As a result of more traffic on site from retention campaigns, Retention Science effectively increased revenue per campaign by 300%
Santa Monica, CA (PRWEB) April 23, 2013
Timing is everything, especially in E-commerce. That’s what big data retention automation company Retention Science went on to prove when it helped apparel store Swaychic.com increase site traffic, customer retention, and more importantly, conversion rates using big data analytics and its new feature: timing optimization technology.
When Swaychic started working with Retention Science, the apparel store’s main goal was to increase sales and engagement without having to devote too much time analyzing the behavior of each of their customers. The apparel company already had a lot on its plate after all, as Swaychic also had a dozen of brick and mortar locations.
Enter Retention Science. The Retention Automation Platform analyzed Swaychic’s existing marketing campaigns to see which components required improvements, and determined that timing of engagement was one of the biggest factors that needed optimization to maximize customer retention.
BIG DATA ANALYSIS AND CAMPAING IMPLEMENTATION
Using predictive technology and big data analytics, Retention Science was able to successfully determine the best time to engage each Swaychic customer.
Retention Science analyzed data for each and every Swaychic customer and factored in more than 300 different behavioral attributes including the time of day the opened previous emails, the days and times when they visited the Swaychic, and the time of day when they made their last purchase. The company then used the data they collected to determine the best time of day to reach out to Swaychic subscribers.
Retention Science optimized 12 to 16 retention campaigns per month for Swaychic, and compared the outcomes with previous campaigns. The results were astounding. Compared to their previous campaigns, Swaychic increased average open rate from 11% to 15% and increased average click through rate from 0.9% to 2.2%. As a result of more traffic on site from retention campaigns, Retention Science effectively increased revenue per campaign by 300%.
“We are seeing a significant increase in conversion from the campaigns created by Retention Science. They drive more traffic and have a higher conversion rate than any of the campaigns we ran on our own!” said Cheyanne Mackay, Swaychic’s Director of Marketing.
THE IMPORTANCE OF TIMING OPTIMIZATION AND RETENTION MARKETING
“Since different customers engage and purchase at different times of the day, it’s critically important that we figure out the best timing and frequency to touch base with them,” said Hotson, further emphasizing the fact that WHEN stores interact with customers is just as important as how they interact with them.
Hotson also stressed that timing optimization will vary from one company to the other. “If you Google when’s the best time to send an email, you will most likely get mixed results” continued Hotson. “That’s because the optimal time for one company or industry could be vastly different from the next.”
Aside from demonstrating the importance of timing, the results of Swaychic’s retention campaigns also shed light on the significance of customer retention.
“It’s important to note here that Swaychic’s increased revenue and traffic came from customers that they already had” added Hotson. “It goes to show that focusing on customer retention is a great way to improve a business’s bottom line.”
Unfortunately, a lot of e-commerce businesses still focus too much on acquisition rather than customer retention and thus miss out on the engagement and revenue opportunities of the latter.
As Hotson put it, “Some companies fail to realize that there are simple tweaks that they can do right now, with their existing customers to significantly boost revenues. Our hope is that more e-commerce businesses acknowledge the importance of customer retention and focus more on keeping their existing clients happy. ”
ABOUT RETENTION SCIENCE
Retention Science is the first Retention Automation Platform that turns Big Data analytics and predictive algorithms into actionable retention marketing campaigns. Its Customer Profiling Engine analyzes the customer lifecycle and optimizes the time periods to re-engage customers with individually-tailored offers. Based in Santa Monica, Retention Science is named a Top 10 Software Company in Southern California by SocalTech and an “Innovation Agent” by Fast Company.
Learn more at: http://www.retentionscience.com/.