The eCommerce Profitability Show Maximising eCommerce Growth with Evan Padgett, Founder of PIQED
Mar 27, 2024
57:34
In this episode of The eCommerce Profitability Show, host Dan Little is joined by Evan Padgett, Founder of PIQED.
Join them as they discuss:
- Approaches to maximise business performance in eCommerce
- The need to balance LTV and CAC
- The underestimated challenges of quick fixes in business operations
- Tactics for factoring into LTV for business analytics
- Data-driven growth strategies in eCommerce
- How AI transforms analytics and personalises the digital experience
Evan brings over 20 years of experience in the eCommerce industry, working both as an internal team member and an external consultant. Since 2002, he has navigated through various changes in the digital marketing world. For the past five years, Evan has focused on client services, leading the growth of his agency and sharing his expertise with the brands they work with.
This effort has strengthened the agency's development and led to shared successes with notable clients such as HelloFresh, Factor 75, Crocs, Lashify, Spot & Tango, among others. At the same time, Evan holds leadership roles as the Interim CMO at CanvasPrints.com, the Executive-Interim Head of CRM at FabFitFun, and the Client CMO at Woodmill.
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Episode Highlights:
04:32 - 12:58 - Forging Real Growth and Customer Loyalty: Focus on the overall health of your eCommerce business rather than getting lost in the specifics of individual marketing channel performances. Evan suggests that maintaining a healthy customer acquisition cost (CAC) to lifetime value (LTV) ratio should be a priority and encourages businesses to look beyond immediate campaign results to find growth opportunities within their operations. Increasing LTV can be achieved by enhancing product offerings, implementing upsells, and leveraging customer relationship management (CRM) tools to engage with your customer base more effectively. Evan also advises against fixating on what can't be tracked for a more experimental approach to discover what truly works for your business.
20:58 - 30:11 - Unlocking Sustainable eCommerce Growth: Businesses aiming for long-term growth must focus on a client's LTV rather than seeking immediate wins. Evan highlights the importance of looking beyond quick fixes to strategies that sustainably increase LTV and manage customer acquisition costs effectively. Improving LTV often involves trade-offs, where each move might have both benefits and costs. Evan advises on the importance of a strategic approach to pricing, product offerings, and upsells, cautioning against the risks of ignoring the balance between LTV and acquisition costs. When planning for growth, have a clear understanding of your business's financial health.
30:13 - 34:09 - Balancing Optimism with Realism in Marketing: To effectively integrate data analysis on LTV and CAC into a growth marketing strategy, it's essential to approach this with a balanced and adaptable mindset. Evan highlights the importance of presenting both the potential benefits and challenges of strategies aimed at increasing LTV while maintaining a positive outlook to avoid discouraging clients or team members from realistically assessing the strengths, weaknesses, opportunities, and threats to the business. Equally important is understanding the company's infrastructure, the scalability of the team, and the strength of systems in place for data analysis and growth marketing.
34:10 - 41:20 - Data-Driven Decision Making: Effective eCommerce growth goes down to returning to basics and making informed decisions based on thorough data analysis. Despite leveraging popular analytics tools like Shopify, Klaviyo, Triple Whale, Looker, and Tableau, businesses often encounter gaps in accessing vital data, especially regarding LTV and supply chain costs. Evan underscores the frequent oversight of shipping costs' impact on profitability and the challenge of integrating data across various business functions to create a unified view of marketing and operational performance.
41:21 - 51:10 - AI's Impact on Data Insight and Digital Personalization: Speaking of the transformative potential of AI in data analytics and digital marketing, Evan expresses optimism about AI's ability to quickly analyse vast datasets and surface insights, making it priceless for identifying trends, making informed decisions, and enhancing business strategies. Besides improving analytics, AI can revolutionise user experience through personalised content and advertisements. While major companies have long employed big data, AI's evolution could democratise sophisticated analytics for small businesses.
04:32 - 12:58 - Forging Real Growth and Customer Loyalty: Focus on the overall health of your eCommerce business rather than getting lost in the specifics of individual marketing channel performances. Evan suggests that maintaining a healthy customer acquisition cost (CAC) to lifetime value (LTV) ratio should be a priority and encourages businesses to look beyond immediate campaign results to find growth opportunities within their operations. Increasing LTV can be achieved by enhancing product offerings, implementing upsells, and leveraging customer relationship management (CRM) tools to engage with your customer base more effectively. Evan also advises against fixating on what can't be tracked for a more experimental approach to discover what truly works for your business.
20:58 - 30:11 - Unlocking Sustainable eCommerce Growth: Businesses aiming for long-term growth must focus on a client's LTV rather than seeking immediate wins. Evan highlights the importance of looking beyond quick fixes to strategies that sustainably increase LTV and manage customer acquisition costs effectively. Improving LTV often involves trade-offs, where each move might have both benefits and costs. Evan advises on the importance of a strategic approach to pricing, product offerings, and upsells, cautioning against the risks of ignoring the balance between LTV and acquisition costs. When planning for growth, have a clear understanding of your business's financial health.
30:13 - 34:09 - Balancing Optimism with Realism in Marketing: To effectively integrate data analysis on LTV and CAC into a growth marketing strategy, it's essential to approach this with a balanced and adaptable mindset. Evan highlights the importance of presenting both the potential benefits and challenges of strategies aimed at increasing LTV while maintaining a positive outlook to avoid discouraging clients or team members from realistically assessing the strengths, weaknesses, opportunities, and threats to the business. Equally important is understanding the company's infrastructure, the scalability of the team, and the strength of systems in place for data analysis and growth marketing.
34:10 - 41:20 - Data-Driven Decision Making: Effective eCommerce growth goes down to returning to basics and making informed decisions based on thorough data analysis. Despite leveraging popular analytics tools like Shopify, Klaviyo, Triple Whale, Looker, and Tableau, businesses often encounter gaps in accessing vital data, especially regarding LTV and supply chain costs. Evan underscores the frequent oversight of shipping costs' impact on profitability and the challenge of integrating data across various business functions to create a unified view of marketing and operational performance.
41:21 - 51:10 - AI's Impact on Data Insight and Digital Personalization: Speaking of the transformative potential of AI in data analytics and digital marketing, Evan expresses optimism about AI's ability to quickly analyse vast datasets and surface insights, making it priceless for identifying trends, making informed decisions, and enhancing business strategies. Besides improving analytics, AI can revolutionise user experience through personalised content and advertisements. While major companies have long employed big data, AI's evolution could democratise sophisticated analytics for small businesses.
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This podcast is created by our friends at fame.so
This podcast is created by our friends at fame.so