Fine-Tuning Holiday Campaigns with Live Data & Benchmarks
With so much of a retailer’s yearly revenue being generated during the holiday season, it can be difficult to imagine that marketing efforts during this critical period can damage the long-term viability of an e-commerce business. Since there is extra pressure to succeed, however, that’s exactly what can happen – from sending too many emails (causing unsubscribes that may have converted later in the year) to investing in the wrong ad buys (wasting budget).
Magento has announced the availability of its Holiday Dashboard that uses a merchant’s live data to inform better commerce decisions for the holiday season. The dashboard provides analysis of a retailer’s holiday campaigns and compares their performance with competitors to better compete for and keep holiday shoppers by fine-tuning their customer acquisition and retention spending plans. For instance, a specific retailer may adjust spending when it notices "retargeting" as its best-performing holiday channel or may adjust the frequency of emails when it sees non-holiday customers have higher lifetime values than those holiday shoppers they are so aggressively going after.
According to the 2016 Magento Holiday Benchmark, merchants, on average, will acquire 59 percent more customers during holiday but, because those customers buy less and return less often, they are 13 percent less profitable on average. Therefore, Magento reminds retailers that it is critical to have access to insights into how to best serve and market to those customers and make other data-driven business decisions.
Key capabilities of the Magento Holiday Dashboard include:
• Customer Acquisition: Identify the source of your most valuable holiday customers and invest marketing dollars in the highest-impact channels
• Customer Retention: Discover the best times to email your existing customers with targeted holiday campaigns
• Improved Productivity: Provide your team with a "single source of the truth" and centralized goals to drive holiday performance