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What drives customer retention at Michaels? (Marketing promotions have an…
What drives customer retention at Michaels?
Overall characteristics of products have an impact on retention
Product characteristics have an impact on customer retention
Competitive pricing would impact customer retention
Assortment range of products (local brands or widely known brands) in comparison to competitors, would impact customer retention
Availability of product kit/bundles in-store/online impacts search effort thereby impacting customer retention
Product quality (reliability/durability) would impact customer retention
Product availability would impact customer retention
Provision of instructions with the products for easy usage/adoption would develop more affinity impacting customer retention
Provision of product guarantee/warranty on purchase would impact customer retention
Customer services provided have an impact on customer retention
Following up with the customers on their purchases tends to establish better customer-brand relationship thereby impacting retention
Provision of DIFM/installation service option on products would encourage less confident/casual customers to make a purchase and have an impact on retention
Offering easy/no questions asked return policy (In-store, online, buy online and return in store) to customers will impact customer retention
Customization/personalization choices to create unique products will impact customer retention
Having classrooms/workshops by local craftsmen or celebrity shows/video series), set-up will encourage people to craft and impact retention
Referral programs providing discounts/credits would impact customer retention
Marketing promotions have an impact on retention
Higher marketing spend (advertisements - online, local) impacts customer retention
Promoting Michaels on social media (via website, store pages, influencers) will impact customer retention
Promoting Michaels on TV, radio and print media leads to impacts customer retention
Having brand ambassadors to promote Michaels and its products leads to impacts customer retention
Providing seasonal promotions/discounts, clearance sales impacts customer retention
Having an updated creative window display every few weeks will impact customer retention
Providing gift cards with high end purchases will impact customer retention
Competitor promotions/discounts/offers will impact customer retention
Customer characteristics have an impact on retention
Engagement with Michaels :star:
Digital Engagement
Emails Sent
Emails Opened
Clicks
Number of visits to the homepage
Average number of items in the cart
Number of videos watched
Visits to to coupon page
Number of app visits
Time Spent on the webpage
Transactional Engagement
Number of products purchased
Dollar value of products purchased
Average order value
Frequency of purchase
Time between purchase
Department breadth
Demographics
Age
Location - Urban/Rural
Income
Lifestage
Occupation/profession
Gender
Psychographics
Personality
Values
Interests
Opinions
Lifestyles
The way Michaels works has an impact on retention
Online Business
Provision of faster/one-click checkout service to customers eases customer experience thereby increasing customer retention
Easy website navigation generates positive customer experience leading to increase in customer retention
Personalized recommendation/promotions to every customer is leading to customer retention
Provision of multiple payment options on checkout encourages customer to buy more products easily hence increasing customer retention
Helpful customer support service for general or product issues is leading to customer retention
Providing product enrichments (e.g. description/video/specs/nearby store availability) on the product page helps the customer to get a better understanding of the product hence increasing customer retention
Timely delivery of the products develops positive brand sentiment in customers thereby leading to increase in customer retention
Providing BOPIS (Buy online pick up in store) service, leads to increase in customer retention
Providing easy shipment services on products encourages customers to shop more and leading to increase in customer retention
Michaels Brick and Mortar stores
Implementing customer feedback will lead to increase in customer retention
Providing home delivery services will generate higher UPT, leading to increase in customer retention
Generating positive store experience by hiring/training sales executives to understand the customer concerns will increase customer retention
Establishing programs for loyal customer (points/credits) will increase customer retention
Greater the distance to a Michaels stores lesser the customer retention
Easy parking facility provision around Michaels stores will lead to increase in customer retention
More number of Michaels stores will lead to increase in customer retention
Going mobil with NFC and QR Codes will provide online search ease to customers thereby leading to increase in customer retention
Brand Image will have an impact on customer retention
Trust in Michaels (referred by friend/great testimonials/past experience), will impact customer retention
Higher media coverage around Michaels contribution to social change/issues will impact customer retention
External Factors have an impact on retention
Onset of new trends (DIY, DIFM) will impact customer retention
Better macroeconomic conditions will impact customer retention