#109 The Least boring Weekly Newsletter

July 27, 2022 • Estimated Reading Time: 9 minutes

Good Morning Readers🌞! 

Here’s to wishing for a successful day ahead🥁!

Did you check out our recent podcast🎙? If not then we would like to give a short brief about the same. 

This week we had with us, Danielle A Vincent. We really had a good time speaking with her about her personal (fantastic) professional experience, how did the brand design develop; what was the thought process behind it? share some practical tips to help people looking to shift from a coding/tech-related background to eCommerce. Some Key factors and thoughts on how to develop an online community.

It was a very informative episode about the DTC industry insight! We hope you will love the episode out there. Here’s the link:

Almund’s newsletter will give you all kinds of tips for DTC brands and much more.

Alright, so let’s get right to it!

This newsletter is going to dive into:

🚀The Biggest NFT Expoverse in The Town! 

📊Four crucial measures for marketers to maintain customer retention rate in DTC

🎥 Video Bites: All Things DTC!

📕 Top Reads Of The Week

⚙️ Plenty Of Jobs Await You!

So, scroll down to THE VERY END & read up on what’s yet to come your way!

The Biggest NFT Expoverse in The Town!

The Los Angeles Convention Center will play home to the first NFT Expoverse of this year from July 29 to July 31, 2022. The blockchain community is anticipated to pay close attention to this conference. The NFT Expoverse is a three-day educational event that demonstrates the effects that the unavoidable widespread adoption of blockchain technology will have on our planet. You will learn about the upcoming significant development in our society and how you may apply it to your daily life, whether you are a business or a person. Industry aficionados will get the chance to hear from a variety of knowledgeable speakers.

Both professionals and newbies to the NFT industry will be catered to at the event. A series of workshops and seminars and keynote speeches will be presented to participants by the foremost experts in the field. John Kraski from NFT Genius, Tejas Chopra from Netflix, Aly Madhavji from Blockchain Founders Fund, and Andrew Bull from Bull Blockchain Law LLP will all be speaking at the event. Additionally, thousands of goods will be on display at the conference from hundreds of exhibitors from around the NFT industry. As the official NFT Display Partner, Tokenframe, the first ownership-verifying NFT display to enter the market, has joined. Attendees will have the unique opportunity to observe and test out some of the most cutting-edge technologies that have just entered the market in a central site due to the growing popularity of NFT devices.

Visit

https://nftexpoverse.com

to learn more about one of the largest and most significant NFT events, and how to attend.

Four crucial measures for marketers to maintain customer retention rate in DTC 🛒 

The DTC sector is growing rapidly, and as such brands must stay on top of their game and ensure that they're retaining customers. While the fierce competition makes it crucial for DTC businesses to establish enduring relationships with their customers. And here is where having a strong client retention strategy might set you apart from other eCommerce marketplaces and your rivals. One way to do so is by offering them a way to connect in the same place. Customer retention rate can be improved by offering customers a variety of services and products. This will help them to stay loyal to your brand and feel like they're getting their money's worth.

For example, if you're a DTC company, you might offer various products that are related to your company's main product. For example, if you sell products for people with gluten allergies, you could offer an entire line of gluten-free foods. If your main product is vitamins, you could offer supplements for the same vitamins as well as supplements for other vitamins like B12 or C.

You should also make sure that customers can access all of these services easily and quickly so they don't have to waste time searching for them on your website or app. In many cases, this means having dedicated customer service representatives who can help customers get what they need quickly and efficiently through email or phone calls instead of having to wait on hold for over an hour just waiting for their turn with a live person who may or may not be able to help them at all!

To evaluate the success of their retention initiatives, marketers should keep an eye on four crucial measures.

  • New vs. Returning Customers Rate: The first retention statistic to track is the ratio of new to returning clients. Your customer retention campaign can get off to a strong start if you have a sizable number of repeat clients. On the other hand, if your new customers still account for the majority of your revenue, you should implement strategies that would entice your current customers to return.

  • Average Order Value (AOV): The average amount customers spend whenever they place an order from your shop. Retailers should better understand the buying habits of their customers with the use of this measure. The measure can help business brand image and customer success teams understand which goods are selling well in your shop and which ones aren't. By locating these products, you may review your retention strategies and encourage customers to buy the best-performing items rather than ones that are less desirable. By dividing the total income by the number of orders received, the average order value is computed.

  • Repeat Purchasing Rate: This indicator measures the total number of customers that make additional purchases from your DTC brand after their original or prior purchase. You will be able to assess the health of your client base and whether or not your marketing initiatives are successful enough to foster consumer loyalty once you have a clear grasp of your repeat purchase rate. To determine the rate of repeat purchases: Repeat purchase rate = Number of consumers that made several purchases (during a specified timeframe) / total number of customers.

  • Customer Lifecycle Value: The average income you may make from clients over the course of their shopping accounts is known as customer lifecycle value. In plainer language, the amount of money you can make from a consumer before they stop coming back or go inactive. In DTC retail, your CLTV would be the sum earned by these 5 sales, and the customer's lifespan would be 6 months if, on average, they make 5 purchases over the course of 6 months before leaving. Because it gives you a customer-centric perspective to encourage customer loyalty, CLTV or CLV is a crucial statistic. It assists you in coordinating your marketing and sales activities to raise your CLV, a reliable measure of client retention. In the ideal case, if your CLV is three times greater than your CAC, you are already effective at retaining customers and promoting repeat business.

Video Bites: Back to School campaign by Amazon "Spend Less on Your Kids" 

During this back-to-school season, shoppers will become more cost-conscious, and Amazon is reflecting this concern with its latest campaign. Amazon's suggestion is spelled out in the ad's title, "Spend Less on Your Kids," and Kathryn Hahn, an actress, makes it quite plain throughout the 30-second pitch. 

She talks about how Amazon's low pricing may help parents stick to their spending limits while still providing for school essentials as she walks through a corridor in a school. Given the ongoing economic challenges, many consumers could be saving money💰. Worries of a recession, even a little one, as Bank of America recently warned, caused inflation to rise to a 41-year high of 9.1% last month.

Top Reads Of The Week

The parade will be available in several Urban Outfitters stores.

Pottery Barn introduces a line of accessible homes.

Bear's Fruit opens a new facility and offers probiotic sparkling water.

Bandit Makes Off With $1.5 M For Dairy-Free Cheese.

As of September 30, this well-known retail chain will close all of its stores.

IN NEED OF A JOB?  WE'VE GOT PLENTY AWAITING YOU!

CHOOSE SUCCESS below and have a great weekend! Get that DTC business runnin’.