Personalized Growth Strategy Template
Enhance your brand’s growth strategy.
Download the easy-to-use template to guide your plan.
PLUS bonus strategies to drive profitability.
With the impacts of tariffs and economic uncertainty looming, brands are bracing for a tumultuous year. With high-impact strategies in place, ecommerce retailers can help curb the effects on profitability and drive growth.
Know Your True Hero Products
Many brands define their hero products as the items which sell the most units. Missing from this definition is an analysis of the profitability of the products, and how they affect downstream behavior of their customers.
For example, your second most popular product may not drive the same volume, but it may be delivering more overall profit for your brand. This can be due to higher profit margins, or it can lead to more valuable customers who will ultimately spend more.
Strategy 1
Test your creative. Discover your “true” hero products, which drive the most profitability for your brand and feature these on your website and in marketing creative.
Utilize Customer Lifecycles
Knowing where someone is in the customer lifecycle helps you craft messaging that is personalized and relevant. Differentiating your newly acquired customers from those who are at risk of churning can help you customize the message and improve retention.
Strategy 2
Separate customers into lifecycle groups – like just purchased, active, at risk, and lapsed – to identify the likelihood of another purchase. Onboard your lifecycle groups to marketing platforms with promotions, discounts, messaging and creative that is appropriate at each lifecycle stage.
Frequently Repurchased Products & Sequential Purchases
For products which are purchased over and over, subscription programs remove friction from the buying experience and help your business avoid churn at each replenishment cycle. Look at your customers who already act as subscribers and repurchase regularly – and at what cadence.
If a product isn’t being repurchased, it can be helpful to see what product(s) are purchased next in sequence, so you can feature them in marketing initiatives.
Strategy 3
Answer these questions to optimize a subscription program with the right products and at the right frequency.
– Which products are customers already replenishing frequently?
– What is the product’s inter-purchase interval?
– Are certain customer personas more likely to act as subscribers, even if they aren’t currently part of a subscription program?
– For products which do not get repurchased often, what is the next purchase in sequence likely to be? Highlight this product in email, SMS, and paid ad creative and messaging.
Personalize the Customer Journey
Decile’s AI-generated personas are built on your own customer data and are highly unique to your brand. Plus, since they’re ready in minutes you can put them into action immediately. Use them for acquisition and remarketing efforts, and with personalizations like product or channel affinity to reflect each unique group. Be sure to track how personas grow or change over time.
Strategy 4
Onboard personas to ad platforms for lookalike audiences. Tailor your creative and messaging to reflect the demographics and personas you’re targeting. Focus your ad budget and channels to align with your top personas, reflecting the preferences of each persona to encourage the next purchase. Feature products that resonate with your top personas and top LTV audiences.
Make Real-Time Campaign Updates
Don’t wait until months after your campaign has ended to understand the LTV of newly acquired customers. Anticipate those metrics in real time so you can make optimizations that maximize acquisition campaigns and ensure you’re gaining customers who are likely to make a meaningful difference to your bottom line.
Strategy 5
Utilize predictive LTV to analyze your newly acquired cohorts in real-time. If campaigns aren’t driving high-value customers, you have the opportunity to pivot. Adjust campiagn creative, product highlights, messaging, or even targeting to drive the most profitability.
Interested in implementing these strategies using Decile? Request a demo today – and don’t forget to download the Growth Strategy Template.