#46 The Least Boring Weekend Newsletter
Good Morning readers! ☕
All set for your weekend plans? 💃
As you all know we had a “focus group 🔎” discussion on how to plan your marketing budget for 2022 and like we promised we're giving back the learnings from the group discussion.
🎯Consider your product and target audience, as well as where they would be in the marketing funnel based on market trends and season.
For example, a soda pop 🥤 brand can increase top-of-funnel acquisition using UGC from May to July, taking advantage of the summer vibes.
🏃 What is your realistic goal based on your available resources? People and Capital. - Having the right team can multiply efforts.
💼 Evaluate your competition and their work. It will inspire you to devise better strategies.
👫Implement workflows such as *OKRs* for goal setting with your teams. This drives a compounding effect, small strides with larger outcomes in time.
✅Obtain a reality check. What are your options with the relatives you have? People and money. Even if you don't have a lot of money, the right people can help you multiply your results with innovative strategies and cost-effective solutions
"Don't be overconfident; think ROI; that is the benefit of digital-first customer acquisitions."
🔄 Install ROI Vasee checks and balances to assess investment returns. This will allow you to restructure and optimize your upcoming budgets.
📈 Q2 budgets, for example, can be optimized based on the first 45 days of Q1 results. Keeping the budget structure simple allows you to make changes based on market trends; don't be rigid, but be open to sudden changes based on market trends.
Budgets should be set aside for community development, which should be based on the value of human interaction. Not just to increase product sales.
Almund's newsletter will let you in on all kinds of tips for D2C brands and much much more.
Alright, so let's get right to it!
This newsletter is going to dive into:
💵 NFTs Are the Big Holiday Gift This Year — Whether You Want One or Not
👌 Importance Of Customer Experience & Satisfaction + Ways To Measure It
📜 Top reads for this week
👩🏻💼 Plenty of jobs awaiting you!
So, scroll down already to THE VERY END & read up on what's yet to come your way!
D2C x CRYPTO
NFTs Are the Big Holiday Gift This Year — Whether You Want One or Not
An NFT could be the unanticipated stocking stuffer this Christmas. People who are both new and experienced in the emerging world of non-fungible tokens say they intend to give digital gifts (Yay🥳 ) to friends and family members who may not know what to do with them.
NFTs have risen in value as the values of Bitcoin and other cryptocurrencies have soared over the last year.
They've aroused the interest of individuals who began trading and managing their portfolios during the pandemic, as well as those who have finally grasped the concept of cryptocurrency.
Some gift-givers say they hope their friends and relatives would learn about NFTs or that the token will be a worthwhile investment, similar to a lottery scratch-off ( Amazing, isn't it?). In certain circumstances, the gifts resemble collectibles, mementos, or art. (Wohooo)
The gift may appear to be a chore to the recipient. If they're new to crypto, they'll need to understand concepts like "wallet" and "keys," as well as the meaning of NFT.
Jessica Walker's motivation for presenting the tokens as Christmas gifts this year is to educate her family about NFTs.( Is it yours too?)
Importance Of Customer Experience & Satisfaction + Ways To Measure It
A man walks into a bar. Couldn’t spot the counter thanks to the blinding lights around, so he left unhappy.
The good customer experience ( gives you the best feeling right?) And satisfaction is the cause of D2C marketing. As per a recent study, 80-90% of customers would turn their back on a brand due to bad customer service, only to become potential loyal customers of a rival business. With better customer experience and engaging services, there are 17% higher chances of consistent brand growth.
But that’s not all when it comes to advantages.
👍🏼 Good User Experience = Great Customer Retention
Better user journey and experience can give you a more satisfied user ( Duh). Did you know? A satisfied customer is likely to give you 3 times the total revenue when compared to a partially satisfied customer, and 15 times the total revenue when compared to a dissatisfied one. ( obviously, you knew😂)
With a seamless customer experience and support system in place, you can rest assured that your customer loyalty and retention rates won’t be plummeting anytime soon.
💵 Higher Revenue
With great customer support and an engaging online experience, you are more likely to hook new customers. These new customers are the key to generating higher revenue; after all, a good user experience is the biggest reason why most customers wish to spend more on a D2C brand.
📢 Better Brand Advocacy
Word of mouth remains a great source of traction to D2C brands. Good user experience and support from your business prompt your customers to harp your brand, products, services, customer support a great deal online, often helping you reel in more customers. What’s even better? These reviews remain up online on your social media channels for the world to witness 24x7!
🤝🏼 Gets Customers Interested In Interaction
We all have heard how incorporating UGC content into our online brand presence can help increase the allure to the product or service you’re offering. This comes as a part of good customer support leading to user satisfaction which drives them into sharing their experience with you on social media platforms.
🏆 Makes Your Customers Feel Important
Customers are always to be front and centre of your D2C business. It is important to make them feel heard and understood at all times. With your team constantly working to make their experience seamless with you and user support always up to help them through the process of interacting with your brand, they will feel as important as they are.
👥 Enhances Brand Image
Great products, amazing service, and a mindblowing user experience - all together make a recipe for success. A few tweaks in your process pipeline to prioritize your customers can change your brand’s image drastically, ensuring a higher revenue.
Phew, that’s A LOT of advantages to be missing out on. But now that you know all you need to know about customer satisfaction & support, how does one measure it?
Don’t you worry, we can help you with that too. (Always here to help 🥺)
Measuring a few metrics or trying to measure all of them can lead to disasters. So, we’ve put together a list of customer satisfaction metrics you need to keep a tab on.
📞 Net Promoter Score - NPS
It’s a score that determines just how likely your user is to recommend your business to a point of contact, most often friends and family.
Brands collect this data across multiple points of communication (webchat, email, check-out page, etc.) since every step of the user journey plays an important role in their overall experience with your brand.
Abandonment rate is a simple formula that tells you if the customer is willing enough to solve their issue and your services are fast enough to solve them.
If you take too much time to reach your customer and help them, they are most likely to hang up, exit the website, close the webchat, etc(and you don't want that 🙅). To know the rate, simply divide the abandoned customer service queries by the total number of queries.
💯 Customer Effort Score - CES
Customer effort score helps you know just how much effort your customers seem to put to resolve an issue. If the effort required to solve the problem is too high, it can lead to a troublesome experience for the user. Much like a CSAT, you can request a customer to let you know the CES when they visit your website.
💰 Retention Rate
Retention rate, just as the name suggests, allows you to learn how likely your customers are to stick around for long( what better than this?).
A digit closer to 1 indicates that your user experience and support system are better, allowing you to keep your customers engaged and reeled in.
Usually calculated for a fixed period, to know the retention rate, you must divide the number of customers you retained over the specified time by the number of customers you had.
⏰ Average Resolution Time
The webchat CTA right in the corner for the customer who couldn’t find the required information; the FAQs section updated with the latest questions often asked by customers; quick replies from the customer support team when submitting a query on the Contact Us page - these small steps can lead to a very happy customer. ( Small steps make a huge difference, all of this suddenly makes sense right? )
The faster you resolve their issues, the lesser is the average resolution time, allowing your customers to have a happy user experience. ( speed up 🏁)
So there you have it. You now know five of the most important customer satisfaction metrics to keep your eyes on, when planning your D2C strategy. In the next edition of The Least Boring Weekly Newsletter, we’ll walk you through the strategies on how to improve your customer experience. Catch you there!
TOP READS FOR THIS WEEK
👗 Indochino to launch into womenswear
♨ Marking its first acquisition, Harry's snaps up body odour brand Lumē.
⬆ Proov raises $9.7M Series A for an at-home ovulation testing platform.
🎮 Sayollo Launches Direct-to-Consumer (D2C) in-game Marketplace gComm and Selects Verte's Technology to Enable its eCommerce Ecosystem
🌶 Kraft Heinz Acquires Just Spices Direct-to-Consumer Business
🐦 Twitter Adds Auto-Captions To "All Videos"
In need of a job? We’ve got plenty awaiting you!
CHOOSE SUCCESS below and have a great week! ‘Get that D2C business runnin’.