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Optimizing Bridal Store KPIs
CHARLEY TICHENOR
July 10, 2024
Wednesday, July 10th
Today's top marketing tips, tactics, & tools
3…2…1…LETS GOOOOOOO
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Today we’re featuring one of my favorite vids of last year “How To Do The Game-Changing 4PI Analysis for Facebook Advertising Success“, then we’re having a quick discussion on Optimizing Bridal Store KPIs.
Make sure you check out the Podcast of the Week… where I share a podcast that has helped me along in my marketing journey!
🔢 Fact Of The Day 🔢
Fun Fact: Ben & Jerry's, the famous ice cream company, created a "Flavor Graveyard" at their factory in Waterbury, Vermont. This quirky attraction features tombstones for their discontinued ice cream flavors, each with a witty epitaph. It's a popular spot for visitors and reflects the brand's playful spirit.
This creative marketing strategy does more than just entertain; it strengthens brand loyalty and engagement. By transforming retired flavors into a fun and memorable experience, Ben & Jerry's keeps their brand in the public eye and encourages fans to visit, share photos, and talk about their experience. It also reinforces the company's unique personality and commitment to fun, making it a brilliant example of how creative marketing can enhance brand image and customer connection.
📹 Video of the Day 📹
Optimizing Bridal Store KPIs
Strategies for Improving Dashboard Metrics and Ad Spend Efficiency
Optimizing key performance indicators (KPIs) is essential for any business aiming to improve efficiency and profitability. In the context of a bridal store’s new outlet, focusing on the customer journey and ensuring effective use of ad spend can drive significant results. By understanding and mapping out the steps in the customer journey, assigning value to each step, and analyzing correlations between various metrics, businesses can make informed decisions that lead to better outcomes.
Here’s what we’re going to cover today:
1. Customer Journey Mapping
2. Value Assignment to Steps
3. Value Assignment to Steps
4. Correlation Analysis
5. Incremental Testing and Evaluation
6. Dashboard Development
Customer Journey Mapping
Understanding the customer journey is the first step in optimizing KPIs. For a bridal store, this journey includes multiple steps, such as initial site visits, phone calls, emails, and in-store visits. Each of these steps plays a critical role in converting a potential customer into a buyer. By mapping out this journey, businesses can identify key touchpoints and measure their effectiveness.
Value Assignment to Steps
Once the customer journey is mapped out, it’s important to assign a unit value to each step. This involves determining the worth of each action a customer takes, from visiting the website to making a phone call or sending an email. For example, if one out of ten people who visit the store ends up making a purchase, and you see ten times as many visitors, it’s essential to understand if this increased volume translates into more sales or just more traffic.
Value Assignment to Steps
Once the customer journey is mapped out, it’s important to assign a unit value to each step. This involves determining the worth of each action a customer takes, from visiting the website to making a phone call or sending an email. For example, if one out of ten people who visit the store ends up making a purchase, and you see ten times as many visitors, it’s essential to understand if this increased volume translates into more sales or just more traffic.
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Correlation Analysis
Analyzing the correlations between various metrics is crucial for understanding the impact of ad spend on business outcomes. By tracking site visits, phone calls, emails, and in-store revenue, businesses can determine if their marketing efforts are driving tangible results. For instance, if increased site visits do not correlate with higher in-store revenue, it may indicate that the ad strategy needs adjustment.
Incremental Testing and Evaluation
When implementing new ad strategies, it’s important to move slowly and test incrementally. This approach allows businesses to evaluate the effectiveness of different ads and make data-driven decisions. For example, starting with a few Dynamic Creative Tests (DCTs) and pulling the best-performing post IDs helps create a proving ground for further refinement. By evaluating the results over time, businesses can identify the most effective strategies and allocate their budgets more efficiently.
Dashboard Development
Creating a comprehensive dashboard is essential for tracking and analyzing business performance. This dashboard should include metrics such as total ad spend, site visits, phone calls, emails, and revenue. By organizing these metrics into a clear and actionable format, businesses can monitor their progress, identify trends, and make informed decisions. A well-developed dashboard helps in understanding the overall impact of marketing efforts and identifying areas for improvement.
🎙️ Podcast of the Week!
99% Invisible
When you go to a concert, you might try to get there right when the doors open. Or perhaps you take your time and skip the opening act. But generally, you want to be there when the show starts….
