14 lines
2.8 KiB
JSON
14 lines
2.8 KiB
JSON
{
|
||
"HubID": "2160",
|
||
"Date": "2/22/2023",
|
||
"HubTags": [
|
||
"External Platform Posts"
|
||
],
|
||
"Contacts": "",
|
||
"Companies": "",
|
||
"File": "",
|
||
"Image": "",
|
||
"Summary": "#customerretention is the holy grail for #consumerbrands because it leads to lower #marketing costs for the same unit of revenue, which leads to more profits. Common averages are that it costs 5-7x less in marketing to retain a customer than to find a new one.",
|
||
"Notes": "<p>#customerretention is the holy grail for #consumerbrands because it leads to lower #marketing costs for the same unit of revenue, which leads to more profits. Common averages are that it costs 5-7x less in marketing to retain a customer than to find a new one.</p><p>sidenote: I ran the numbers once for one of my businesses and it came down to 5x for me.<br /></p><p>But it's an unattainable fallacy for most brands and instead, leads to lots of spend in attempts to retain customers, which increases marketing costs and lowers profits.</p><p>The problem is that in #d2c , the retention efforts and costs are focused on the person by building data on them and #remarketing and #retargeting them to spend more.</p><p>If the customer leaves and no longer buys, the brand does not necessarily know that but keeps spending on remarketing and retargeting.</p><p>Further all the data and efforts spent to retain the customer are sunk costs and cannot be recovered.</p><p>An emerging concept is to focus remarketing and retention efforts on the wallet in which the customer retains ownership of the products.</p><p>That way, if the customer sells or transfers their ownership of the product away to another wallet (which could be a new owner or simply another wallet that the same owner possesses), the brand's remarketing and retargeting can follow to the new wallet.</p><p>This is how #web3 works in the context of wallets in which customers own #nfts that represent products, which are recorded on open, public #blockchains that are searchable, but are anonymous in that we don’t know the identity of the person who owns the product(s).</p><p>Because public blockchains are open and searchable, a brand knows the wallets that own the products but if the owner is adding experiences associated with that item, then that would flag a brand that this is a wallet to retarget and remarket.</p><p>In this landscape, individuals and their identity becomes less important, which means #privacy gets better and security improves because customer identifying data is not sitting in databases that are honey pots for hackers.</p><p>Is the above possible now. Yes and it is being done now, but it’s pretty rough and clunky, #spam through wallet communication is an already unbearable problem, #data attribution is hard and we can’t yet draw any meaningful best practices out of this.</p>"
|
||
}
|