– Vinny O’Brien recommends watching a conversation with Valentin Radu on YouTube, describing it as “pure gold” and valuable for ecommerce professionals.
– The conversation highlights the value of Shopify at a low price point, the need for consolidation of tools to unify data, and the importance of leveraging pre-purchase data for a good post-purchase experience.
– The discussion also touches on the increasing cost of customer acquisition, the importance of customer retention and lifetime value, and the role of personalization and loyalty in the customer experience.Leverage pre-purchase data to improve the post-purchase experience.Vinny O’Brien said he spoke with Valentin Radu, so I watched it. It’s pure gold that most ecommerce people should aspire to be. It’s well worth the watch, listen, whatever; it’s on YouTube so you can get through it at 2x speed in 30 minutes while going for a walk.
The big takeaways are: Shopify offers a lot of value at a low price point, which is price anchoring other software on top of it. Consolidation needs to occur with tools to unify data. Pre-purchase data needs to be leveraged for a good post-purchase experience. CAC (Customer Acquisition Cost) is going to continue to rise. Acquisition is slowing down as prices increase. LTV (Lifetime Value) and retention are important, but there are gaps in the follow-up experience in terms of understanding timing between cohorts. Personalization is both a thing and not a thing, along with loyalty. Loyalty is really just a title given to someone who shops with a company multiple times.
This conversation delves deep into what the customer experience is like today. When you’re listening, realize that they are talking about the Customer Journey versus the Company Journey. The standout line echoed by both of them is that there is now enough technology to understand data, so you don’t have to be a big company to do it anymore. They’re right, but the approach of context, as mentioned, needs to be there as well.
Give it a listen and let me know your thoughts on what they are saying. To me, it makes a ton of sense. #ecommerce #marketing #strategyhttps://www.linkedin.com/in/jivanco