The Ecommerce Influence Podcast: Advanced Acquisition and Retention Strategies for Fast-Growing Online Brands

Your customers are worth more than what they purchase from your store today.

If you can retain them as a customer over time, you can gain more profits for your business.

This week, Andrew and I have a meaty, and sometimes conflicting, conversation on customer lifetime value (LTV). We start by breaking it down with the basic definition and then share higher level strategies for how you can increase customer LTV, as well as some tactics you can implement today.

Enjoy!

Episode Highlights:

  • 4:02 How to measure customer LTV (and why it’s difficult to do).
  • 5:52 The first question Andrew has his client’s answer when they ask about LTV.
  • 7:39 Calculating retention rate: why you can only do it if you have a subscription business, and what to look for if you don't.
  • 8:37 The 3 metrics to increase in order to improve LTV.
  • 10:17 What Native Deodorant is doing during their checkout process that’s driving increased customer LTV.
  • 13:08 The benefit of a subscription business and why you should consider it, even if you don’t think that model is right for you.
  • 18:01 Andrew's view on how lifetime value can increase by finding out clients motivation points.
  • 19:04 Why Austin cautions against giving using surveys and VIP customer discounts as a way to increase LTV.
  • 20:52 The number one thing Austin now believes is the best option for increasing LTV.
  • 22:21 How utilizing value-based lookalikes and bid optimization on Facebook can increase LTV.
  • 23:24 A Facebook tactic for increasing LTV that most people don't know exists.
  • 24:33 A trend Austin believes is going to be very successful for companies in the future.
  • 25:22 Additional Facebook and email tactics for increasing LTV.
  • 28:25 Why cost of acquisition prices are going up and what you can do about it.
  • 31:41 How to boost LTV on the next re-bill using Recharge.

Links and Resources:

Become a Member:

If you liked this episode, you’re going to love the Brand Growth Experts Membership.  It’s a community of top ecommerce business owners and marketers who I coach one-on-one to help scale up their businesses. Together we’ll create a plan that will help you scale up your business, and then I’ll help you execute it.

If you want to make sure you’re growing as quickly and sustainably as possible, click here to learn more. Hope to see you on the inside!

Sponsor: Klaviyo

If you’re looking to grow your business, there’s only one way. By building real, quality customer relationships. Most marketing software will claim that they do this, but they’ll never deliver on those promises. Klaviyo, though, is different. Klaviyo helps you build meaningful customer relationships by listening to and understanding cues from your customers, which allows you to easily turn that information into valuable marketing messages that’ll help grow your business and make more money. That’s why over 10,000 innovative brands have switched to Klaviyo.

If you aren’t already a customer, head over to www.ecommerceinfluence.com/klaviyo and you’ll get a free trial + priority on-boarding.

Direct download: EI_192_Customer_Lifetime_Value.mp3
Category:general -- posted at: 3:00am CST

Success in the ecommerce world doesn’t happen overnight.

Our guests today are not only big contributors to the ecommerce community, but are also co-founders of a business they built from nothing to one that now has a cult following.

I met Matt and Meredith, owners of Boredwalk T-Shirts, at an Intensive I led a couple of years ago. Today they join us to share the story of how they built their “cult” of customers, including customer service best practices and how they overhauled their hiring process to rebuild a team that is excited about the core values of the company.

Enjoy!

Episode Highlights:

  • 6:29 How it all started for Matt and Meredith in the ecommerce space.
  • 8:06 The cheeky birth of  Boredwalk T-Shirts.
  • 11:11 The big team and operational changes Matt and Meredith made in 2018 that allowed them to grow their business.
  • 13:45 How Matt and Meredith's revamped their hiring process to find the best people for their business.
  • 18:41 Things Matt and Meredith tried last year on Facebook and Pinterest that didn't deliver the results they hoped for, even though, hypothetically, they should have.
  • 25:08 The journey from focusing on the marketplace side of the business to focusing on customer retention (i.e., building a “cult”).
  • 30:00 Matt and Meredith’s customer service philosophy: responding promptly, managing expectations, and not negotiating with terrorists.
  • 33:10 Why the Boredwalk founders go against the industry standard when it comes to dealing with bad customer behavior.
  • 35:55 How not to talk to customers: the operational side of Boredwalk’s customer service strategy.
  • 39:30 How Matt and Meredith take extra care of their “whales" and bond with their audience.
  • 40:51 The realities of owning an ecommerce business: why it’s not just a side hustle and what it takes to be successful.
  • 44:49 Mental health of entrepreneurs, and why Matt and Meredith don’t recommend the ecommerce world to all.
  • 47:15 How the Boredwalk founders have changed in the last four years and what’s helped them make it to where they are now.

Links and Resources:

Become a Member:

If you've been a podcast listener for a while and you've yet to join the Brand Growth Experts Membership, now is the time to do it. It's my online coaching community and it's an incredible resource for you. We've got about 120 members, all ecommerce business owners and marketers. And in that community, I work with you one on one to help scale up your business.

That could be scaling up advertising, hiring a team, or diving into marketing strategy. We go really in depth every single month on topics that we also talk about on the podcast. So, if you've enjoyed the podcast, you're going to love the Brand Growth Experts Membership. Head over to brandgrowthexperts.com and you can learn some more information. Can't wait to see you guys on the inside.

Sponsor: Klaviyo

If you’re looking to grow your business, there’s only one way. By building real, quality customer relationships. Most marketing software will claim that they do this, but they’ll never deliver on those promises. Klaviyo, though, is different. Klaviyo helps you build meaningful customer relationships by listening to and understanding cues from your customers, which allows you to easily turn that information into valuable marketing messages that’ll help grow your business and make more money. That’s why over 10,000 innovative brands have switched to Klaviyo.

If you aren’t already a customer, head over to www.ecommerceinfluence.com/klaviyo and you’ll get a free trial + priority on-boarding.

 

Direct download: EI_191_BoredWalk_Tees.mp3
Category:general -- posted at: 3:00am CST

A topic that’s come up a lot in my recent conversations is how to hire a high-level marketing person.

Finding the right candidate can be tough, and when you’re a business owner doing a million other things, it can be even tougher.

In this episode, Andrew and I talk through the hiring process, from deciding when to hire, to where to look for the best candidates, and the questions to ask before hiring to make sure you’re getting the best person for the job.

Enjoy!

Episode Highlights:

  • 3:41 How to know when it’s time to hire a CMO or Director of Marketing and one of the key signs to look for.
  • 6:28 Two main things to understand when you start the hiring process for a high-level marketing candidate.
  • 7:35 The most effective way to find the ideal candidate.
  • 9:23 Tips for working with a recruiter to find your next CMO.
  • 11:14 The two different types of candidates you’ll find when hiring a Director of Marketing.
  • 13:24 What to ask a potential new hire before you bring them in for an interview and the type of answers to look for.
  • 17:32 Once you confirm someone is a good fit, it’s time for the 15-minute phone call. Here are the questions to ask during that call.
  • 19:42 What is a “T-Shaped Marketer” and why you want to hire one.
  • 23:46 The framework for the in-person interview and what to look for.
  • 25:29 The last thing to do before hiring the person you think is the right fit.

Links and Resources:

Become a Member:

If you liked this episode, you’re going to love the Brand Growth Experts Membership.  It’s a community of top ecommerce business owners and marketers who I coach one-on-one to help scale up their businesses. Together we’ll create a plan that will help you scale up your business, and then I’ll help you execute it.

If you want to make sure you’re growing as quickly and sustainably as possible, click here to learn more. Hope to see you on the inside!

Sponsor: Klaviyo

If you're looking to grow your business, there's only one way. By building real, quality customer relationships. Most marketing software will claim that they do this, but they'll never deliver on those promises. Klaviyo, though, is different. Klaviyo helps you build meaningful customer relationships by listening to and understanding cues from your customers, which allows you to easily turn that information into valuable marketing messages that'll help grow your business and make more money. That's why over 10,000 innovative brands have switched to Klaviyo.

If you aren’t already a customer, head over to www.ecommerceinfluence.com/klaviyo and you’ll get a free trial + priority on-boarding.

 

Direct download: EI_190_Flash_Hiring.mp3
Category:general -- posted at: 3:00am CST

The customer purchase journey is no longer a linear path.

SEM and YouTube advertising have changed not only the way consumers find products, but also how businesses track where purchases come from.

Today we’re joined by returning guest and CEO of OMG Commerce, Brett Curry. Brett shares his expert advice on where to get started with search-driven advertising, the resources to better understand attribution from each channel, and how you can use SEM, Google Shopping and YouTube to increase customer lifetime value.

Enjoy!

Episode Highlights:

  • 6:04 Brett’s background in SEO, Google Shopping and direct response marketing.
  • 8:12 Search, Google Shopping, or YouTube: which is best for ecommerce and where you should start.
  • 12:42 The importance of understanding why people are on YouTube in order to successfully reach your audience.
  • 15:02 Why Brett thinks Facebook is ahead when it comes to conversion tracking and the importance of understanding attribution across different channels.
  • 17:44 Recommended resources to help business owners understand attribution models for YouTube, SEM and Google Shopping.
  • 18:40 How search is impacting the customer journey and the entire sales funnel.
  • 22:08 The types of audiences to build on YouTube to successfully reach your potential customers.
  • 26:44 Getting your audio and visuals right on YouTube is directly related to understanding how someone is using the channel.
  • 28:11 The type of team you need to build to successfully support advertising on YouTube.
  • 31:50 What type of budget Brett recommends to get you started on YouTube.
  • 33:42 How to determine your budgets for promotion on YouTube vs. Google Search and Shopping.
  • 35:57 Brett’s thoughts on lifetime value of customers coming from YouTube vs. Facebook.
  • 38:02 YouTube,  Google Shopping, or SEM: which is best for raising lifetime value and how they can work together.
  • 41:48 Why you should absolutely be investing in paid search for your branded keywords.
  • 44:34 How to determine how much of your budget you should be spending on branded keywords.
  • 46:43 Why you should separate out branded from non-branded keywords in terms of reporting.
  • 50:04 Some of the challenges advertisers run into with Google Shopping and how to get around them.

Links and Resources:

Become a Member:

If you liked this episode, you’re going to love the Brand Growth Experts Membership.  It’s a community of top ecommerce business owners and marketers who I coach one-on-one to help scale up their businesses. Together we’ll create a plan that will help you scale up your business, and then I’ll help you execute it.

If you want to make sure you’re growing as quickly and sustainably as possible, click here to learn more. Hope to see you on the inside!

Sponsor: Klaviyo

If you're looking to grow your business, there's only one way. By building real, quality customer relationships. Most marketing software will claim that they do this, but they'll never deliver on those promises. Klaviyo, though, is different. Klaviyo helps you build meaningful customer relationships by listening to and understanding cues from your customers, which allows you to easily turn that information into valuable marketing messages that'll help grow your business and make more money. That's why over 10,000 innovative brands have switched to Klaviyo.

If you aren’t already a customer, head over to www.ecommerceinfluence.com/klaviyo and you’ll get a free trial + priority on-boarding.

Direct download: EI_189_Brett_Curry.mp3
Category:general -- posted at: 3:00am CST

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