At the end of March, QuickPivot had the pleasure of sponsoring the NEMOA Spring Summit event. Despite being a virtual event, the NEMOA event organizers were able to pull off the difficult task of recreating the community and lively energy that the in-person events are known for.
One of the more successful ways they did this was through the roundtable sessions. The intimate setting and ability everyone to discuss and communicate really made it feel like we were all there together.
QuickPivot’s roundtable session, “Engaging and Analyzing New Customers Acquired Over the Holiday Season,” was hosted by Jake Hall, VP of Solutions Consulting. The session was titled, “Engaging and Analyzing New Customers Acquired Over the Holiday Season,” and Jake shared tips for how brands can analyze their newly acquired customers in order to determine the best future communications and offers for them. Of course, the reality is that brands need to analyze their entire customer file in order to have a clear view of how different audiences compare to each other.
Four Questions You Need to Ask About Your Holiday Shoppers
1. Are they worth more?
It’s important to study and understand your average customer lifetime value in order to have a benchmark. With newly acquired customers, you can keep an eye on their near mid-term value to see how they’re tracking towards the average CLTV.
2. Do they buy different stuff?
Not surprisingly, you may find that a lot of your holiday shoppers are actually gift buyers, so the items or categories that you’d expect them to purchase based on their demographics may be different. Review the basket assortments of your customers, and make sure to have a firm grasp of their path to purchase.
3. Do they buy less often?
If you have a gift shopper on your hands, chances are that they will not be re-purchasing at the same rate as your typical customer. Keep an eye on the trends around first to second order conversion for this audience. You may want to consider the additional holidays or events where this audience would be more likely to purchase.
4. Do they buy consistently?
A slightly different question than the one above – if there are products that your customers typically purchase repeatedly, it’s worth doing a purchase cadence analysis to understand which customers are purchasing on a different schedule. If there’s a typical ordinality to the way your customers purchase products, it’s also worth analyzing whether or not someone purchased the “second” product as their first purchase. This could be a strong indicator of a gift buyer.
Often times, being a data-driven marketer requires us to put on our “detective hats.” Digging through data to find trends and, often more important, anomalies, can provide you with strategy-changing insights. QuickPivot makes it easy to segment and analyze your customer based on when and how they first purchased. We can also support the more in-depth analyses mentioned above.
Interested in learning how QuickPivot can help you better understand your customer base? Schedule a demo today.