“Am I carrying a leaky bucket?” is a question that pops up in the mind
of every modern marketer like you.
Customer Churn is a bitter reality that every business has to deal with. The biggest and most successful brands also deal with varying customer churn rates, let alone the start-ups and small businesses. Acquiring new customers costs 5 times more than retaining the existing ones. It is well understood now that the key to sustainable growth lies in retaining the existing customers. And hence, the objective of business owners has now shifted from just acquiring new customers to acquiring a customer who helps acquire more customers.
This is why proactively identifying potential churners and designing
strategies to retain them is imperative in today’s highly competitive market.
It was in 2005 that Roger
Mougalas coined the term Big Data. Ever since, it has captured the imagination
of industries across the spectrum, across the globe. After more than decade,
the world is now staring at the next frontier in data – Augmented Analytics.
It was back in 2017
Gartner predicted Augmented Analytics to be the future of data, and in 2019, it already is
the number 1 trend in
data analytics. As per a research published by Allied Market
Research this year, the global market for Augmented Analytics will reach USD
29.86 billion by 2025.
Voted by the Association of National Advertisers (ANA) as the Marketing Word of the Year, 2019 – personalization is more than just a passing fad that has captured the imagination (and marketing budgets!) of digital brands across the globe.
Your customers need, demand, and expect to be treated as
unique individuals. And, as marketers, you need to tailor-make highly
contextual and meaningful experiences across the entire customer journey, at
every digital touchpoint.
A seamless, customised end-to-end experience on your website
or mobile app that anticipates what your customers are likely to click, search
for, add to cart, or purchase next becomes the foundation for driving higher
conversions and retention.
“What are the
key mobile app metrics that I should track?”
This question rings
in every app marketer’s head.
competition amongst apps, with 2 out of 3 apps failing to monetise. According
to Gartner’s report in 2014,
less than 0.01% of consumer mobile apps are considered a financial success by
As of the third quarter of 2019, there are approx. 2.47 million apps in the Google Play app store and around 1.8 million available apps for iOS in the Apple’s app store. Imagine the competition!
Having a killer
product and a perfect mobile marketing strategy won’t make your app proﬁtable.
While it may not guarantee you success, but it deﬁnitely indicates a good start
to the challenging journey of making your app successful.
The other day, my mom
shared a list of things she wanted to buy, and said, “Order them online, the
sale season is here!” I was amused about how the user base of ecommerce is
getting diversified by the day, and how users from different walks of life are shedding
their apprehensions about buying things online, and embracing ecommerce with
open arms. E-commerce is no more a thing of the young and urban population.
Growing industry implies growing competition and growing challenges for the brands. The cumulative value of e-commerce sales is expected to top $3.4 trillion by the end of 2019. In the extremely competitive scenario, personalization and relevancy has to be the top priority. Leading e-commerce marketers state that businesses cannot find a tactic more capable of winning consumers than personalization.
Though it has always been a focus of e-commerce strategizing, the quality of a personalized online shopping experience is largely generic even now. It is an inquisitive point because according to the statistics there’s a big payoff and demand for customizing the offering to each site visitors.
59% of online shoppers stated that it is easier to find interesting products on a personalized e-commerce website
53% feel that retailers who personalize their shopping experience give a more valuable service that makes them revisit the site
45% highly appreciate e-commerce websites that offer personalized recommendations.
Personalization improves the customer shopping experience and makes them feel special. According to Accenture, the majority of US consumers say they’re more likely to make purchases with e-commerce sites that personalize experiences. That’s a high sales opportunity that business owners cannot afford to miss out on by not offering their customers personalized shopping experience.
personalization is nothing but serving customized marketing messages to a
targeted set and subset of customers, with the common goal of boosting revenue. It is built on the concept that every customer is
different and has a different problem/need that needs to be solved/met. Impactful
personalization involves presenting relevant, actionable recommendations to
their customers in such a way that it enhances their online shopping journey to
be more productive, pleasant, and satisfying.
effective personalization strategies call for extensive customer-data
collection, in-depth analysis of the data, and using the insights to design the
marketing campaigns and efforts.
said that personalized product or content recommendations and had increased
their sales and overall customer lifetime value.
said that adopting personalized marketing tactics and adding personalized
elements on the websites has helped increase sales and raise in average
stated that as a result of their personalization strategy, they had
observed an increase in their transaction frequency.
Here’s How You Can
Reinvent Personalization in 2020
and Shoppable Social Media Feed
Today, most internet users access the web via their mobile devices. And the majority of mobile device users spend most of their time on a few selected social media apps – Instagram and Facebook being the most used ones. Though at first, this won’t seem like the fact that would benefit e-commerce businesses, the research shows that research more than three-quarters of people have bought something they’ve liked through their social media feed.
This opens a whole new opportunity for e-commerce brands with an effective and unique way to get into the wallets of their potential customers. Shoppable posts, featured images, and videos of products followed by a web page link that visitors can click on to shop are a new personalization technique for e-commerce brands.
According to Gartner, it is estimated that by 2020, e-commerce businesses that make use of smart personalization software will see an at least a 15% rise in their profits.
Personalization makes the shopping journey easier and hassle-free for the customers. Happy customers eventually become loyal customers. Businesses with a thoughtful and innovative approach can deliver customer expectations for personalization while winning customer loyalty and increasing engagement. Businesses using advanced personalized marketing automation tools platform can quickly remodel their marketing campaigns into a highly responsive and cutting edge e-commerce campaign. This would require businesses to harness their potential of segmentation and marketing automation to collect, examine, and respond to the data regarding shoppers’ demographics, web behaviors, and other gathered information.
brands are using interactive content, such as quizzes, surveys, and polls, to
develop a better understanding of delivering entirely customized products and
experiences that would cater to each individual’s needs. This trend has
explicitly been prevailing in two areas, and that is in the health and wellness
industry and the digital media market.
For example, Native, a deodorant brand, uses an interactive quiz to deliver a customized scent profile that its customers can buy as a deodorant, perfume, or body wash.
of product recommendations can be used to prioritize the content displayed on
the website/app for every visitor individually. With a prioritized
recommendation system, companies can gain complex insights into their product
and customer profiles. Customers’ data is maintained in the recommendation
engine based on their past interactions with items. It then enables powerful
business reports with user behavior analysis regularly. Business decisions that
are influenced by data analytics end up saving companies a lot of money.
Product recommendations increase the conversion rates by an incredible 320% and increase the average number of itemsin the cart by 68.14%. At the same time, personalized recommendations offer a great way to build customer loyalty.
Example: Adidas changing their recommended products for the same style of shoe, depending on the color chosen.
There’s also a case where instead of standard products, many e-commerce businesses aim to offer customizable and personalized goods. For example, one can have a T-shirt or laptop with a personalized design, color, print, etc. even though such alternatives to standard offers are slightly more expensive, people are ready to pay to own something they can call “theirs”, something unique.
AI for Personalized Customer Support:
According to Zendesk, customer support is one of the most important factors in developing customer loyalty. It reports that 42% of B2C customers are being influenced to purchase in the future if they follow up on an excellent customer service experience. In 2019, e-commerce has been well using AI bots and tools to enhance user conversion rates. Artificial Intelligence has explicitly paved the way for the upcoming generation of customer service in the e-commerce market. AI technology has given marketers the ability to answer and respond to customers’ questions and queries automatically based on their frequently encountered issues and suggests relevant information based on the analytics data. One of the most key benefits of using AI technology is that it enables businesses to perform faster and offer highly accurate resolutions to customer issues by executing solutions learned from repeated issues that get resolved more frequently and successfully. A report by Gartner predicts that for online businesses, over 85% of the entire customer support communications will be using AI, replacing the customer service representatives.
Personalization in 2020
As seen in 2019,
personalization has shaped nearly all aspects of the customer’s experience,
from a user’s initial browsing to the manufacturing and shipping of products.
the future will continue to evolve into ever more customized shopping
experiences. When it is implemented correctly, the shopping, buying, and
service experience of a modern consumer ecosystem will have a direct impact on
commerce, making technology more trusted than before.
As the personalization technology continues to develop, we’ll notice as it evolves from a reactionary role to more of an assistive role, where it will be able to maintain a continuous conversation with the customer so that businesses can adequately recognize their clients’ requirements, resulting in long-term engagement, additional sales, and customer loyalty.
As with any
trend-of-the-week, there’s always a lot of information on personalization. It
can be overwhelming and harder as it goes on. But e-commerce personalization is
exactly what brands need. It cannot be denied that as a result of the growing
global e-commerce marketplace, the landscape of e-commerce is evolving quickly
and implementing personalization more efficiently. What do you think 2020 will
bring to the e-commerce world? Let us know about your gut feelings in the
Marketers, over a period of time, have realised that it’s
easier to sell to existing customers than to rely on new leads, nurture them, turn
them into sales qualifying leads and finally convert them into customers. This
calls for a strong customer retention strategy to amplify your business. As
retention is gaining momentum, marketers need to understand fundamental touch
points of retaining customers for lifetime value.
It is estimated that 80% of future business comes from 20% of existing customers. As customer retention is taking the center stage, more and more brands are focusing on engaging customers, delighting them with great customer experiences, and winning their lifetime loyalty.
Moreover, digital landscape, as we all know, is ever changing;
this makes it imperative for marketers to be familiar with these technology
changes with an edge over peers to penetrate the competition. While seminars,
discussion forums and similar public events are great ways to stay relevant in
the market, but these have limitations in terms of frequency of occurrence. The
best way to stay informed about your domain expertise is to follow updates from
various digital platforms such as podcasts, webinars and blogs. In the last few
years, podcasts and blogs have become a very popular resource for learning
about the latest digital marketing concepts.
The best part of any podcast is that you can have on demand
content available with you while commuting to work, waiting to meet a client,
or getting in a quick workout to ease some of your stress. Irrespective of time
and place you can listen to these customer retention podcasts, and gain some
valuable insights to implement at your business.
Blogs are another valuable source of information where
marketers need to focus upon. This is a great way to stay updated with latest
trends in digital marketing. Some of the best blogging platforms such as Neil
Patel, Search Engine Journal, Social Media Magazine are offering tips, guides,
and trends with lots of graphical insights that are popular among marketers
worldwide. Blogs may offer deeper understating with screenshot-based real-time
analytics that is rare in Podcasts/webinars. Such insights often help marketers
to align their strategy for retaining existing buyers.
With an objective to help retention marketers, we have crafted a meticulous list of 15 Blogs and Podcasts to keep marketers abreast of latest trends in the digital space.
2. Customer Loyalty Space occupies the second place in our list which features stalwarts like TechnologyAdvice’s Clark Buckner, BigDoor’s Ashley Tate, and Maritz Motivaiton’s Barry Kirk. Focussing on best practices in customer loyalty and offers maximizing loyalty programs, this podcast adds value to customers via rewards, integrations, and more.
The following three episodes are especially
Social Media, Cult Loyalty, and Social Rewards
Future of Loyalty Rewards
The “Earn and Burn” of Loyalty Currency
3. The Unofficial Shopify Podcast reveals how to grow your Shopify stores by holding a no holds barred discussion of ecommerce marketing strategy. Senior e-commerce consultant Kurt Elster shares insights and tactical approaches to grow your traffic and improve the bottom line. Three episodes that robbed our heart are:
Customer Retention: How to Keep Customers Coming
Optimizing for Retention & Repeat Purchases
with Eric Davis
How Beardbrand Built a Better Business by
4. The Hubcast from Hubspot is a great inbound marketing resource for all types of tips, hacks, and information.
5. Another source of information that takes our attention is from B2B Nation dedicated for B2B sales and marketers. Focusing on customer retention this podcast showcases expert opinion and advice for B2B marketers with their retention strategy.
The key episodes as per our list are:
Joseph Jaffe: Why Customer Retention is the New Acquisition
CEB: Applying and Developing Consumer Insight
Inflictive: Growing Affinity for Your Brand
6. The next one in our list is The Kings of Content Customer Retention Podcast from King Fish Media which is a marketing agency and content marketing leader that helps clients engage customers to grow revenue, and offers customer retention podcast to create customer loyalty and customer relationship.
We endorse the following episodes too follow:
How to Talk to Your Customers
How to Reactivate a Lapsed Customer
The Right Content for the Right Platform
7. The one that we included in our list of podcast is Entrepreneur Podcast Network – Customer Retention that offers podcast programming aimed to help entrepreneurs and small businesses succeed via informative, inspirational, and insightful shows and episodes. The podcast focusses on customer loyalty, customer service, customer experience to name a few.
We emphasis on three key episodes from Entrepreneur Podcast Network – Customer Retention:
Three Tips to Enhance Your Customer’s Experience
Customer Loyalty Redefined
The Strategic Importance of Leveraging Your
Customer Service Group to Really Understanding Your Customer.
8. The Chief Customer Officer Human Duct Tape Show with Jeanne Bliss is included in our list is because of Jeanne Bliss has pioneered the Chief Customer Officer role. The podcast is designed to grow companies by focusing on customer experience. Jeanne shares all of her expertise in The Chief Customer Officer Human Duct Tape Show for customer retention.
We mention these three episodes that focusses on:
Lessons from a Three Time Chief Customer
Officer, with Darryl Speech – CB018
First 90 Days of a Chief Customer Success
Officer, with Duygu Cibik – CB22
The Value of Building Bridges for Customer
Experience, with Curtis Kopf (CB7)
9. CX Network Podcast which aims for a global community for customer experience, service, insight, digital, and marketing leaders is included in our next list. The best part of the podcast is its customer retention podcasts that features interviews with customer experience leaders and cover customer service, customer experience strategy, building customers’ trust, personalization, and much more.
Three key episodes we like from CX Network Podcasts:
The Importance of Going Back to Basics to Build a
Successful Customer Experience Strategy
Ulster Bank’s Ambition? Becoming the Number One
Bank for Customer Service Trust and Advocacy by 2020
Personalised and Data-Driven Experiences are the
Future of Customer Experience
10. Transforming the Customer Experience with Kristina Eveyis another milestone in our list that is aimed to increase sales and revenue by delivering amazing customer experiences that build customer loyalty. Being a customer service expert Kristina helps customers with her podcasts through Transforming the Customer Experience with Kristina Evey available on both iTunes and Stitcher.
Three worth mentioning episodes we like to list down are:
Managing Customer Expectations to Ensure
Using Empathy to Build HUMAN Business
Five Steps to Building a Better Customer
Experience through Better Service
Apart from these listed podcasts, at Netcore, we also recommend some of the blogs marketers need to follow for better customer retention and improve bottom line. These blogs are listed depending on factors such as education, tips, tricks, and more.
11. The most reverent name in blogs category indubitably is HubSpot —the pioneer in the world of inbound marketing. With quite an exhaustive list they cover a wide range of topics which offer many different perspectives and expertise. They set the standard for inbound marketing and surely their blogs are nothing less than a lead generating machine.
12. The next that finds a place in our list is QuickSprout by Neil Patel—a place to find best of the solutions for digital marketing traffic generation and monetising the same. Our favourite pick from here is The Beginners Guides to Online Marketing. In case you want to expand the circumference of your digital knowledge make sure you don’t miss it.
13. The next name to follow our blog list is Mention—a platform which follows a how-to style, making it an easy learning experience. The best part of their blogs is a wrap-up section that helps you understand how to implement what you read. On top of it, Mention hosts regular webinars that tie-in with their blogs.
14. Disrupting Advertising —a paid search and conversion rate optimization agency has analyzed over $800 million worth of ad spend in their lifetime. Disruptive Advertising interestingly audited more than 2,000 Google Ads accounts in recent times and learnt that only 12% of keywords produce revenue. With that kind of analysis, you can trust they do best what they do.
With an aim to educate marketers/readers on
best practices of paid search, display advertising, LinkedIn ads, retargeting,
and Facebook advertising they have created a niche. Their blog titles begin
with a number so you know exactly what you can expect even before you start
reading the article.
15. We love to include SEMrush for the types of blogs they post on their platform which is of the nature “How-to” and “What-is” for marketers to gain valuable insights for competitive advantage.
With this list we, at Netcore, attempt to empower modern marketers to map their customers journey and offer them a delightful experience for better retention and more repeat business for revenue generation at enterprise level including mid-size companies. We understand the importance of harnessing technology for customer lifetime value through knowledge dissemination.
machine asks a human certain questions and verifies whether he/she is really a
human. There are machines everywhere and with everyone. And this already huge count
is only going to increase further. For every need/want of yours, you will find
a machine that is currently sufficing it or one which is in the development
phase. Advancement is giving us new, progressively innovative technologies and
thus enabling us to match the pace of the ever-changing world around us.