The relationship between customers and brands has been analyzed and dissected over the past decade as retail businesses evolve and we all try to understand where, how, when, and why customers make purchases. At MakerSights, we are no stranger to the race to understand customer relationships with brands, and we’ve attracted some recent attention as we uncover a consumer’s desire to be a part of their favorite brands’ product development processes.
Specifically, we’ve discovered that certain customers who engage with brands through MakerSights have shown higher intent to purchase from that brand in the future, and even an inclination to spend more than they previously had. We’re working to crack the code on building customer loyalty – read on for a play by play of our first attempt. To start, we tested our hypothesis with one of our brand partners based out of New York, MM.LaFleur. We stated our hypothesis as follows:
Customers who engage with a brand via MakerSights are more likely to shop with that brand in the 12 months following their engagement and spend more on average than those who do not engage via MakerSights.
The results were very encouraging. Among customers who had made a purchase with the brand within the past 12 months, those who engaged in a MakerSights campaign showed higher repurchase rates than those who did not engage in a MakerSights campaign. Then, even more exciting – 36% of customers who engaged in the MakerSights campaign went on to make a purchase in the subsequent 30 days! Sounds like a peek behind the design curtain may be just the inspiration MM’s customers were looking for!
Needless to say, these numbers made us stop and think. We know that testing during the infamously promotional 4th quarter is always a risk given so much opportunity to drive volume, but our newly-founded instincts are signaling to us it may actually be quite helpful to run some tests and drive loyalty during such a heavy gifting season.
We know, we know – email slots are impossible to come by. Nonetheless, we’re excited about the upside from these sort of strategic engagements!