THE CHALLENGE:
Steel Horse Leather was one of those brands that witnessed great product adoption in its initial days, becoming popular amongst its target market rapidly. This springtime, however, did not last long as the rate of growth, while still being there, started to move towards stagnation. On further analysis, it was found that though their marketing efforts and buzz amongst the adopters for their brand were on-point, Steel Horse Leather did not have any hook in place to push its one-time customers to place further orders. It soon was concluded that if the challenge identified is not addressed at the earliest, the popularity and engagement of the brand could take a plunge in near future, further decreasing its CLTV per customer.
THE SOLUTION:
Personalized Loyalty Program.
RetainIQ having partnered with Steel Horse Leather developed an infallible loyalty program that issued loyalty points to all of Steel Horse Leather’s customers for purchases already made. Tracking the events post-introduction helped us witness excitement building up. Our Email and SMS marketing helped us build on this excitement, but this time it was different. We helped Steel Horse Leather with hyper-personalization i.e. reaching their audience with emails and SMSes that are relevant and driving enough to make recipients take action.
Wondering How?
They had just the right set of data, we helped them leverage the same to its best and in their favour. Our hyper-personalization Email and SMS outreach started to target customers, hinged on the important dates of their life i.e. Birthdays & Anniversaries. For each intervention, the objective was to make them acknowledge that the loyalty points they have accumulated can be used to get offers and discount for their next purchases that they can gift themselves or their partner the next birthday or anniversary. Loyalty interventions pushed 15 days before their event date clubbed together with product recommendations that might interest them and also with count-down timer perfectly embodied a great hook. Having put in the effort (their previous purchases), customers realized that now is the time to redeem the fruits of their actions, otherwise k.a. Loyalty points.
RESULT:
Steel Horse Leather witnessed a sharp rise in its repeat purchase rate, 117% to be precise, from 28% to 61%, realizing $489K in added revenue from repeat purchases in a span of only 6 months.