Health & Beauty BULLSEYE Results

Level 3 - Bud

Strengths

As a direct-to-consumer brand with a sizable customer base you are now in possession of a valuable asset: a first-party dataset that can be mined for numerous customer development and marketing opportunities. The insights gleaned from that data can provide a roadmap for sustained growth. At this point, your proven track record is appealing to investors, and you may be able to tap into those resources to expand into new channels.

Weaknesses

An inability to scale your business model into other areas of retail may hinder your growth. And you can struggle to reach customers who begin their purchase journey from established retailers like Amazon or a Sephora. At the same time, you may have exhausted your existing customers’ ability to buy.

Hurdles

A range of opportunistic brands will seek to steal away your least valuable customers, especially if you haven’t developed a range of incentives — meaningful loyalty program rewards, social proofing — to encourage the customer to stay. You may have developed a product line for a customer base that can no longer afford it, or is unable to purchase as frequently due to the current economic downturn.

Opportunities

You now possess enough first-party customer data to enable you to develop highly nuanced personas based on shopping patterns (e.g. replenishers, one-a-year gift shoppers, stage of lifecycle, and so on). You can use this insight to identify and target each persona with new products they’re likely to want or need, as well as plan a product roadmap. You can create offers and promotions that bump up customers to the next level, as well as offer a persona-driven tiered loyalty program.  You can even create sub-brands for budget-conscious consumers or other personas as needed.

You probably have a group of super buyers who you can leverage for brand advocacy and product development opportunities. An affiliate program to incentivize them may be appropriate.

With a valuable first-party data asset, established brands and retailers may be willing to enter into cross-marketing and cross-selling partnerships with you.

 

Summary

The Bud’s sizable first-party dataset offers plenty of insight for product development, marketing, loyalty program optimization — all strategies that will help the company grow and retain customers in a competitive environment. The next phase of growth should focus on getting products into more outlets. Opportunistic brands will be nipping out your heels, eager to siphon customers away.

Level 1 - Seed

You are implementing basic ecommerce and marketing strategies. Your customers can navigate the site, enter the checkout funnel, and securely purchase products. But you have the potential to drive even more traffic and conversions, with some expert guidance.

Level 2 - Sprout

You are implementing more ecommerce and marketing strategies. You are actively acquiring new customers and streamlining checkout.

Level 3 - Bud

You are improving the customer experience by incorporating personalization and allowing for user generated content. You are actively monitoring and improving performance.

Level 4 - Blossom

You are providing more services to your customers inside and outside of ecommerce. Even more marketing and UX improvements are also paramount.

Level 5 - Bloom

You have optimized your store throughout. You are innovating and offering better customer experiences than most.

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