We are all too busy. That’s not a cliché. It’s the truth. Between balancing professional, social and family life, our valuable time is indeed at a premium today. There are recurring items on the to-do list that begin to fall behind all the other things in our day − from tasks around the house like changing the air filter or refilling the water softener on a regular basis to making sure you’ve purchased cleaning supplies, office, health, beauty or personal care products well before they are needed. To quote a large office supplies retailer, we could all use an “Easy” button!
The good news for retailers selling consumable goods is that we can provide the Easy button in the form of a Replenishment Campaign. Listrak’s AI-driven Replenishment Campaigns automatically adjust the timing of a message based on the crowd and individual purchase patterns to predict the right time to send a reminder that it’s time to make a re-purchase. This is also a perfect opportunity to include Predictive Product Recommendations to cross-sell / upsell other products targeted to the individual customer.
Retailers utilizing an automated triggered campaign through Listrak to target replenishable products see an average conversion rate of 31% and a 10X ROI. Although these are fantastic results, there’s always room for improvement. With the addition of Listrak CRM, the question becomes − how can we use our customer data analysis to be even more targeted with these campaigns?
According to a study by eMarketer, only 8% of U.S. customers are repeat purchasers, on average only 5% of customers on a retailer’s list purchased twice, and only 3% purchased three times or more. The second sale is even more important than the first.
Understanding the purchase behaviors of your one-time buyers vs. repeat vs. loyal customer segments can help you to determine strategies to test, such as subject line optimization, discount/offer targeting or even adjusting Product Recommendation ingredients and recipes. This segmentation could be taken further by targeting based on LTV or using predictive models available such as likelihood to purchase.
Listrak CRM makes it simple to take the insights from your customer analysis and turn them into actionable segments that can be used in your Replenishment Campaigns or any other intelligent triggered campaign. It’s win-win … an Easy button for you the marketer to create an Easy button for your customers.