11 ways Retention Science keep your customers spending
More online businesses are seeing proof that adding predictive analytics to customer data increases customer spending, and with good reason – according to a study by the Aberdeen Group,predictive analytics users experience nearly 2 times the lift from marketing campaigns compared to those who don’t. As a result, more Retention Marketing platforms are popping up in the marketplace. However, not all Retention Marketing platforms are created equal – with differences in technology, data modeling, as well as data integration and automation capabilities, it’s essential to choose a Retention Marketing platform suitable to your unique business needs.
Aimed at increasing customer spending and advocacy, an ideal Retention Marketing platform will aggregate all your customer data sources, including behavioral, transactional, and demographic. Then it will apply machine learning and predictive algorithms to profile and predict customer behavior, such as likelihood to purchase, churn, and the customer’s lifetime value. This results in the automated delivery of personalized multi-channel marketing campaigns to each individual customer.
Here are 11 ways Retention Science differs from other Retention Marketing platforms – and how we deliver the engaging communications to increase customer spending.
1. We increase customer spending
Our advanced predictive analytics technology and team of data scientists use precise science to keep your customers engaged and spending. We saw a 170% increase in trial to paid conversion rates with The Honest Company and a 85% lift in average order value. We worked with Dollar Shave Club to reduce customer churn and saw a 7 time increase in win-back rates and 50% reach of unsubscribed customers.
2. Multi data point integration
Rather than focusing on just one customer data point and getting a limited understanding of your customer, we aggregate all your customer data points into our Retention Marketing platform. We integrate behavioral, transactional, social, demographic, and customer data points from all your data sources.
3. Predictive profiling
Gain a deeper understanding of your customers by utilizing data and analytics to predict customer behavior based on their ongoing actions. Find out who is about to churn, make a purchase, who your high value customers are, and what drives them to purchase – then act accordingly.
4. Campaign insights by segment
Break your customers up into segments by using analytics to track their existing behavior and predict their future behavior. Track the progress of your Retention Marketing campaigns by segments and measure success with easy-to-view dashboard charts and analytics.
5. Automated communications
Save time and focus on other marketing efforts with our automation engine. Automate your customer lifecycle drip campaigns to deliver an unlimited amount of targeted campaigns to individual customers at the right time.
6. We support your success
We don’t just sell a software platform. Our dedicated customer success team is committed to help you achieve results. We’ll work with you to implement customer lifecycle drip campaigns and one-time campaigns.
7. Dynamic incentives
Encourage repurchasing and reward loyal customers by delivering targeted incentives relevant to each shopper based on their behavior, loyalty, and likelihood to purchase. Widen your profit margins by only sending out relevant incentives.
8. Timing & delivery optimization
The timing of your communications is vital to its success. We analyze customer behavior and preferences to deliver your message at a frequency and timing when your customer is most engaged and likely to purchase.
9. Personalized product recommendations
Go beyond recommending the same product customers purchased or engaged with previously. Keep customers engaged, excited, and purchasing by sending recommendations based on their behavior and interests. Demonstrate you care and deepen your customer relationships and loyalty.
10. Sequence & filtering capability
Communicate with engaged and less-engaged customers in different ways by accessing user-level action events. We provide the capability to send specific lifecycle stages per user basis by analyzing onsite and off-site real-time data.
11. Dynamic attribution models per campaign
Gain a full perspective of each campaign’s performance by choosing which attribution model to view. View attributions based on email open over 7 days, email click-through over 30 days, or even time spent on site as a conversion goal.