App Overview:
Seek's Trial and Repeat app is a powerful way to help you understand customer purchase behavior, particularly in the context of new product launches.
This app leverages transaction level data to show how often customers who buy a product for the first time (trial) end up buying it again (repeat). By analyzing this information, you can gain valuable insights into customer loyalty and identify opportunities to improve retention rates.
Don't rely on guesswork when launching new products - use Seek's Trial and Repeat app to make data-driven decisions that maximize your chances of product adoption and growth.
App Benefits:
- Product improvement: If the repeat purchase rate is low, the company may need to improve the product's design, packaging, or formulation to make it more appealing to customers.
- Marketing campaigns: The company may need to adjust its marketing campaigns or distribution strategies to reach more customers and increase trial rate.
- Pricing and promotion: The company may need to adjust the pricing or promotional strategies of the product to attract new customers and retain existing ones.
- Product innovation: If the trial rate is low, the company may need to innovate its product to differentiate itself from the competition and increase its appeal to customers.
Key Metrics:
- Purchasing Customers: This refers to the number of customers who have made a purchase of a product within a specific time period. It represents the total count of individuals or entities that have completed a transaction.
- Category Customers: Category customers refer to the number of customers who have purchased from a specific category or group of products within a given time frame. It provides insights into customer preferences and purchasing behavior within a particular product category.
- Transactions: Transactions represent individual instances of purchases or made by customers.
- Trial Rate: Trial rate is the percentage of customers who purchased the product once.
- Repeat Rate: Repeat rate is the percentage of repeat purchases for a product. It measures customer loyalty and the ability to retain customers over time.
- Customer Incremental Category Growth: Incremental category growth refers to the increased new customers within a specific product category. It indicates the growth or expansion of customer demand for products within that category, excluding any cannibalization from other categories or products.
Actions You Can Take:
- Personalize marketing campaigns: Use the Trial and Repeat app to segment your customer base and tailor marketing campaigns based on their behavior. For example, you can create targeted email campaigns offering special discounts or promotions to customers who have completed a trial but haven't made a repeat purchase yet.
- Offer incentives for repeat purchases: Use the app's repeat data to identify your most loyal and valuable customers. Consider implementing a loyalty program or offering exclusive perks or discounts to incentivize repeat purchases and foster customer loyalty.
- Request feedback and reviews: Leverage the Trial and Repeat app to identify customers who have had a positive experience with your product or service. Reach out to them and request feedback or reviews, which can be used as social proof to attract new customers.