I’m sure at some point, you’ve gone through Yelp, or Trip Advisor, or any other review platform of some sort before committing to a purchase or a visit. I know I do (and I can’t live without them). But what you may not have thought about is how these reviews help that company just as much as they help you as a customer. But how? Sentiment analysis.
Now, we all know and love Netflix the same way Netflix shows that they know and love us. And why is proving their love toward their customers so important? For any subscription company, the key to success is making sure their LTV (lifetime value) stays relatively high. But it’s not just about how they increase those numbers that makes Netflix such an outstanding company - it’s even more-so about how they measure those very numbers and how deeply they analyze them.
In Las Vegas, CA, tourists from all around the country line up outside the doors of the Coca-Cola Factory right before it opens. Why? To try Coca-Cola’s ATW (Around the World) Tray. On each ATW Tray, customers get to taste a cup each of the various flavors of Coca-Cola offered in different countries across the world. What makes it so special is that each country’s Coca-Cola drink has a distinct flavor catered to the tastes, preferences, and sometimes even the traditions of the people living there. But why is this effective?
It’s pretty clear that in the dynamic world of marketing, success today is driven by data. When we look at trends in the consumer retail industry especially, companies are beginning to up their digital game to keep up with their competitors. In other words, many traditional methods simply don’t cut it anymore. This is where data enablement steps in. Let’s dive into what exactly data enablement is and how it’s changing the way companies go about marketing.
Everyone knows the brand Lululemon — I mean, they’ve made quite the name for themselves (among both men and women) in the last decade. But in the past, Lululemon certainly wasn’t for everyone. In the very beginning, they had quite the focused target market — younger active women aspiring to live healthy lifestyles. And having a focus strategy (one that’s focused on a niche market) isn’t a bad thing at all. In fact, it’s how most great companies first start out. But let’s explore what tactics Lululemon ensued to broaden their focus strategy without diluting their brand.
If I just said the word “marketing,” what would first come to mind? Maybe some terms like marketing campaigns, email campaigns, social media, and word of mouth, right? But marketing certainly isn’t limited to just these few ideas and methods. And Lego as a company makes this very clear. More often than not, company diversification is usually seen as a way to minimize risk or generate new sources of revenue. But over the years, Lego’s taken a different kind of approach. Let’s look at some of the innovative ways they’ve diversified their brand, and what other benefits they reaped.
The global e-commerce landscape has seen unparalleled growth in recent years, driven in part by the COVID-19 pandemic. But as the world emerges from the pandemic's shadow, the once-exponential e-commerce growth rate has dwindled to a mere 7% in the last year, leaving businesses grappling with a significant sales slump. In this blog post, we'll take a closer look at the journey of e-commerce during the pandemic, the factors that fueled its initial surge, and the shifting consumer behavior in the post-pandemic era. Moreover, we'll explore effective strategies for addressing this sales downturn and how Cotera can play a pivotal role in reigniting e-commerce success.
No matter how intertwined personalization and segmentation are, they are certainly not one and the same. Sure, they both accomplish the same goals — improving customer experience, increasing AOV per customer, strengthening customer loyalty, driving repeated purchases, and etc. BUT differentiating the way they’re used is key to use them together more effectively. One other way to think about it is, segmentation answers the question, “What types of people am I selling to?” and personalization answers the question, “How will I sell to this specific person?” Often, you’ll see through the way these two strategies work together, that the whole is greater than the sum of its parts. Let’s get into it.
What if I told you that nearly half of Gen Z adults are eager to pay for subscriptions to internet personalities or content creators? It's a statistic that reflects the evolving preferences of this influential generation. But there's more to it than meets the eye. From spending over four hours a day on social media to their unique loyalty to brands with subscriptions, Gen Z is redefining the retail landscape. In this blog post, we'll uncover the fascinating world of Gen Z and subscription boxes, exploring how these trends are shaping the future of shopping. How can your business tap into this Gen Z revolution and harness the power of subscription boxes to captivate this dynamic audience? Let's dive in and find out.
Here’s a question for you - why would you offer a coupon to a customer who you *know* would buy from you even in the absence of a deal? I guess the hard part would be determining which customers you *actually* need to offer promotions to and which you don’t. But it’s wrong to think that it’s a waste of your time to figure this out. By handing out coupons left and right, you’re simply losing money - and this is a mistake many companies (like Blue Apron) have made and continue to make. BUT there’s a solution! Just like for many problems we’ve covered in the past, segmentation is the key here. Let’s use the company Everlane as an example.
In 2021, Costco had a 91% membership renewal rate in North America and 89% worldwide. Recently, Costco released their 2023 Q3 reports, and rates were up even higher, with a 92.6% renewal rate in North America and 90.5% worldwide. The statistics in 2021 already established Costco as the master of customer loyalty programs, but to see continuous growth over time really begs the question of what is Costco’s secret sauce. How are they able to make their customer loyalty program even more enticing than it already is?
What’s shocking is that according to a recent study, chances are high that only 3 out of 10 individuals will end up pulling the trigger to make the final purchase. That’s 70% of customers who end up abandoning their carts — a very worrying statistic. But don’t let this discourage you — there are solutions you can implement to nudge customers further toward that final trigger. And why go the extra mile to do so? Imagine being able to turn that 70% into 0%. That gives you and your company the ability to more than double your existing revenue — something that would be *significantly* more difficult and expensive to accomplish through a customer acquisition or brand awareness campaign.