Last week the Windsor Circle team exhibited and spoke at Silverpop Amplify 2013 in Atlanta GA. There was a heavy emphasis on marketing automation, particularly around linking buyer personas to digital automation strategies. It was widely agreed that purchase history data is a key element of creating buyer personas and customer segments.
Joe Fivash of CafePress Services joined Windsor Circle CEO Matt Williamson for our workshop, "9 Pillars of Retention Automation". They first highlighted a recent report by Forrester which virtually screams out for better retention marketing automation:
- Only 8% of eCommerce website visitors on average are returning purchasers (2 total purchases) or repeat purchasers (3+ purchases).
- Those 8% of visitors create 41% of revenue.
- 15% of US retail marketing budget is spent on email marketing, which is one of the best ways to create repeat purchasers.
- We estimate that retailers can get 2.5 x the ROI from email marketing with full retention automation.
While IR100 retailers are seeing 94% inbox placement, most other retailers are seeing worsening deliverability - only 82% of emails on average are getting to the inbox - meaning 1 of 5 go straight to spam. With Windsor Circle's help, CafePress was able to see 10-40% higher open rates on a test series of both segmented single-sends, and automated retention emails. This lift, made possible by data-driven personalization, segmentation, and automation, is a key part of keeping retail emails out of the spam folder.
Key metrics for retailers in the early stage of an eCommerce business are often # of Subscribers, Open Rates, Conversions, and Revenue, but as individual retailers, and the industry as a whole, evolve, the key metrics must also evolve to include Share of Wallet, Customer Lifetime Value, and Retention Rates.
Unveiling the 9 Pillars:
We unveiled our new framework for helping retailers of all types understand and execute on retention marketing automation to keep more of their customers. Starting with "Know Your Customers" and "Get Permission to Retain", the 9 Pillars describe the key phases of the customer lifecycle while pinpointing the tactics and strategies best suited to increase CLV and share of wallet through personalization, segmentation, and automation. If you're intrigued, sign up for our "9 Pillars of Retention Automation" Webinar on June 19th!
A Note About Green Pants...
When 4 guys exhibit at an email marketing conference wearing the brightest green pants you can find, people take notice. We decided to amplify our brand at Silverpop Amplify by all wearing "Green Pantakeets", ordered from Windsor Circle client Bonobos.com, and the feedback was fantastic. Everyone at this 600 person conference knew who we were, and it was a great conversation starter. You'll likely see our team in the green pants again at IRCE and beyond. Thanks Bonobos for proving that its pays to stand out!