Are You Reengaging with Customers?
Data shows that customer acquisition cost, or the amount of money spent to acquire new customers, is on the rise and has elevated by a whopping 60 percent in the last five years with no signs of slowing down in any industry. I recently attended an AMA webinar that covered reengagement campaigns and explained the benefits of shifting the focus from acquisition to reengagement. The webinar guests discussed the three most common reengagement campaigns that brands today are using to drive sales and increase the conversion rate.
Abandoned Cart Campaigns
If a brand or business with an online shop is looking to keep a potential customer from abandoning their cart, there are a few small yet mighty ways that can encourage them to buy now.
These include:
- Star ratings on products to make customers feel good about their purchase
- Number of how many people have recently added the item to their cart or purchased the item
- Low stock or back in stock messages
- Secure and safe payment options like PayPal and buy now pay later options like Afterpay and Klarna
Back in Stock Campaigns and Low Inventory Campaigns
To highlight demand of a product or service and get customers to buy now, brands and businesses are using back in stock and low inventory campaigns. Both campaigns can become a useful tool for businesses and turn subscribers into buyers, but they are often not used to their full potential and have some areas to improve on such as a lack of urgency, lack of personalization and the fact that these campaigns are usually on one channel, email.
By expanding a back in stock and low inventory campaign to a brand site and social media in addition to email, you will give customers more opportunities to see your marketing. Also, even if you include small details of personalization such as a first name, it can make a big difference in building trust and establishing connections with customers. If you want to go deeper with personalization then this start with gathering data, which can be done with multiple methods.
Loyalty Campaigns
Loyalty campaigns have become a lifeline for brands and businesses especially when partnered with personalization, a critical element of marketing in today’s world.
Not only do loyalty campaigns reward customers, keep buyers coming back and provide special benefits, loyalty campaigns are also a fantastic way to gather zero-party data which is data that a customer proactively shares with a brand.
Some examples of well-known brand loyalty campaigns that instantly come to mind include Starbucks Rewards, Sephora’s Beauty Insider program and of course, Amazon Prime. All of these programs have done a great job at motivating repeat purchases from customers and giving them the benefits people crave such as exclusive sales, coupons, faster and/or free shipping and more.
With more and more brands focused on retention, we are sure to see many new loyalty programs roll out or get revamped as customer acquisition costs increase. Will you be the next brand to try one out?
