In a recent study, RJMetrics reports that nearly 70% of a customer’s first-year spend comes within their first 30 days as a customer. Further, only 32% of customers place a second order with a company within one year of the first.
What do these startling facts about consumer spending habits tell us as marketers? Consumers’ attention and loyalty go downhill the moment they make the first purchase. They’re failing to give a brand a second look or think about it as a go-to resource for the product/service it provides.
Numerous e-tail and e-commerce brands are feeling this burden of retention. Just think: 91% of consumers unsubscribe from emails, 46% of consumers opt out of mobile push notifications, 33% use an ad blocker, and 44% of direct mail is never opened. Ultimately, this points to a severe lack of a personal relationship between the brand and consumer. Companies are failing to meet consumer expectations by communicating with them as the unique individuals they are.
To rectify this, renowned digital analyst Brian Solis of the Altimeter Group urges modern commerce brands to stop talking to consumers as impersonal segments, but instead as audiences of one, taking each consumer’s unique preferences and behaviors into consideration. This extreme personalization at the individual level is now possible due to the advent of artificial intelligence (AI) in marketing technology—and is what is separating the next wave of modern commerce disruptors from those that are disrupted.
LIVE WEBINAR: What Every Marketer Needs to Know About the Next Phase of Modern Commerce Disruption
Principal Analyst, Altimeter Group
Join us Wednesday, April 19th at 11am PT
||The key differences between brands that are disruptors—and those that are disrupted
||How your brand can refocus on retention, garner loyal customers, and avoid the “one & done” trap
||How AI is enabling disruptive brands to communicate with individual consumers on the right channel, at the right time, and with the right message—every time
||A 4-step marketing blueprint for becoming the next modern commerce disruptor
Reserve Your Spot
Thursday, June 29th at 11am PT
...register even if you can't make it. We'll send you the recording!
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Join Brian along with Sameer on Thursday, June 29th at 11am PT where the two will explore: