DRTV DERAILERS Section 2 - Part 3 of 13 – Irv Brechner

Imagine if 7 of 10 phone calls into your call center where a consumer started to place an order disappeared Alarm bells would be going off and you39d be examining every aspect of the script the call center and everything that could impact inbound phone ordersWell the same thing is happening on your site as you read this 70 of the consumers coming to your site and starting the buying process drop off for some reason According to Forrester Research the top five reasons for online shopping cart abandonment are Shipping and handling costs too high Not ready to purchase Wanted to compare prices on other sites Product price was higher than consumer was willing to pay Wanted to save product in cart for later evaluationAbandonment and retargeting company SeeWhy categorizes these reasons into two primary drivers of abandonment price and timing Either the total cost is too high andor the consumer is not yet ready to buy In another acquirgy ebook written with SeeWhy we cover shopping cart abandonment in much greater detail Email me irvacqurigycom for a copyYou also need to know that 47 of online buyers are unwilling to finalize a purchase unless some sort of promotion is offered This ties back to the offer which we39ll discuss in the next sectionAnother fact is that men and women shop differently so if your target audience is one or the other you need to understand those differences Part of the thought process to reduce abandonment is to understand how important email retargeting is the role of afterthefact offers and promotions and that in fact spending time and effort to reach out to abandoners is not a waste of time and moneyMake reducing shopping cart abandonment a major priority committing to addressing it in the next 30 days Top management needs to be involved as some of the decisions will possibly require changes to the spot or show such as offering free or reducedcost shipping see 9 Here are the key toplevel points about abandonment that serve as a good starting point For many consumers abandonment returning and buying on the second or third visit is a normal part of the purchase cycle Make sure you have a permanent shopping cart giving consumers the ability to save the potential purchase so that they can come back later Embrace the use of email to retarget consumers where you39ve captured their email address Make email address capture a top priority so that you can send retargeting messages including special offers at specific intervals Provide additional reasons to buy and special offers to entice consumers to come back to complete their purchases Understand that men are more likely to compare prices and less likely to abandon vs women who take longer to buy are more sensitive to SampampH costs and more likely to save carts for later Recognize that new buyers ones who have never purchased from you before will often take more nurturing than those familiar with your brand and products Understand the value of timing in your retargeting program and be prepared to develop an email retargeting program either in house or with a vendor such as SeeWhy that leverages timing to generate the best response to retargeting messages Understand that there is a strong relationship between the monetary value of the cart and the abandonment rate Typically higher value shopping carts are abandoned more frequently but there are exceptions that you need to knowLow value carts have high abandonment ratesCarts at critical price points have very high abandonment ratesIndividual products can have very different abandonment rates Learn the value of retargeting in quotreal timequot which generally means immediately following the abandon The realtime remarketing campaigns generated 105 more revenue than the same email sent 24 hours after the abandonment according to SeeWhy If your brand is wellknown you have an advantage Consumers are more comfortable buying from wellknown and wellrespected brands and this aids retargetingThe good news is that 8 of abandoners will return to buy without any form of remarketing The better news is that an additional 18 will come back to buy after receiving email retargeting messages That39s a whopping 26 conversion of abandoners amp8211 clearly a very meaningful numberYou can download the entire ebook at any time at httpDD111acquirgynetIrv Brechner has written over 100 published direct marketing articles and 13 books on a variety of topics He39s been a pioneer in online customer acquisition since 1996 and offline for his 35year career He has developed Acquirgycom39s quotCustomer Acquisition Intel Centerquot acquirgycomintel he evangelizes bestofbreed tactics to help companies acquire customers in the digital age He can be reached at irvacquirgycom Read all Irv39s MediaBizBloggers commentaries at Customer Acquisition IntelCheck us out on Facebook at MediaBizBloggerscomFollow our Twitter updates MediaBizBloggerThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaBizBloggerscom management or associated bloggers MediaBizBloggers is an open thought leadership platform and readers may share their comments and opinions in response to all commentaries

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DRTV DERAILERS Section 2 - Part 3 of 13 – Irv Brechner

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