At this point, retail eCommerce marketers already understand that crafting a highly personalized digital marketing experience is necessary to attract new customers as their expectations for customized ad messaging continue to rise.
If not, don’t miss our recent blog post all about the subject. You’ll learn about how to design and implement an ad personalization strategy intelligently and also get some insight about how to curate an authentic connection with your customers.
Come on back here once you’re caught up, and we’ll dive right into some of the benefits of marketing in the eCommerce space.
Take full advantage of the benefits of eCommerce retail data
Although the rapidly changing marketing landscape is indeed creating many new challenges for marketers to overcome, there’s much more to this space than jumping over hurdles. There is a wealth of data available in eCommerce retail that can be used for marketing in ways that traditional brick-and-mortar retail simply cannot compare to.
One amazing opportunity that comes from the shift to more eCommerce retail is that brands can track audience activities online in ways that aren’t possible in brick-and-mortar locations. This data can then be used in predictive customer lifetime value models, which represent how much any of your customers are likely to spend with your brand over the total time they will likely spend making purchases from your company.
So, what does that mean for your business? As a downstream effect of the upswing in eCommerce retail, your competitors are likely using their additional transactional data to create more effective, more targeted, and more personalized marketing strategies to attract and retain customers from your shared target audience.
Ahead of this holiday season, make sure your marketing team has the insights you need to launch and continuously optimize your marketing campaigns. Retina Insight delivers predictive customer lifetime value metrics that allow for campaign and workflow optimization in real-time.
While your competitors are waiting for batched historical data to update their campaigns, with Retina Insight on your side, you and your team can design and implement marketing campaigns that evolve as your customers’ behavior does. This holiday season is likely to be unlike any other. Preparing intelligently for it must include the resources you’ll need to flexibly and automatically update your campaigns as you go.
Prioritize the most important metrics
Ultimately, making the best of your data requires that you prioritize the most important metrics for your bottom line. In eCommerce retail, that means putting customer lifetime value, or CLV, first.
CLV is composed of a few different figures: how regularly the customer makes purchases from your brand, how much they tend to spend per purchase, and for how long they’ll continue purchasing from you before they ultimately say goodbye.
Are you collecting the right data to calculate CLV for all of your customers individually? Are you using it to inform holiday campaigns that encourage growth across all three variables that make up CLV?
We’d love to work with you to help you answer questions like these and provide the insights your team requires to get tactical ahead of 2021’s holiday season.