Finlayson’s goal has been to understand who are most valuable customers and how to communicate with them to increase profit.
With customer data spread across separate entities, and a lack of analytical tools, they were having trouble focusing their energy and resources.
They wanted to combine their customer data to better measure the impact of their online orders. They wanted the tools to break their customer base down into segments, tools to drive further sales, and tools to measure their successes and failures. They were ready to take things to the next level.
Combining customer data under one roof, integrating analytics, and drawing conclusions about profitability.
The first of Finlayson’s hurdles was combining their data from across different platforms. Once the data sets were all combined, we worked with them to integrate external systems, including Shopify, Google Analytics/Adwords, and Facebook ads. We imported Finlayson’s email template, then set up basic scenarios for sending regular newsletter campaigns. We also implemented the Shopify Cart Abandonment scenario to send personalised emails to customers who had nearly made a purchase, and added a banner advertising free shipping over the cart if it was not empty.
In order to find Finlayson’s most valuable customers, we created six different segments: High, Medium, and Low budget customers, and High, Medium, and Low frequency of purchase customers. We then determined which of Finlayson’s customers were the most valuable.
Finlayson provided us with their internal costs so we could examine the efficacy of the discounts they were offering. We experimented with the percentage being offered in these deals, as well as when customers would receive their offers. The average discount rate Finlayson was offering was 11%; we proposed decreasing their average discount rate by 45%. Based on our analysis, this action could uplift profits by 3.42%, increasing the profit margin by nearly 2%.
We also determined that customers who had their first order discounted are 33.72% likelier to order a 2nd time. By using lower discounts, we could increase the number of first purchase discounts we gave by 20%. Our findings show this would increase the number of customers who made a second purchase by 16.35%, with a 16.24% higher profit on second purchases.
We are continuing to work with Finlayson to develop a strategy moving forward. With all of Finlayson’s data under one roof, and integrated with Exponea’s analytical tools, we will use personalisation to continue the work on improving profits.
Finlayson communicates with many of their customers through regular newsletters. Using the new analytics, we will improve these communications through A/B testing of the content of the newsletters, and experimenting to find the optimal delivery time.
Finally, we will continue working with Finlayson to optimise marketing campaign costs with better retargeting, optimising their stock based on analytical insights, and creating a customer profiling analysis. And of course, we have ensured that Finlayson’s team has the training and know-how to accomplish similar goals without Exponea’s help in the future.
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