At the event, experts from top fashion companies shared their insights on customer acquisition & retention strategies along with the list of tools they use.
Aaron Magness, CMO at Betabrand
• Customer Segmentation
There are 3 types of customers:
1. Have no clue your company or product exists.
2. Know about your company; they might have visited your website but never registered or bought a product.
3. Are aware of your company/product, visited few times, dropped an email or bought an item.
When you are creating your customer acquisition plans, consider which customer segment you are targeting and plan accordingly.
• Email is still the king
Collect emails emails and emails.
Because email still converts the best. And always remember Facebook, Instagram, Twitter etc. can change their algorithms any day without notice.
And it can drastically affect the reach of your post. And you might have to pay in order to reach the same amount of audience.
But if you have built your email list, you will have complete control over it.
Email is still the king when it comes to creating your customer retention strategies. You can use it to send customized and personalized offers to consumers because you know their purchase history.
• Monitor the Metrics
• If you can not measure it or track it, you can not improve on it. Make sure all your marketing efforts are being tracked.
• Use Google Analytics, Kissmetrics, Hotjar tools to track customer journey and behavior after they have clicked on your ad.
• Social Media marketing:
• Facebook’s “lookalike” audience. Use this feature to target your ads to the audience that looks like your existing customer base.
• Do marketing to a niche audience.
When you are starting out and strapped for cash, it is always good to target your advertising to a niche audience. It will help you focus your efforts and get better results.
• LTV for the customer
LTV is Life Time Value of the customer. Take your time to find out how much is the LTV for your client and take into account what you can ‘upsell’ or ‘resell’ them. Then you can determine how much you can spend on ‘acquiring’ that particular customer.
• Ad Retargeting
Ad retargeting is great when you want to target customers that have visited your website and/or taken some action on your website.
Pick a platform that can track the full customer acquisition journey based on retargeting and also note that these platforms are expensive and might not be the right fit for beginners.
• UX/UI Design
This is most overlooked part of the customer acquisition and retention process.
But it’s very important.
Because what is the point of spending all the time and money to acquire a customer and then confuse them once they land on your webpage.
When you create an advertisement, you define what action you want your customers to take once they come to your e-commerce store. Make sure the path to purchase is easy to understand and intuitive.
Test different content, description, button color etc on the landing pages and see which one converts the best.
• Don’t reinvent the wheel
Steal competitor’s ads.
Ok, not literally steal it but take “inspiration” from it.
Use tools below to find competitor’s best performing ads & take inspiration.
• Changes in Customer Behavior
We are experiencing a major shift in consumer behavior and marketing needs to acknowledge that.
Attention is the biggest asset these days. Customers do not want to give their ‘attention’ to anyone and when they do, they want to do it on their own time.
Think about it?
When was the last time you watched a TV episode of your favorite sitcom, at the time it actually aired by TV channel?
We all TIVO it, DVR it, watch it on YouTube or Netflix.
And when we visit social media platform, we are ‘scrolling’ thru the feed, and any content there has to catch our attention in split second.
What does that mean for marketers?
You have to be creative and give user’s something that would catch their attention. And that’s, where story telling or creating interesting content (that does not look like an ad), comes thru.
Think how Buzzfeed or UPWORTHY’s content catches your attention.
That is how you need to start thinking about content and/or ads.
I know you must be thinking that’s a lot of things to keep track of but the good news is, there are tools that can handle that for you.
Here are some of our favorites (note: we have no affiliation with these tools but have used them in the past and they worked great).
• Tools to find out which Ads are performing the best:
• Analytics tools to track customers journey
• Landing pages creation tools
(Aaron Magness, Albina Kehoe, Luke Langon & Vishal Kalia)