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How product analytics can unite marketing and product teams to boost customer lifetime value

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How product analytics can unite marketing and product teams to boost customer lifetime value

Although digital channels are proliferating, calling marketers to step up efforts like content production och omnichannel orchestration, for some brands, more customer activity is being consolidated in one place – the mobile app, or some other kind of digital product. The problem is that the marketing team needs to join forces with the product team that developed the app in order to get a hold on what customers are doing at that single destination.

Especially during the pandemic, customers migrated from physical stores to a digital storefront. The app became the first place that customers would check for deals and to order, instead of driving to the local bank, store chain or restaurant.

Marketing efforts will drive customers from other channels to the app (for instance, with a CTV campaign that features a QR code). In this instance, the marketing team will have the performance data on how the app acquires customers. But important metrics beyond that, which product teams might know more about from inside product development, are more of a black hole to the marketers.

Read next: How Chipotle leans on loyalty

Disconnect between marketing teams, product teams and their customers

Adam Greco, product evangelist at analytics company Amplitude, offered some examples of the disconnect between marketing and product teams in his presentation at The MarTech Conference (scroll down to see video of the full session).

For instance, product teams have the responsibility of creating a high-quality digital experience for customers. However, given all the customer data marketers have on their side, the marketing team would be in a better position to identify the kinds of customers that the app is best at serving.

This gets more complicated when a brand has multiple apps serving different purposes. If marketing isn’t aligned with the different products, they could wind up sending a customer who is seeking customer service to a more sales-oriented app. No one wins in this situation.

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Image: Amplitude.

For a free-trial app, marketers might not even know if a customer that was driven there and downloaded it has dropped from the app, Greco said. Therefore, the marketing and product teams need to come together. The best way to unite is around relevant data and insights in the app or other digital product.

Important metrics and behaviors for product analytics

Every click, every signal. Within the app or digital product, customers are telling brands important things about why they’re in the product and what they want to accomplish there.

“What is it that they’re interested in?” Greco asked. “What’s important to them? How engaged are they? If you as a marketer aren’t considering this to be part of the customer experience, then you are missing out.”

He added, “You need to be able to collect all of this data and merge it with all of the information about how you found the customer and so on.”

Image: Amplitude

Customer lifetime value. A major goal from the product analytics that marketers and product teams should unite around is customer lifetime value. This means looking at valuable signals instead of vanity metrics.

“In the old days, we would focus on things like unique visitors and visits,” said Greco. “But we really need to start thinking about new measurements and going further down in the customer experience to engagement, retention, customer lifetime value, repeat purchases and loyalty.”

Digital experience. “More and more we’re learning that the experience that people have in our digital products is actually more important than how you find them,” Greco said.

By keeping an eye on insights from product analytics, marketing teams can identify the best metrics for growing long-term customer relationships. They can also help product teams pinpoint ways to improve experience within the digital product.

Each side helps the other out, united in delivering a better experience for valued customers.


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Om författaren

Chris Wood bygger på över 15 års erfarenhet av rapportering som B2B-redaktör och journalist. På DMN fungerade han som biträdande redaktör och erbjöd originalanalys av det utvecklande marknadsföringsteknologiska landskapet. Han har intervjuat ledare inom teknik och policy, från Canvas vd Melanie Perkins, till tidigare Cisco-chefen John Chambers, och Vivek Kundra, utsedd av Barack Obama till landets första federala CIO. Han är särskilt intresserad av hur nya teknologier, inklusive röst och blockchain, stör marknadsföringsvärlden som vi känner den. 2019 modererade han en panel om "innovationsteater" på Fintech Inn i Vilnius. Förutom sin marknadsföringsfokuserade rapportering inom branschbranschen som Robotics Trends, Modern Brewery Age och AdNation News, har Wood även skrivit för KIRKUS och bidrar med skönlitteratur, kritik och poesi till flera ledande bokbloggar. Han studerade engelska vid Fairfield University och föddes i Springfield, Massachusetts. Han bor i New York.

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Welcome emails have best click-to-open and first purchase rates

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Welcome emails have best click-to-open and first purchase rates

Welcome emails and those triggered by inventory changes have the best click-to-open and first purchase conversion rates, according to a new study. 

Email campaigns triggered by price cut and back in stock notices resulted in first purchases from 25% of recipients, according to Bluecore’s 2022 Retail Benchmark Report. Abandoned cart notifications had a 23.9% success rate, with welcome emails succeeding 23.3%. The least successful (14.9%) were those aimed at people who searched for a specific or category/product and didn’t take further action. 

Läs nästa: 8 stora misstag i e-postmarknadsföring och hur man undviker dem

The report is based on data from more than 35.5 billion campaigns across email and site from January 2021 through December 2021.

Abandoned cart and welcome emails also had the highest revenue per click for first purchase and conversion at $34.82 and $30.82 respectively. 

Click rate is especially important for email campaigns as it is the strongest indicator of customer engagement and possible purchase. It is also more closely tied to conversion and more reliable than Open Rate because of consumer privacy updates in iOS15

The best click rates for first purchase and conversion are:

  • Welcome 11.27.
  • Back in stock  10.63.
  • Price decrease 9.16.
  • Abandoned cart 9.0.

Why we care: It’s hard to overstate the importance of welcome emails when it comes to quickly engaging people who haven’t bought from you before. Then can be as effective as abandoned cart emails – and those have the highest intent to purchase rate. Clearly, personalization around a shopper’s category preferences or predicting a next buy are key here. The report says not to include price decreases when personalizing, but the data is from last year — before inflation hit so hard.


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Om författaren

Constantine von Hoffman är chefredaktör för MarTech. En veteranjournalist, Con har bevakat affärer, ekonomi, marknadsföring och teknik för CBSNews.com, Brandweek, CMO och Inc. Han har varit stadsredaktör för Boston Herald, nyhetsproducent på NPR, och har skrivit för Harvard Business Review, Boston Magazine, Sierra och många andra publikationer. Han har också varit en professionell ståuppkomiker, hållit föredrag på anime- och spelkongresser om allt från My Neighbor Totoro till historien om tärningar och brädspel, och är författare till den magiska realistiska romanen John Henry the Revelator. Han bor i Boston med sin fru Jennifer och antingen för många eller för få hundar.

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