Hello there, HTE rock stars! 😎
🎉 Welcome to our latest newsletter, where the future of marketing unfolds!
In this edition, we explore key strategies to elevate your business: boost your repurchase rate with proven tactics to foster customer loyalty 💡, manage multichannel product information for a seamless customer experience across all platforms 🌐, and understand why flexibility is essential in multichannel selling to stay ahead of the competition 🔄. Dive in to discover actionable insights that will drive your success!
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How Do I Get My Repurchase Rate Up?
Manage Multichannel Product Information For Seamless Cx
Multichannel Selling Requires Flexibility
Top Reads📚
HTE Job Board- Get Your Dream Job With a Click✨💼
How Do I Get My Repurchase Rate Up?
1. Being Customer-Centric Means Going Beyond Guesswork
It’s easy to think being customer-centric means jumping at every piece of feedback. But real customer-centricity isn't a wild guessing game. It’s about strategic moves grounded in both data and direct conversations.
Here’s how you can refine your approach:
Start with a Typeform Survey
Roll out a Typeform survey to your churned customers. Thank them for being instrumental in your growth. Make it clear you're asking three questions that take less than 3 minutes of their time, and offer a chance to win a $100 gift card.
Engage in Qualitative Conversations
Pair those survey insights with honest, one-on-one conversations. Reach out to a mix of customers - the repeaters, the one-timers, and even the cart abandoners.
Iterate with Precision
Armed with a clearer understanding, begin iterating. But move slowly. Test one change at a time and measure its impact meticulously. With too many variables, you’ll have no idea where the real impact came from.
Loop in Your Audience
Remember those customers who suggested changes? Keep them in the loop. Let them know you’ve heard them and you’re making moves. When they see their input come to life, you’re not just making a sale; you’re earning a loyal advocate.
2. Focus on Actionable Metrics 📊
Understanding Time Between Purchases
Most marketing is annoying. There, I said it. Sorry.
We love posting a screenshot of the cringe email we sent to our followers on X, but we know well that we’d roll our eyes if it ended up in a mailbox near us.
I think most of that is because they are generally so ill-timed.
Imagine being pushed to repurchase days after you got a bottle of deodorant that should last 30 days.
You really don’t have to imagine; buy from almost any CPG brand and you can expect it.
We know what typical behavior looks like, yet marketing often tries to change 99% of that behavior because it works 1% of the time. 😵
Instead, look at your data to better understand when they usually are ready for repurchase, and start a bit before that. (You can, and should, be nourishing them throughout and even before this).
Start with a personalized email, sprinkle in some SMS for that personal touch, and toss in some direct mail if you passed the time that 80-90% repurchase.
(Remember to keep those one-time buyers out of the loop on direct mail if you are on a tight budget or just want to be super incremental.)
Identifying Common 'Next Items' Ordered
This is where the magic happens. When you dive into your data and realize that a good chunk of your customers who bought X are also buying Y, you’re onto something.
If 80% of your Orange flavor fans are moving on to Grape, don’t beat around the bush—show them the Grape!
It's much simpler to bring forth existing behaviors than to try to create net new ones.
3. The Art of Cohort Analysis 🎯
Source and Medium Matter
The journey of a customer who stumbled upon your brand through a Facebook ad might look a whole lot different from the one who found you through an influencer they trust.
And what about those who jumped on the bandwagon during BFCM versus the ones who found you in the tranquility of March?
Each path tells a different story, and understanding these narratives can help you tailor experiences that resonate.
By honing in on these segments, you're avoiding shooting in the dark. Instead, you're becoming a master archer, aiming with precision at creating experiences that not only hit the mark but also make your customers feel like you've crafted a journey just for them. 💫
Manage Multichannel Product Information For Seamless Cx
Businesses today interact with customers, sell products, and offer services through many channels. Automation and AI are making the customer experience smoother and more connected 🤖✨. This is especially important for companies that make, distribute, and sell products as they grow across different B2X channels and markets.
Creating a smooth customer experience starts with gathering product data from various sources and centralizing it into a flexible data model 📊. This model helps organize and relate the data in a centralized hub.
Knowing what data each channel needs is essential to determining the technical requirements leading to real business success.
No small feat: Multichannel product information management
Before we get into best practices, let's explore some common challenges companies face when managing product data across multiple channels:
📦 Inventory management: Keeping accurate inventory levels across various channels is tricky. Too much stock can lead to extra costs, while too little can mean lost sales.
🛒 Product information consistency: Maintaining consistent product details (like descriptions, images, and prices) across all channels is crucial. Different channels might have unique formatting rules, which complicate things.
🚚 Order fulfillment: Managing order processing, shipping, and returns across channels can be tough. Different fulfillment centers or logistics partners might have varying capabilities. Fast and accurate order fulfillment is key for happy customers.
📢 Marketing coordination: Creating unified marketing campaigns across channels requires good alignment. Balancing specific strategies for each channel while keeping a consistent brand voice can be challenging.
📞 Customer service: Customers expect excellent service regardless of their channel. Providing seamless support across all channels is tough but necessary.
📊 Data integration and analysis: Managing and analyzing data from multiple channels is complex and requires powerful data management tools.
Managing multiple channels requires careful attention to detail, strong systems, and effective coordination to overcome these challenges and ensure a smooth customer experience.
Multichannel Selling Requires Flexibility
With the rise of multichannel selling, accurate product information is crucial and increasingly complex. Effective product information management (PIM) should be future-ready.
Key Principle: Elasticity
An elastic PIM data model expands like a rubber band, adapting as product data grows. Here's why flexibility is essential:
Customization & Personalization 🎨: Tailor product info to each channel, enhancing customer experience with custom descriptions and pricing.
Channel-Specific Needs 📱: Different channels need different details. For example, e-commerce needs high-res images, while mobile apps need short descriptions.
Efficient Updates 🔄: Centralized data ensures seamless updates across all channels, building customer trust.
Scalability & Agility 📈: Supports business growth and quick market adjustments without disrupting processes.
Compliance 🛡️: Adapts to varying regulations across channels and countries, ensuring compliance.
Real-Time Updates ⏰: Ensures accurate, up-to-date information across all touchpoints, like price changes and stock availability.
In short, a flexible PIM data model is essential for successful multichannel selling, adapting, and growing with your needs.
The high price of rigidity
When a product data model isn't flexible, companies face several challenges in managing product info and selling across multiple channels:
Inefficient integration: It's hard to connect systems like point-of-sale, ERP, and e-commerce sites, disrupting real-time updates and consistency across channels.
Customization constraints: Rigid models can't adapt to specific channel needs. This
means you can't customize product details (descriptions, pricing, images) for each channel, leading to a poor customer experience.
Data discrepancies: Inflexible models cause inconsistent data across channels, confusing customers, eroding trust, and damaging brand reputation.
Slow content syndication: Manually updating product info takes time, delaying launches and updates, and slowing down your market speed.
Limited scalability: Rigid models make growing or adding new channels hard, making expansion slow and cumbersome.
Compliance issues: Meeting regulatory requirements becomes complex, increasing the risk of non-compliance and legal penalties.
Higher maintenance costs: Inflexible systems need custom integrations or costly upgrades, reducing profitability and agility.
With real-time visibility, companies can quickly respond to market changes, missing opportunities, and let competitors get ahead. A rigid product data model hampers agility, customization, and synchronization across channels.
Businesses must prioritize flexibility to thrive in multichannel environments.
GenAI + Multichannel Product Information Management
Integrating generative AI into product information management (PIM) transforms how organizations handle the complex task of managing product data across various channels and markets. The benefits of using generative AI for PIM include:
Predictive Analytics and Insights: AI enhances decision-making in product management by analyzing large data sets to identify trends, predict market changes, and recommend optimal product development and positioning strategies.
Improved Personalization: AI provides personalized recommendations based on user behavior and preferences. This personalization enhances user experience by tailoring product offerings and suggesting relevant content.
Market Trend Predictions: AI analyzes historical data and external factors to forecast market trends. Product managers can adjust their strategies proactively based on these predictions.
Content Creation: AI assists in generating product descriptions, metadata, and other content, making the content creation process more efficient and ensuring consistency across all channels.
Dynamic Pricing: AI algorithms optimize pricing by considering market demand, competitor pricing, and other variables, enabling product managers to adapt pricing strategies in real-time
Supply Chain Optimization: AI predicts demand fluctuations and potential supply chain disruptions, allowing product managers to manage inventory and logistics proactively.
Generative AI empowers product managers to handle multichannel product information effectively by providing data-driven insights, enhancing personalized experiences, and enabling agility in a fast-changing market.
Top Reads📚
Alliance Consumer Growth Closes Fifth Fund ~ 11 July 2024, PR Newswire
Gallo invests in mezcal and rum ~ 9 July 2024, The Spirit Business
Unilever Ventures invests further $4 million in Indonesian beauty brand ESQA ~ 9 July 2024, Cosmetic Business
West Lane Capital Partners Breathes New Life Into Beauty Bakerie With Acquisition ~ 9 July 2024, Beauty Independent
Big Idea Ventures invests in plant-based seafood start-up Bayou Best Foods ~ 10 July 2024, Just Drinks
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Phew! That was a lot, right? But hey, knowledge is power🌟. We hope this edition gave you some insights and maybe even cleared up a few doubts.
Got questions or topics you'd like us to cover next? Holler at us! We’ll give you a shoutout in our next edition. If you have any questions, reply to this email and share your valuable feedback so we can aim to address them in our upcoming editions!
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