Analytics Truly Experiences Fueled Success with Business Intelligence
With help from analytics, Truly Experiences needed to dominate the holiday season.
Truly Experiences is one of the world’s leading providers of premium experiences–from Michelin-starred dining, to spa days, and luxury getaways. The investor-backed company is headquartered in London, with a presence in Toronto and New York. With ‘experience gifting’ becoming a popular holiday gift, Truly Experiences realized that a large portion of their annual revenue is generated between November and December.
But the combination of a rapidly growing business and the absence of a business intelligence plan quickly lead to an analytics nightmare. Across the business, people were creating ad hoc analytics reports on a daily basis. Sometimes there were multiple versions of the same report flying around, with no single source of truth. To dominate the holiday season, Truly needed to understand their holiday analytics, optimize their holiday marketing spend, and boost their customer retention during the most wonderful time of the year.
We're saving time because we don't have to put everything into Excel and build analytics from there. Magento Business Intelligence does the job for us!Johannes Radig
Head of Growth Marketing, Truly Experiences
Business Analytics harnessed the power of analytics.
By integrating Magento Business Intelligence, Truly immediately consolidated analytics data from their disparate data sources into one, central location. They set up shared analytics dashboards to provide consistent data across all departments—cutting down on the lost time and confusion caused by creating those ad hoc reports.
The aim was to track key performance indicators (KPIs) month-over-month and year-over-year, including new customer acquisition, revenue, average order value, and repeat orders. Their findings would allow them to make data-driven adjustments to their marketing strategy as needed, as the holiday shopping season began.
Truly’s analytics reports revealed that customers acquired during the winter holiday season had, on average, the lowest lifetime value (LTV). So the team wanted to make sure the right analytics reporting was in place to maximize the value of their advertising spend on holiday customer acquisition. Using business intelligence, they wanted to know: What can we do to increase customer re-engagement year-over-year? Are certain channels leading to more profitable customers? How do our overall KPI metrics compare across acquisition channels?
Analytics made sure they got the most bang for their buck.
Straight away, Truly saved time and reduced frustration by automating the consolidation of five analytics data sources, including their Magento database. The company quickly trained 10 employees to use Magento Business Intelligence, and each person now saves two hours a week. Overall, the company is now saving at least 80 hours a month in productivity.
Using business intelligence, Truly analyzed their holiday customer data to find the best point in the customer lifecycle to retarget existing customers. They found that the biggest jump in repeat order probability occurred between a customer’s first and second orders, at which point their probability of making more repeat purchases nearly tripled.
By studying purchase timing data, they discovered that most customers made their second purchase one to four months after their first. With these analytics insights combined, Truly launched a strategically-timed and targeted re-engagement and customer incentive program that improved their customer retention rate by 12 percent in just months—and that number is expected to continue to rise.
To better understand where they got the most bang for their advertising buck, Truly built analytics reports in Magento Business Intelligence to track the revenue generated directly from their advertising campaigns and the Lifetime Value of the customers acquired. This helped Truly identify which channels were providing the best return on investment (ROI), and allowed them to adjust their advertising spend accordingly. When Truly realized that their highest-ROI customers were acquired via specific campaigns on Google AdWords, they focused their spend accordingly and improved efficiency by 70 percent. The result? The holiday season was one to remember.