Recession. It’s impossible to check your news feed without seeing the word bandied around with warnings of what to do, what not to do, and where the world is headed. We're by no means prognosticators of the future, but harsh economic conditions are certainly upon us as lots of uncertainty lies ahead.
But, it’s not all bad news. We’re not here to spread gloom and doom. In fact, here’s the good news: Growth does not have to stop now, and we have just the new tool to help.
You’ve got a great product, created a unique brand, and have gained business from customers who love what you do. We’re not about to let your hard work go to waste just because the macro picture shows a difficult road ahead.
It’s all about understanding where your opportunities lie and equipping yourself with the right tools to get the job done. Right now, that means looking within.
As acquisition gets tough and even more expensive with the state of the economy, retention is going to be your biggest asset for growth. Let’s dive in.
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Audiences
We just dropped one of our most important new features for building better relationships, retaining more customers, and measuring growth. The Audiences feature lets you build hyper-targeted lists of customers that use our deepest set of filters yet.
But really, Audiences isn’t just a means of segmenting and list building. Any good email or SMS marketing tool will help you create basic lists. Think of Audiences as more of a hub for building really specific and valuable customer relationships.
Who's your ideal customer?
How many times have you been asked this? By your investors. By your boss. By your colleagues.
Your answer to this isn’t some perfect hypothetical customer. It’s not some mythological consumer that has your perfect checklist of attributes.
So who are your ideal customers? Hint: They’ve already purchased from you, and the key to finding them lives within your data.
That’s right, your current customers are your ideal customers. Sounds obvious? Well there’s a little more to unlocking their full value.
Think about it, they’re the ones who’ve been moved by a piece of content you published, or an ad that struck the right chord, or by word of mouth from other satisfied customers. They’re in your ecosystem. They’ve spent money with you. They like your product. They like your brand. What’s more ideal than that?
That’s where Audiences comes in to help you build better relationships by connecting with your customers in a more personalized way.
Okay, so what does Audiences do?
Audiences helps you find unique opportunities within your existing customers, to re-market and retain them with better results than ever before.
Imagine this scenario. You want to know who your customers are that have all these attributes in common:
- Purchased within the last 6 months
- Made only 1 purchase in that time frame
- Purchased a specific product
- Used a specific discount code
- Are returning orders (they’ve purchased from you in the past - before that 6 month window)
- And have at least X lifetime value (LTV)
Audiences covers it. It gives you that depth of filtering (and more). In just a few clicks, you’ll have that Audience created for you. Instead of hours spent manually crunching the numbers and needing to be a spreadsheet whiz, you now have exactly who you’re looking for.
This serves as your homebase for nurturing that Audience and building a better relationship with those specific customers.
Why’s this important? Let’s look at an example:
Let’s say your brand specializes in haircare and beauty products. And let’s assume you used that filtering logic above for your deluxe pomade - great stuff, smells like vanilla, extra hold.
Those filters help you identify a few things:
- Those customers like your product – they obviously came back for it.
- That threshold you set for LTV can be a measuring stick for how much they’re willing to spend over time.
- There’s some additional discovery to be made around why it took so long to come back…
- You understand the price point that speaks to them for that particular product (they used that discount code).
You can now do a ton to nurture those customers and build loyalty with your brand.
Maybe you’ve gotten previous feedback that the pomade goes great with a matte clay that you sell. Tell them in an email campaign.
Cross-sell opportunity? ✅
Customer education? ✅
Maybe you engage them with a survey about their experience with the pomade. Why’d you buy it? How often do you use it? How long does it last you? Nothing like 0-party data to inform you! From there, you can offer promotions or bundles or other options based on their answers.
See where we’re going with this? It’s ALL ABOUT RETENTION.
And doing this on a hyper-targeted, micro scale is going to yield better results and more growth than just sending a “15% off everything” email to all your customers.
Those pomade customers have different needs than, say, those who come back every month for a particular hairspray and buy on a regular schedule. Subscription program opportunity for those hairspray customers? Best believe Audiences can help you fine tune your campaigns to find out!
That’s the level of discovery you get with Audiences. You find those specific pockets of customers who have specific interests, needs, and values. Then you cater your campaigns to those Audiences!
The Audiences feature tracks things like New Orders, Revenue Growth along with key metrics like LTV, AOV, number of orders and more. So, not only can you build better Audiences and create more targeted campaigns, but you can also measure growth along the way.
2 essential functions of Audiences
Audiences was built with the idea of “doing more with your data.” We wanted to create a dynamic set of features that not only lets you create better strategies and measure growth, but also take action with the unique Audiences you build.
1. Push Audience lists to Klaviyo and Attentive
In just a couple clicks, you can push your Audience lists to your favorite email and SMS platforms to take direct action with them. This helps keep your outreach strategy organized and feeds any new purchase and growth data right back into your Audiences page in Peel.
We’re connecting your insights to action and completing the loop for you to measure the direct impact of your campaigns.
2. Use your Audiences as segment values for any Peel metric
Like we said, your Audiences represent unique, highly-specific sets of customers. You want to find new angles for engaging them with content that converts, while making sure to measure their growth metrics from all angles.
To make that process even easier, we’ve included the ability to segment any of our 100+ metrics in Peel by your Audiences after you create them.
Want to get into the nitty gritty of cohort analysis filtered just for a specific Audience? You can do it. Need more analysis than the presets on your Audiences page? Dive into whatever revenue, retention, marketing, and sales metrics and segment by your Audiences.
This gives you the power to analyze your Audiences’ post-purchase data and view their growth from any angle you need.
If you want to learn more, check out our full page on Audiences!
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