How would you describe the uptake of remarketing across the US, UK and EU markets?
If you look at the remarketing sector globally, there are probably three viable solution providers, two are headquartered out of the UK, so it’s only natural that the UK market has benefited from this and seen a strong and swift uptake.
Similarly, the US has seen good levels of adoption, however, it’s a vast ecommerce market and there are a lot of key retailers yet to take advantage of remarketing.
The EU shares a similar appetite to the UK, however, it’s tightly packed with language and cultural diversity (similar to the APACJ region), and that puts a different perspective on the picture as providers need to adapt in order to assist with localised adoption.
However, for me, it’s not necessarily a question of territory, but verticals. We know that regardless of the territory, some verticals are more advanced and ready to ‘lead the charge’ as it were. For example, in each of our global offices, we know that fashion retailers’ posses a strong appetite to evolve and make swift decisions.
It’s that kind of knowledge that has helped with our globalisation to date.
As founder, where did the idea come about to create SaleCycle?
DE: The truth is actually quite mundane. I do need a much better story with a near death experience or perhaps wresting with an alligator or at least something that makes a good sound bite.
The birth of SaleCycle was a gradual process that started back in my agency days. I was working on an RFP for an international outdoor clothing brand and one of the key items to address was their abandonment rate. This was in excess of 70% and simply it screamed at me that there must be something we could do to monetize those abandoners.
I had some pretty good contacts across the email service provider space and I reached out to see if they could help. The answer was always yes, but the idea got bogged down in integration with existing analytics, set-up fees, and project management. The next thing you know you’ve spent £30k and lost eight months.
There simply had to be an easier way. That was the crystallisation of the remarketing concept behind SaleCycle.
Many say that email is dead in the water. What would you say to combat this?
DE: In a word ‘bollo**s’. The email sector is a mature one and with that it has already faced up to business justification and ROI analysis. It’s already answered the tough questions that still lie ahead for many ‘newer’ marketing opportunities.
Email has also become more intelligent, it has evolved indescribably form the early days of email blasts. As such, not only is it more efficient, but it’s better value.
We all know the twitchy thumb you get at 8pm when your smartphone is in your pocket and you know you might have an important email to read… Email isn’t dead, it’s simply part of our modern DNA and we tend to take it for granted.
It’s by no means the be-all and end-all of digital marketing, but it’s a strong foundation that digital marketers can rely on.
What are the key metrics for remarketing conversion?
DE: For me the bottom line is how much money did we make for our clients? As a performance marketing business, we only make money if our customers do. As such, it’s our daily objective to optimise their send rate, open rate, conversion rate, AOV etc. All of the key stats point to one thing… revenue.
Personally, I tend to focus on the following: Response rate: If we don’t capture an email address form an abandoner, then we can’t send them an email and encourage them to complete their sale. I use this metric to educate clients when it comes to best practice data capture.
Recovered baskets: The retail world has a number of variables, non-more-so than seasonality. As you would expect, AOV’s increase significantly over the festive months and can be misleading when reviewing performance.
From a metrics perspective, I tend to focus on the number of baskets we have recovered rather than the value. We can then use this number against the number of abandonments to ensure we are delivering best in class results for our clients.
Conversion rate: We know that our conversion rate (against send) for January is 6%, so any fluctuation in this number will impact our customer either individually or collectively. It is in effect our heart-beat.
Does this differ by country?
DE: The key metrics are the same; however, the behaviour is different. For example, conversion rates in the US tend to be marginally lower than in the UK. Obviously, this is dependent on sector and seasonality. For example, the January sales are not a big deal in the US and metrics will reflect this.
Which are the key verticals you target?
DE: I mentioned that fashion retailers have always been a strong sector for remarketing, however, wider retail is catching up fast, as is the travel industry along with the financial sector.
In truth, we can work with any form of online transaction (quotations, baskets, donations, bookings etc), so we are in a fairly strong position of being able to work with pretty much every online sector.
Dominic Edmunds will be speaking at the Performance Marketing Insights event in New York next month.