What exactly does "data-driven growth strategy" mean?
It's more than just another strategizing method — it's the strategizing method. It's all about listening to your data and orienting your eCommerce marketing plans around that data. Doing so makes for effective, efficient, and profitable marketing strategies that can help grow your brand.
A beauty brand that needed a solid data-driven growth strategy approached us with a problem. Their existing funnel strategies were generating super-low conversions that were crippling their background revenue generation.
3 Reasons for Insufficient Conversions
After doing some digging, we managed to track down the following issues that were contributing to their overarching problem:
1. Too-Basic Email Flows
Their email flows weren't optimized according to available data. Also, the absence of advanced flows meant that they weren't catering to potential customers in varying stages of the customer journey.
2. Revenue Generation Gap Due to Zero Campaign Strategy
Our client wasn't sending out any campaigns. They were only relying on the basic flows they had set up. This alone showed a gap in their potential revenue streams.
3. Lack of Best Segmentation Practices
There were only the basic flows set up and no campaign activity. Our client wasn’t able to utilize the potential growth that can stem from targeting various segments.
So, what did we do to help our client finally break free of low conversions?
A Data-Driven Growth Strategy Requires a Customer-Focused Approach
A data-driven growth strategy starts with using existing techniques in a more efficient way. It's all about reshaping your existing systems based on audience and targeting data.
Here's a rundown of our growth strategy:
1. Implement and Optimize Advanced Flows
As we mentioned above, basic flows aren't enough to generate business scaling revenue. You'll need advanced flows to cover key points of the customer journey. Here's an overview of our process:
a) Ensure All Touchpoints are Covered by Advanced Flows
We implemented advanced flows that tie into the entire customer journey. This helped put our client's offers in front of a wider audience, regardless of the targets being new customers, existing customers, or actively engaged ones.
b) Align Existing Flows with an Email Framework for Maximum Optimization
We optimized our client's existing flows using our tried and tested subject lines and designs. We also ensured that their flows were always consistent with each rebranding initiative of the brand.
c) Consistent Fine-Tuning with Intensive and Regular A/B Testing
To fully leverage the email flows in place, we looked at the customer data regularly to get a solid idea of customer preferences.
2. Drive Customer Engagement by Leveraging Content for Campaign Creation
The customer-centric approach helped us optimize our beauty brand client's marketing strategies. Especially since one of their goals was to build a strong and supportive community.
High retention means a strong and healthy customer base. This, in turn, leads to healthy long-term growth for your brand.
So, how did we do it?
a) Created On-Brand Email Templates
This helped increase their brand reputation, helping make our client a household brand in customers' inboxes.
b) Consistent Campaigns with a Mix of Social Content
Keep customers engaged and interested by providing them with high-value and relevant content.
c) Leveraged Existing Client Content
Aside from user-generated content like videos and social media posts, we also included actual buyer reviews.
d) Conducted Regular A/B Tests
We zeroed in on what worked best for our client. such as testing whether static images worked better than GIFs. Other than their visual media, we also tested their email send times. Specifically, would sending emails at 8 PM have better results compared to 8 AM?
3. Maximize Personalization with Lists and Segmentation
We strategically targeted engaged subscribers and slowly increased the sending size over time. Also, we created segments that focused on the level of engagement of subscribers, which had an impact on improving overall deliverability.
The implementation of our data-driven growth strategy resulted in an email revenue share of 50% for our client. To break that down:
- Before implementation: 6%; After: 28% (367% increase in our client's revenue from flows)
- Before implementation: 9%; After: 25% (178% increase in open rates)
- Before implementation: 13x; After: 41x (215% increase in ROI after adding more stores)
A data-driven growth strategy is important for bringing out the best of your existing strategies. Knowing how to optimize them, which to use and when—it's all based on your target audience.
This is just a brief overview of what we did for our beauty brand client. Are you interested in studying all the details of our process? We have the full case study available for your to download and view!
We do understand, of course, that implementing data-driven strategies like these requires a dedicated team. Is your workforce already stretched too thin? The retention experts at Chronos Agency will be more than happy to take on your retention marketing — and produce results.
Maximize your store's profit potential by applying our tried and tested retention marketing strategies. Just fill out this short form to schedule a free strategy call with us. We believe that long-term and sustainable brand growth comes from having a strong, healthy, and dedicated customer base.
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