AIIM changed its name to the Association for Intelligent Information Management in January of this year.Continue reading...
Getting a visitor to add a product to their shopping cart isn’t enough. Statistically, 77 percent of online shopping carts are abandoned before the sale is completed. Savvy marketers don’t count those sales as an immediate loss because they know it is now possible to recoup 10 percent to 30 percent of those sales.
But why are carts abandoned? Are there common practices for re-engaging those customers? How can you improve your current practices and increase sales and ROI?Reasons for Abandonment
Respondents to a recent survey shared their reasons for abandoning a transaction before purchase:
- Shipping and handling costs were too high (54%).
- I was not ready to purchase the product (40%).
- I wanted to compare prices on other sites (38%).
- No free shipping (39%).
- Slow shipping (26%).
- Long checkout process (21%).
- Bad site navigation (16%).
All these sales could have been saved if the companies visited were using re-engagement campaigns, also known as retargeting or remarketing. Remarketing takes several forms, such as internal remarketing ads, external ads, and triggered follow-up email from systems, such as Oracle Eloqua or Oracle Responsys.Why Speed Matters
Typically, data integrations sync every four to 24 hours. Waiting hours to send a cart recovery email is less effective than taking immediate action. Also, when a prospect is on your website, and you can’t leverage the data within your analytics and marketing automation solutions to make a better experience, you’re missing out on an opportunity to connect with your prospect.
In a recent A/B test, two groups were sent identical cart or application recovery emails. One group received the email immediately upon abandonment, while the other was sent 24 hours later. The results were overwhelmingly in favor of immediate action. The email sent right away saw a 46 percent increase in open rates and a 30 percent increase in recovered cart sales.A Better and Faster Way
After five years of working on Adobe Analytics, Eloqua and Responsys integrations (formerly Omniture Genesis) that synced data every 24 hours, Enautics was approached by Oracle to build the official replacement for their slower integrations. The first thing we addressed with the Adobe and Oracle engineering teams was speed.
To solve the problem of cart abandonment, we created SegmentSync, a web application that bi-directionally syncs data between Adobe Analytics and Eloqua or Responsys as often as every 30 minutes.
That means that abandoned cart reminder emails will land in the abandoner inbox within 30 minutes of an incomplete application or shopping cart purchase, greatly increasing the chances of recovering the sale.Let’s Look at the Math
If a B2B online purchase has an average order size of $1,000 and 10 people start a purchase per day, your company could expect at least seven cart abandonments a day (remembering that 77 percent abandonment statistic). That’s about 210 abandoners per month. By emailing them 24 hours after they abandon, you can expect up to 20 percent to be recovered. 210 x 20% = 42 x $1,000 will generate $42,000 in recovered orders.Sending a recovery email to the prospects within 30 minutes could mean saving 30% of the 210 abandoners. This will increase overall sales to $63,000 per month (210 x 30% = 63 x $1,000). You would be generating an additional $21,000 per month by sending the recovery email much faster.
Speed = Sales
It’s clear from the data that the key to recovered sales from cart or application abandonment is speed. Without doubt, prospects in the solution comparison or product consideration stage are more likely to purchase when reminded of their abandonment within 30 minutes.
Click here to learn more about integrating Adobe Analytics and Eloqua or Responsys.
As they assess the fallout of Facebook’s Cambridge Analytica difficulties and prepare for the European Union’s General Data Protection Regulation (GDPR), data analytics practitioners have shifted from looking for new ways to collect and analyze data to thinking about how long data should be retained.Continue reading...
Our expectations for good customer experience are changing. Or are they? All we have ever really expected is to be recognized, treated respectfully and served efficiently. In the past, delivering good experiences through our customer contact centers meant hiring and training empathetic, knowledgeable and accessible agents.Continue reading...
The web gives power to people that historically was almost exclusively the domain of organizations. Yes, down through history we’ve had people-driven revolutions at points where the masses had reached their breaking-point with a system or regime and spontaneously rose up.Continue reading...
How do your customers really feel about your company? To find out, you could train employees to ask for feedback after each transaction, then feed those responses into a database. You could subject customers to a lengthy survey. You might also host periodic focus group meetings.Continue reading...
Here’s a scary thought: What if your content marketing actually works? What if you get all the clients you want? Will you be able to handle them? Those are important questions every service provider needs to answer honestly because there is often a disconnect between what we say we want and the actions we take.
The post 10 Service Business Essentials that Help You Win Clients with Confidence appeared first on Copyblogger.
Publishing and promoting content on Facebook, LinkedIn and Instagram is commonplace. But the social media world is far broader than the networks marketers most commonly use. Flipboard is a network that doesn't get much love but the platform has been around for quite a while and with a reported 100 million actively monthly users isContinue reading...
Anyone with a few years in corporate under their belt has heard this tale before.Continue reading...