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Posts tagged with Retention

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Why exclusivity is the cherry on the customer experience cake

In June 2015 the ONS reported that average store prices in the UK fell by almost 3% YoY. 

This was the 12th successive month of deflation in the retail sector.

Alongside deflation, quarterly measures of retail activity have been growing for four years. 

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return ticket

How to win back customers online: 101

How can you win customers back online? 

Here's an intro looking at some of the tools you can use, as well as some advice on knowing which customers to target.

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Five tips for reducing mobile app churn

Despite the rampant competition in the popular app stores, many companies continue to invest heavily in developing mobile apps.

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15 fascinating insights from Econsultancy’s 2014 reports

We’re not just a pretty face.

As a regular visitor to the blog, you’ll no doubt be aware of the magnificent free content on offer to you from our small band of marketing and digital experts here on the blog.

This is just scratching the surface of what Econsultancy has to offer though...

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15 tips for improving ecommerce returns policies

After the blowout of Black Friday and Cyber Monday, returns are expected to peak today, as customers change their minds about the presents they have already bought. 

So, with returns volumes potentially rising this Christmas, how should retailers handle returns? 

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What is customer lifetime value (CLV) and why do you need to measure it?

In this article I'll ride into the dusty, obfuscated world of marketing phrases, acronyms and buzzwords and try to make sense of it all in the clearest language possible.

Which means I should probably stop using words like ‘obfuscated’.

Following on from yesterday’s guide to single customer view, let’s take a look at customer lifetime value (CLV).

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What is the single customer view and why do you need it?

In which I try to explain a seemingly complicated marketing term in the clearest language possible. 

I ran a rudimentary Google search to see what was out there, and of course the Wikipedia entry is the first result. Now don’t balk at this, in a rare moment for this series of beginner’s guides, I’m going to copy exactly what the Wikipedia page for ‘single customer view’ says…

"A Single Customer View is an aggregated, consistent and holistic representation of the data known by an organisation about its customers."

Uh-huh. Now that’s a little maze of jargon in of itself and being as it also contains the word ‘holistic’ it immediately places itself amongst the very worst buzzwords of the damned.

I’m sure there’s an easier explanation, so let’s make our way through the quagmire.

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Marketers more focused on acquisition than retention

This is despite the fact that 82% of companies agree that retention is in fact cheaper than acquisition. A figure up from 70% last year, and certainly bolsters the notion that on-going profit from a customer lifetime is higher than any one single transaction. 

Is your company more focused on acquisition or retention marketing?

This is one of the questions asked by our new report, the third annual Cross-Channel Marketing Report, carried out in association with Oracle Marketing Cloud, which explores how companies are orchestrating their marketing activities across a range of channels. 

The research is based on a survey of nearly 1,000 digital marketers and ecommerce professionals, carried out in April and May 2014.

The report provides insight into the extent to which organisations are delivering orchestrated cross-channel marketing campaigns, what mobile solutions they deploy and their most important priorities over the next year.

Here we’ll be taking a look at the continued emphasis on acquisition over retention and which channels or disciplines are more retention/acquisition focused.

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Ten lessons Zappos can teach us about staff and customer retention

Founded in 1999 and acquired by Amazon in 2009, Zappos has long been admired for its attitude to staff and customers. 

This focus is all about retention of customers and staff. And it saves the company a fortune on marketing and recruitment. 

Indeed, Zappos can boast customer retention rates of 75%, while staff rates are 85%, figures not many other firms can match. 

Companies are often more focused on acquisition than retention, but Zappos has turned this on its head, looking to market itself through quality of service.

It's worked too, with Zappos reaching $1bn in annual sales before the Amazon acquisition. 

Here are just a few lessons that can be applied to other businesses...

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How can publishers promote subscriber loyalty?

Running a profitable publishing business online is no easy task, and success has a lot to do with retaining subscribers. 

One way of achieving this is through loyalty programmes, which provide extra value for subscribers, and can even make them valuable advocates for the brand. 

I've been asking Nina Gilbert, Account Director at Clock, about the strategies publishers can use to keep customers loyal and reduce subscriber churn...

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Nine useful tips for managing digital teams

This week we hosted a roundtable on Managing Digital Teams, and some useful tips for recruitment, retention and internal communication came out of the discussion. 

I wanted to share those tips here as I know these are big issues for marketers.

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Just 42% of companies are able to measure customer lifetime value

For companies looking to improve retention rates, customer lifetime value (CLV) is a crucial concept, but one which companies find hard to measure. 

Econsultancy's new Building Loyalty and Driving Revenue in the Digital Age report looks at this issue in more detail. 

Having surveyed almost 900 agency and company respondents, we found that, though the vast majority agreed that CLV was an important concept, just 42% said they were able to measure it. 

Here's a sneak preview of some of the findings of the report produced in partnership with Sitecore.

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