
208. What You Need To Know about Insurance COIs
Retailers are raising the bar when it comes to liability coverage, and the process of securing the right insurance is becoming more complicated than ever. Not only are brands facing
If you’re like most other e-commerce brands, you’ve seen a slowdown in sales over the past few months. It’s a combination of a bunch of things happening that are out of your control – Recession scares, pandemic-related behavior change, nice summer weather – and a bunch of things that are in your control – not building a robust customer relationship process.
Today, let’s talk about how to build a robust customer retention strategy and how to use e-mail marketing to do so.
– Yash Chaven
Are you investing in building relationships with your customers or do you simply view every order as a transaction? If you don’t aren’t building relationships, your customers are churning and you’re slowly going to run out of new customers.
That’s why right now you need to be focused on getting every customer you have to stay with your brand as long as possible.
There are 3 reasons consumers will stop buying from you:
Without a relationship with the customer, you won’t know which of the 3 reasons it is, and what you can do to fix it. To do this, have a clear metric to measure success, and setup e-mail automations to track them.
As an e-commerce brand, I recommend using 3 – Month Customer Value as your Northstar metric.
Dallas Crum from Inspiir first introduced this to me, and it make a ton of sense. We all know that customer lifetime value is important, but those first 3 months are critical. If a customer doesn’t repurchase within the first 90-days, you’ve effectively lost them forever. Read more here.
So you need to do whatever it takes to develop strong relationships with every customer during this time.
Let’s develop a process to develop a relationship with every customer through automated e-mail flows.
As a new brand, I highly recommend personally reaching out to every new customer in a non-automated way. As you begin to grow, you won’t always have time to do this, so automated e-mail flows become really important.
I recommend using Klaviyo as they’ve built out robust automation tools that connect directly with Shopify.
The first thing to know is that you likely aren’t communicating enough with your customers. You should be sending at least 1-3 emails per week to stay top of mind.
You’ll do this through automated flows and campaigns. But for today, let’s talk about the 3 automated flows you need to have.
Audience: Signed up for e-mail list but haven’t purchased.
Communication Goal: Educate about Brand, Product, and provide discounts to get first sale.
Number of E-mails: 5-10
Email Inspiration:
Audience: Added product to cart but didn’t purchase
Communication Goal: Get buyer over the purchase hurdle
Number of E-mails: 5-10
Email Inspiration:
Audience: Customer purchased for the first time
Communication Goal: Build a relationship with the customer and engage them with the brand.
Number of E-mails: 10-15
Email Inspiration:
Audience: Customer purchases 2x, 3x, 4x+ times
Communication Goal: Convert into loyal advocates
Number of E-mails: 5-10
Email Inspiration:
Audience: No purchase for 60-120 days
Communication Goal: Win-back churned customers
Number of E-mails: 5-15
Email Inspiration:
And there you go, a bunch of e-mail flows you should be utilizing in your e-commerce business to build a relationship with your customers.
Retailers are raising the bar when it comes to liability coverage, and the process of securing the right insurance is becoming more complicated than ever. Not only are brands facing
Retailers are raising the bar when it comes to liability coverage, and the process of securing the right insurance is becoming more complicated than ever. Not only are brands facing
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