With the unveiling of the Next Generation Segment Builder, things are getting even more exciting. Following the successful launch of the contact attributes category, we're thrilled to announce our next big category: Purchase Activity.
So, what exactly does this Purchase Activity category entail?
Well, when we delve into the Next-gen segment, the Purchase Activity category, our primary aim is to drive action from your existing customer list. Whether it's making a purchase, signing up for a subscription, or contributing to a cause, our focus is on prompting engagement and conversion.
But why focus on customer retention when acquisition seems to steal the spotlight? Because, as any savvy marketer knows, the real gold lies in nurturing long-term relationships with your customers. Sure, you've invested resources in acquiring them, but how do you make that investment count in the long run?
That's where leveraging purchase activity comes in. By understanding your customers' buying behaviors, you could craft customized email campaigns aimed at retention with the intention of encouraging repeat purchases and ultimately boosting consumer loyalty.
We've got four segment rules based on Purchase Activity:
- Purchased Product
- Converted Campaigns
- Placed Orders
- Lifetime Value
Under these rules, there are multiple filter options available to further segment the purchase activity, which you’ll learn more about in detail later through our help documentation.
Purchased Product Segment Rule 🛍️
Imagine you go to a restaurant frequently and the waiter knows you, so the waiter recommends dishes based totally on your past choices. Similarly, this segment rule suggests products or services aligned with your customers' past purchases. Think of offering subscription options for products with recurring needs, like consumables or services. E-commerce platforms like Amazon excel in this, offering convenience and cost savings while securing long-term revenue.
Identify and engage with customers who exhibit brand loyalty, such as frequent purchasers of specific products or brands. By cross-selling items using product recommendations, you can capitalize on existing preferences and drive additional sales.
Remember, the key here is to focus on the RFM value—recency, frequency, and monetary value.
- Recency: Target customers based on recent interactions with your brand.
- Frequency: Consider the frequency of customer purchases within a specified timeframe.
- Monetary Value: Segment customers based on the amount of their purchases.
Example: A customer who has recently purchased 3 products in past 90 days(Recency), frequently shops from Nike brand (Frequency), and spends a high amount on premium sneakers (Monetary) may receive targeted promotions for new Nike apparel releases through RFM analysis.
Converted Campaigns Segment Rule 💌
You've got a sizable email list, but you're not quite hitting the jackpot with conversions.
Imagine you've got a segment of subscribers who've never clicked that "buy now" button on any of your emails. It sounds like a missed opportunity, but don't worry. This presents a golden chance to send personalized offers and incentives their way, nudging them towards conversion.
Maybe run an end-of-season clearance sale for the customers who never bought where you want to clear off your inventory.
To accomplish this, it's essential to transfer your order data from your e-commerce platform, such as Shopify, Neto, Retail Express, etc., into Maropost Marketing Cloud.
But how do you pinpoint these elusive non-converters?
One way is, of course, web tracking, but there’s another way, which is by enabling the last touch attribution.
Last Touch Attribution:
- Think of it as your marketing detective hat. Ever had a customer make a purchase, but you're scratching your head over which campaign sealed the deal? That's where last touch attribution comes into play.
- It works by analysing the timestamps of purchases and correlating them with the last email opened or clicked by the customer. While it might not be foolproof, it makes an educated guess based on the customer's email interactions leading up to the purchase.
You can refer to our documentation here to enable Last Touch Attribution.
Placed Orders Segment Rule📦
When we talk about placed orders, we're referring to those transactions where a customer has taken the first step towards making a purchase. It could be anything from snagging a new gadget to grabbing a trendy pair of shoes. The key point here is that a placed order signifies an intention to buy.
But what is the difference between Placed orders and Purchased Products, you might wonder?
- Placed orders are transactions initiated by customers but haven't necessarily been fulfilled yet. They're essentially orders waiting to be processed and shipped out.
- Purchased products stem from completed orders in the past. These are items that have already been bought and paid for.
But how can you further refine your segmentation under Placed Orders?
As we mentioned earlier, we have multiple filter options. One of the options is to filter by Order status, providing you with even more flexibility to segment your rules effectively. However, it's essential to note that even completed orders can be affected by changes such as returns.
For an easy understanding, lets consider the status “awaiting payment” under Order Status. This is particularly useful in scenarios involving pending transactions.
Imagine a scenario where a bulk order is placed, an invoice has been created, but the payment is still pending. Having a clear order status like "awaiting payment" can be a lifesaver.
Lifetime value segment rule 💰
Imagine you've got a bunch of customers who've bought over $500 on your products in the past 90 days. That's their lifetime value shining through. Now, think about how you treat these loyal customers. You want to show them some extra love, right? That's where the lifetime value segment rule comes into play.
For instance, hitting that $500 mark could earn them a special reward, like an MVP award.
All of these factors help you understand your customers better. And hey, what if you want to pay extra attention to those who tend to return products often? Lifetime value may help you do just that and get them off that list as well.
So, let's put the concept of lifetime value into action with another example. Imagine you're running a loyalty membership program for your customers. Now, picture this: you've got members who've spent at least $500 in the past 6 months. How about rewarding them with early access to your sales? It's like rolling out the red carpet for them, giving them the VIP treatment they deserve. That's how the lifetime value segment rule really matters.
Stay tuned for the official release of our Next-Gen segment builder, where you'll have the opportunity to explore the “Purchase Activity” category! Keep an eye out for updates here: Marketing Cloud Release Notes
