Every retailer can tell you about same-store sales. Most can readily quote their online conversion rates. Some can even dissect the composition of physical store visits (conversion rate, average transaction value, # of items per transaction and so forth). And, more and more, we're hearing about metrics such as the growing percentage of digital engagement … Continue reading What’s the frequency Kenneth?
Thanks to the so-called flash-sales sites we now have a distorted definition of what being a member means. Before Gilt, RueLaLa and the myriad "private" e-commerce business wanna-bees, gaining membership in something typically meant you needed to actually do something more than have an email address and a pulse. By now it should be clear to … Continue reading Don’t confuse members with customers
The notion that a smart sales and marketing strategy distinguishes between suspects--consumers who MIGHT turn out to become profitable customers--and prospects--consumers who are highly likely to turn into valuable clients--is an old idea. Great sales people possess this intuition. Great marketers use customer insight, robust analytics and customer segmentation to do this more scientifically. If … Continue reading Prospects, Not Suspects
A powerful component of customer engagement is providing scarce, exclusive and relevant experiences that reinforce your brand positioning. "Members Only" or "By Invitation Only" marketing programs can be compelling messages that tell your customer that you truly appreciate their business. For years leading luxury retailers such as Bergdorf Goodman and Barney's have feted their best … Continue reading Members only? Or “Members Only” jacket?
On April 19 I posted about my belief that the luxury off-price market was about to hit the wall, largely owing to a squeeze between a growing customer base seeking out great deals, and a diminishing supply of first quality branded merchandise. I suggested that the various players in the space were going to have … Continue reading The Private Flash Sales Sites Jump the Shark