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August: Get better customers with the help of your acquisition team

Heather
  • Updated
Hi,
 
Today we’re going to spice things up and talk about your colleagues. Not your data, IT, or BI teams, we mean those sitting just next to you. You might recognize them by the trendy sneakers they wear, and their excitement for every cent they saved when they reduced their CPC spend. 
 
Yeah, we’re talking about your growth and acquisition of team members. 
 
We often find a separation between CRM and acquisition teams, which causes brands to re-acquire existing customers again and again. We believe this is a huge missed opportunity, and that you and your acquisition teams should work closely together to share customer insights.   
 
In this month’s magazine, we’ll help you cross this chasm and provide you with some ideas on getting your acquisition team onboard with customer insights.  
 
Acquiring new high-value customers won’t just increase the ROI on every dollar your acquisition team spends, but will improve your retention metrics. Think about it this way – won’t it be easier for you to retain customers with higher intent and likelihood of sticking around, and for longer?  
 
Cheers,
Shai Frank, VP of Product
 

Please give me more high-value customers

The easiest starting point for taking advantage of Optimove to improve acquisition is targeting audiences that resemble your best customers.

You already know which attributes are associated with your best customers – it can be a specific product they buy, their age or gender, their purchase behavior, their discount affinity, and more. 
 
Suppose you give your acquisition team those attributes of customers with the highest future value, they can just target similar audiences, by using Facebook lookalikes, or ingesting these targeting criteria to other advertising platforms like Google Display Network(GDN), LiveRamp, or Criteo. 
 

Lure new and high-value customers into your digital store

One of our retail clients discovered a direct correlation between the category of items purchased by customers during their first purchase and their longevity, i.e., how long customers remain active customers of the brand. With this retailer, Leggings were that powerful category: Customers who bought leggings on their first purchase had the highest LTV compared to customers that purchased any other category. 

Not only did they use this insight to promote leggings to new subscribers, but they shared this info with the acquisition team, which then used leggings in their banners, PPC ads and promoted leggings to anonymous website visitors.
 
This feedback loop further enhanced the company’s growth with a 75% decrease in cost per acquisition and a 22% increase in total order value.   
 

Does high promotion value yield high-value customers?

Some marketers will try to pull new customers with aggressive promotions. But we’ve learned that sometimes, the higher the promotion you offer to new users, the less likely they will stay with you. 

An Optimove client, a food delivery service found that customers who either did not use a promotion or received a low promotion value showed significantly higher lifetime value. Furthermore, they discovered that the lower the promotion value, the higher the customer survivability rate.

This might be counter-intuitive, but think about it like this: customers who had their first interaction with you through a significant discount (let’s say 20%), won’t be as thrilled to purchase the next one, at the full price, or even a 10% discount, since you already set a high bar. 
 
Customers who had their first interaction with you following a significant promotion (let’s say 20% off), may choose to wait until you offer them a similar promotion before they return. You already set their expectations to 20% off, so why would they respond to 10%...?
 
Interested in learning more about how to share insights with your acquisition team? We've given your Customer Success Manager some ideas to share with you!
 

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