Lack of targeted marketing for women loses banks £113bn per year
The lack of tailored communications for women is symptomatic of a wider problem in customer engagement in the sector, according to services firm Optimove.
In the Media
Big sales discounts result in “cherry-picking” shopper tactics
Alon Tvina, managing director of EMEA for Optimove, commented: “Over the holiday period, retailers are waging all-out war for new shoppers, but acquiring one-time shoppers is extremely costly, especially when retailers use price slashes as a major acquisition strategy.”
High discounts attract “cherry pickers” who don’t return for second purchase
Data from customer engagement specialists Optimove, which analysed the behaviour of more than 1m shoppers over two years, suggests that offering a lower level of discount, from 5%-30% does help “charm” customers, with the chances of a customer returning for a second purchase increasing up to the 20% mark. After that the customer is more likely to be a short-term bargain hunter with little brand loyalty.
5 killer stats to start your week: Discounting does not drive loyalty
Customers whose first purchase from a brand is discounted by over 30% are less likely to buy from that brand again. While they will buy a single bargain it will not help build long-term brand loyalty.
Heavy discounting deters new customers
As discounts rise over 30% retailers are more likely to attract one-time shoppers that “cherry pick” single bargains, customer engagement specialist Optimove has found.
Tech tools that can help you turn customer data into higher sales
Sales intelligence can also take the form of tools like Optimove, which uses micro-segmentation to organize and analyze customer data. By micro-segmenting customers, the platform is able to predict the behaviors of multiple customer types so that companies can create targeted marketing and sales campaigns.
Clever Marketing Is Key To Thriving In An Open Banking Environment
Pini Yakuel, founder and CEO of customer engagement specialists Optimove, talks about the coming changes in the financial services sector.
How AI is Reshaping the Dynamics of Modern Marketing
The rise in automated and AI-powered marketing, where repetitive tasks are delegated to machines and bots, is allowing many businesses to shift their focus to data-driven marketing, and to better address marketing challenges.
Online marketing science – changing billboards to banners isn’t enough
Technology has created a new era for marketers, says Pini Yakuel. But the move from traditional media to the web is not as simple as putting ads online – they must be carefully targeted so as not to bombard and provoke the viewer into deploying ad-blockers and shifting their loyalty elsewhere.