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Bruce Buchanan, Rokt\u2019s CEO and Co-Founder, explores the role and benefits of an innovative post-purchase plan.<\/span><\/i><\/p>\n In today\u2019s rapidly evolving digital landscape, increasingly sophisticated ecommerce customers expect a seamless, satisfying purchase experience. Toward that end, major brands often conduct exhaustive research to determine their respective target market\u2019s wants and needs. Based on the results, these companies develop digital marketing campaigns to spur customers toward the purchase decision.<\/span><\/p>\n However, even leading brands don\u2019t always have a well-thought post-purchase marketing strategy. Regardless of the reason, these companies are missing a golden opportunity to generate additional revenue. The brands are also missing a valuable chance to reinforce the customer relationship they worked hard to cultivate.<\/span><\/p>\n Rokt Chief Executive Officer and Co-Founder Bruce Buchanan explains how brands (and customers) can benefit from a well-crafted post-purchase game plan. Through<\/span> effective post-purchase marketing<\/span><\/a>, customers can enjoy an optimal experience while brands generate add-on revenue and enhance their competitive positions.<\/span><\/p>\n In its most literal sense, \u201cpost-purchase\u201d pertains to the actions (and brand-customer interactions) that take place immediately following the consumer\u2019s product purchase. The customer\u2019s post-purchase behavior includes their satisfaction (or dissatisfaction) with the item.<\/span><\/p>\n Bruce Buchanan emphasizes that a satisfied customer is more likely to make a follow-up purchase and recommend the brand to others. In contrast, negative post-purchase behavior can lead to buyer\u2019s remorse, negative product reviews, and disillusionment with the brand.<\/span><\/p>\n Brands that want to cultivate long-term customer relationships, and foster genuine loyalty, would do well to understand post-purchase behavior\u2019s nuances. Assuming that they do, the brand can proactively promote a positive experience. Specifically, the brand can take steps to meet customer expectations and set the stage for repeat business.<\/span><\/p>\n Conversely, the customer\u2019s negative experience may spur them to consider a product return. With a good understanding of post-purchase behavior, the brand can salvage the customer relationship and encourage future purchases. These outcomes assume the brand meets the customer\u2019s needs.<\/span><\/p>\n Bruce Buchanan explains that each ecommerce transaction is a carefully orchestrated series of events<\/span><\/a>. The sequence begins when a customer becomes intrigued by a product and adds it to their shopping cart. Perhaps they continue searching for other products, potentially adding them to the cart as well. Finally, they are ready to complete the shipping and payment portions of the sequence.<\/span><\/p>\n Although the customer doesn\u2019t realize it, they\u2019re engaged in the Transaction Moment<\/span>TM<\/span>. This short interval begins with the first cart addition and continues through the checkout process and order confirmation. Throughout this sequence, the customer favorably views the brand and its products. The customer is also highly engaged in the buying process, and their mind is less likely to wander elsewhere.<\/span><\/p>\n Because the customer is completing their original purchase, the Transaction Moment<\/span>TM<\/span> is the optimal time to bring them relevant offers. Each offer should correspond to the customer\u2019s preferences and priorities. Bruce Buchanan says the customer is more likely to act on an offer they view as highly relevant and valuable.<\/span><\/p>\n Brand awareness and lead generation are key components of a brand\u2019s marketing campaign. These (and other) marketing activities are focused on moving a potential customer through the sales cycle to a purchase. Brands should also recognize that a post-purchase marketing strategy has two significant benefits.<\/span><\/p>\n First, a highly relevant offer (even from a third-party company) can produce welcome business revenue. Equally importantly, this offer represents an opportunity to continue cultivation of a positive customer relationship.<\/span><\/p>\n Besides relevant offers, the brand may send prompt order confirmation and a personalized message of appreciation. This may also be an appropriate time to introduce a customer referral program. Over time, Bruce Buchanan remarks that these activities can help build customer brand loyalty.<\/span><\/p>\n Market-savvy companies should understand that customers are constantly engaged in brand evaluation activities. These consumers often monitor company (and industry) news, follow a business\u2019 social media pages, and research potential products before deciding whether to buy them.<\/span><\/p>\n From the brand\u2019s perspective, companies that thoroughly understand their customers\u2019 preferences and priorities will be better positioned to attract and convert these consumers. The brand will also be ideally situated to cultivate optimal customer relationships and increase revenues via relevant offers. Brands should also know that post-purchase marketing can also apply to a brand\u2019s relevant, non-core offerings.<\/span><\/p>\n An effective post-purchasing marketing campaign delivers five advantages. Companies in diverse industries can reap multiple benefits.<\/span><\/p>\n Many brand leaders understand the value of an effective post-purchasing marketing strategy. However, they are often unable to pinpoint the optimal offers that will drive additional revenue. Rokt\u2019s Bruce Buchanan details three challenges that can affect a brand\u2019s ability to satisfy customer needs and purchase expectations.<\/span><\/p>\n Solving any problem begins with knowledge of the challenge. In a post-purchase marketing strategy, brands must first identify their customers\u2019 wants and buying preferences. Equipped with that information, the brand can structure the customer buying experience. Ideally, the brand can access highly detailed and actionable customer data, enabling them to more easily deliver relevant offers in the Transaction Moment<\/span>TM<\/span>.<\/span><\/p>\n In any marketing campaign, crafting the right targeted approach sets the stage for success. In a post-purchase marketing world, the brand will continue effective communication during the entire buying process. These interactions should occur during the purchase, post-purchase, shipping and delivery, customer support, and post-purchase survey phases. A customer rewards or customer loyalty program will also promote customer retention.<\/span><\/p>\n Customers who have already placed an order are in the right mindset to embrace additional relevant offerings. Some brands promote an identical offer to every customer, resulting in missed sales to customers who don\u2019t want that product.<\/span><\/p>\n Conversely, other brands broadcast multiple offers to the company\u2019s entire customer base. Although some customers will accept an offer, others will become overwhelmed with the bombardment of choices. Hence, they may decide to choose nothing at all. Rokt CEO Bruce Buchanan is extensively familiar with<\/span> The Paradox of Choice<\/span><\/a>.<\/span><\/p>\n \u201cI find things like the paradox of choice in consumer behavior fascinating.\u00a0 Most businesses would naturally assume if they had a broader range of products or services, they would win in a category. But consumer behavior is such that the leading players typically often have to do the complete opposite\u2026And that\u2019s because consumers get overwhelmed.<\/span><\/p>\n \u201cAnd so things like that with consumer behaviors I just find fascinating. These tentacles are going to so many different parts of the way we interact with brands and businesses today,\u201d Bruce Buchanan notes.<\/span><\/p>\n As brands seek to optimize each transaction\u2019s value, <\/span>Bruce Buchanan emphasizes<\/span><\/a> that first-party data (plus AI and machine learning) are the keys. These metrics enable the brand to unlock the Transaction Moment<\/span>TM <\/span>by delivering highly relevant offers to each customer. This strategy nullifies The Paradox of Choice, paving the way for enhanced advertiser revenue streams and an improved likelihood of higher lifetime customer value.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Bruce Buchanan, Rokt\u2019s CEO and Co-Founder, explores the role and benefits of an innovative post-purchase plan. In today\u2019s rapidly evolving digital landscape, increasingly sophisticated ecommerce customers expect a seamless, satisfying purchase experience. Toward that end, major brands often conduct exhaustive research to determine their respective target market\u2019s wants and needs. Based on the results, these… Continue Reading Snapshot of the \u201cPost Purchase\u201d Period<\/span><\/h2>\n
The Transaction Moment<\/span>TM<\/span> Plays an Integral Role<\/span><\/h2>\n
The Role of Post-Purchase Marketing<\/span><\/h2>\n
Post-Purchase Marketing\u2019s Significant Value<\/span><\/h2>\n
5 Important Benefits<\/span><\/h3>\n
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3 Substantial Challenges<\/span><\/h3>\n
Maintain Awareness of Customers\u2019 Wants and Needs<\/span><\/h4>\n
Identify the Approach that Will Bring Results<\/span><\/h4>\n
Discover Additional Business Opportunities<\/span><\/h4>\n
The Paradox of Choice<\/span><\/h5>\n
Changing the Post-Purchase Marketing Paradigm<\/span><\/h2>\n