Author: Dion Jones

How to Speed up Your Cart Recovery, Increase Sales & Revenue

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:

  1. Shipping and handling costs were too high (54%).
  2. I was not ready to purchase the product (40%).
  3. I wanted to compare prices on other sites (38%).
  4. No free shipping (39%).
  5. Slow shipping (26%).
  6. Long checkout process (21%).
  7. 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.

How To Win The Markie Award

Honoring excellence in marketing since 2007, Oracle’s Markie Award is a recognized global pillar of success. Companies of all sizes share their most innovative and successful campaigns in Omni-Channel Marketing, Content Marketing, Social Marketing, Data Management & Advertising, Web Optimization, Marketing Innovation and Analytics.

With over 600 entries each year, becoming a Markie finalist or winner isn’t easy. The Markie Awards recognize only the most innovative and successful marketing campaigns. Submissions take time and focus to prepare and competition is fierce. Each of the past 10 years, at least one of our clients consistently advance to the finals of the Markie Awards, and many have gone on to win.

How do these award-winning companies design their Markie caliber projects? Here is the four step process we use to help our clients architect Markie award winning projects.

1. Defining Challenging Goals

First, we spend time understanding exactly what our clients are striving for. We do this with the mutual understanding that a “challenger mindset” must be used to allow the team to come up with new innovations.

We have found that in order to become a finalist and a winner, you have to go over and beyond the basics to be considered innovative and to get the judge’s attention. Basic or easy-to-achieve goals will not accomplish that. Setting a measurable, challenging goal is key to marketing success, which leads to an innovative Markie submission.

Some of the challenging goals we’ve used recently are:

  • Increasing mobile engagement by 5x

  • Increasing new account acquisition by 50%

  • Reducing unknown to known visitor ratios 500%

  • Reducing customer effort

Our Markie-winning client campaigns all start with a specific challenging goal that’s well beyond a simple sales increase, which can be clearly documented as genuinely innovative.

2. Defining Key Data Points

Next, we help our clients define the data points needed to support the project and help achieve the goals established in step 1.

We define the key data points. Then we ask, are these data points accessible within Eloqua or Responsys? Or do we need to conduct an integration within the customer’s TechStack to sync the data? In order to achieve challenging goals, we have found the need to sync data with the web analytics platform and Eloqua or Responsys. Doing so, properly, will open opportunities to build Markie caliber campaigns much easier.

For example, we used our insights with Oracle and Adobe to share a data point that’s in Adobe but wasn’t in Eloqua. This now allows our customers to support a challenging goal of real-time, 1-to-1 website personalization that compliments an Eloqua email campaign.

Knowing what data is available isn’t enough. Knowing how it supports the project is key.

3. Experience Making - Knock Their Socks Off!

Now that the client has key data points to support their goals, the next step we use is a concept called “Experience Making”.

Experience Making is the ability to design customer experiences in a predictable manner by leveraging a harmonious integration between Oracle Marketing Cloud, the web analytics solution, and the tag manager. We have seen customer experiences go from needs improvement to exceptional. Having the right data gives clients the ability to craft better experiences and becoming Experience Makers.

Our approach is to help the client put themselves in the prospect or customer’s shoes and look for Deal Breakers.

Deal Breakers are experiences that slow down or kill engagement and ultimately, deals. This is an essential step in effective Experience Making. Markie finalist and winners seek to build campaigns that are making things easier for the prospect or customer.

4. Measuring Impact - Before and After

Documenting the results for a Markie submission is key. One example of this is how we helped a client reduce cart abandonment, increase campaign performance clarity and mobile engagement.

We take a snapshot of the baselines of how things performed before the project. We include metrics such as, opens, clicks, emails sent, downloads, video engagement, webinar engagement, leads, orders, average order size, KPI conversion rates, etc. This is so we can clearly show, in the Markie submission, what impact the new project has had by doing a Before and After side-by-side comparison.

Our successful Markie submissions have come from companies that set challenging goals, identify key data points, become experience makers, and clearly measure the impact of their efforts. Follow this proven model and maybe you too will win a Markie. Good luck!

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Dion Jones, is VP, Consulting & Multi-Solution Architect at Enautics, and knows exactly what it takes. Enautics is a specialist integration partner with Oracle Marketing Cloud and Adobe Experience Cloud.

They have developed a suite of solutions to harness and expand the “Experience Maker” capability of Oracle and Adobe Marketing Cloud. Along with their products, Enautics provides consulting solutions for marketers striving for innovative success.

 

The Markie Awards will take place on Tuesday April 10th at the Modern Customer Experience event. Make sure to check out the complete list of finalists for this year’s Markie Awards on the Markie website and also on this blog. Still have not registered for ModernCX? There is still time. Register for Modern Customer Experience 2018 here.

3 Steps to Build Reports that Drive ROI

The combination of data and technology are the fuel behind marketing and sales. One of the challenges for companies, though, is how that data provides convincing proof of return on investment. A recent study by Censuswide for Dun & Bradstreet shines light on how the right data and analytics can drive ROI.

The challenge

According to the report, most companies admit to struggling to build reports that drive ROI:

Numbers, numbers, numbers but no ROI

The D&B study shows that 92% of marketers recognize the importance of having the right data, but more than half said their efforts needed a rework. The reports generated just aren’t showing the results hoped for, or accurately reflecting ROI.

It’s critical for marketing departments to make building the right reports a top priority.  While marketers understand the importance of having the right data, they don’t know how to build a database and analytics process that can be relied on to prove ROI.

Step 1: An ever-changing landscape

The impact data has on both marketing and sales is huge. If companies generate the correct reports, teams can adapt more quickly to the ever-changing landscape brought about by changing algorithms and more fierce competition. Increasingly, marketing departments are being asked for data to prove their efforts are returning the investment made.

The best way to determine ROI is to build a report that shows, among other things:

  1. General performance
  2. Channel-based performance
  3. Source-based performance
  4. Campaign-based performance
  5. Key performance indicators

By building in the information needed to prove ROI from the start, it’s easier to adjust efforts on the shifting sands of marketing technology and data.

Inconsistent, vague reports

According to the D&B report, marketers are frustrated by the amount of data generated in their marketing reports, in part because those reports are not generated regularly. For most, the reports they receive are inadequate and delivered inconsistently.  This makes monitoring KPIs difficult, as fluctuations in the marketplace cannot be monitored except on a consistent, frequent basis, using the same data for each report.

Reporting on performance

Building reports that take into account KPIs, outside information and analytics, is crucial to determining return on investment. In what ways?

Step 2: Campaign performance clarity

Reports delivering the correct information, from several sources, on a regular daily or weekly basis will allow you to see with clarity how your campaigns are performing. Using Oracle Eloqua or Responsys, integrated with Adobe Analytics, can help you track your ongoing campaigns. This allows you to make changes quickly, target your efforts on effective campaigns and make adjustments to those with disappointing results.

The combination of Oracle Eloqua or Responsys and analytics platforms (Adobe, Google, Webtrends and other solutions) allows you to have true clarity on campaign performance. Your team will be able to see the impact mobile, for instance, is having on your campaign. It also allows you to have deep-dive reports that can identify hidden opportunities not otherwise found in less robust reporting.

Step 3: Automated data

The D&B study responses showed that most marketing departments either get too many, confusing reports, or not enough data on a regular basis. By setting the right parameters of data collection, then automating the reporting, it’s much easier for marketing departments to not only get the data they need, but get it routinely, allowing for quicker adjustments in campaigns, as needed.

For instance, properly integrating Oracle Eloqua or Responsys with Adobe Analytics, can give you bidirectional data sync, allowing you to score, nurture or add the segment data into existing campaigns or programs based on website interactions.

Reducing cart abandonment

For online businesses, cart abandonment is a huge problem; the latest statistics show the average cart abandonment rate is 67%. Having the right data to analyze why and how carts are abandoned allows you to develop a strong cart abandonment strategy, increasing ROI in the process.

There’s no question that developing the right reports, on a regular, timely basis, allows your marketing and sales teams to more quickly adjust to the ever-changing landscape of business today. At the same time,  these quick adjustments based on detailed data allow for solid marketing campaigns that increase customer loyalty and close more sales in less time..

You may also want to read 5 Steps to Growing Your Marketing Performance where we break down the steps you need to take to gain the fullest possible understanding of your marketing performance, not only at a campaign-specific level, but at an aggregate, executive level, including the full picture of marketing ROI.

This is the first in a series of articles produced in partnership with enautics. Next, we’ll dive deeper into best practices for reducing cart abandonment with Jaqi Saleem.