s the relationship between price (full price / promotion / mark-down) and lifetime value, order count, and frequency?
Who are your at-risk customers?
And if you’re worried about an imminent tsunami of returns, understanding the relationships between returns rates and products, acquisition channels, promotions, and lifetime value will provide valuable insight.
Understanding insights like this to identify who to target, when, what with (product and promotions), and through which channel helps to focus on retention and drive up repeat purchases. It’s not only a cure for any BF/CM hangover, it’s the best approach to sustainable, profitable growth.
Of course, it’s a busy time in every customer’s inbox. Make sure you cut through the noise by segmenting your data and targeting customers with relevant communications across all your channels. For now, we’d recommend your immediate priority is to focus on getting your BF/CM customers back to place an order with personalised messaging.
For more top tips on how to get the most from your data, you may like our blog series exploring key metrics and insights for boosting customer acquisition, retention and engagement based on our extensive experience working with many retailers (pureplay DTC / ecommerce and multi-channel).
Is your data letting you down? For help connecting, integrating and unifying your data, and transforming it into valuable intelligence and actionable insights, call +44 (0) 20 3003 5000 or email hello@datitude.co.uk.
About Datitude
Datitude is transforming how businesses connect, integrate, and unify their data. Our managed data platform and service provide the unifying framework to enable businesses to get what they need from their data, when they need it, in the format needed. A true single source of truth. No silos.
Whilst we made our name in omnichannel working with many retailers and brands over the years, as data experts we provide data solutions to a diverse range of businesses who need better access to their data and valuable intelligence and actionable insight they can trust.
Solutions for retailers and brands include systems integration, a retail & customer data platform, and direct mail optimisation and analysis. Make your data work for you without having to master the underlying technology.