On this episode of The Ecom Show, podcast host and Budai Media founder Daniel has an intercontinental call with Matthew Barnett, the “Papa Bear” over at Bonjoro in Sydney, Australia!
Bonjoro is an innovative SAAS company specializing in personalized videos for customers, which has proven to provide a massive boost to all major KPIs in all areas, including ecommerce.
It’s getting more and more competitive in the online world each day. Since Bonjoro has changed the entire industry for ecommerce brands, it made sense to pick Matthews brain and get some helpful insights about:
✔️ Connecting with customers
✔️ Figuring out which high-value customers to target
✔️ Acquiring customers with your reviews
✔️ Lifetime value and subscription services
✔️ The importance of utilizing your own data
Bonjoro works well because it utilizes one obvious principle. People want to feel special, and that is exactly what they feel when they receive a personalized video during their customer journey.
Studies have shown that sending a personalized video like you can with Bonjoro has tripled conversion rates and lifetime value, thanks to the data they collect and send to their clients. Delivering a stellar customer experience will encourage people to come back again and tell their loved ones about your brand.
Despite the success that Bonjoro has found, Matthew acknowledges that no business can afford the time and energy it would take to send a video to everyone. If you want to retain that authentic feel, you can target specific customers that bring lots of value, make groups of people to send videos to or even send new videos each day that feel real and special.
You don’t even need to mention people’s names or locations in the video to make them feel like they are part of something special. Some companies even hire video representatives or pay their warehouse staff to make personalized videos each time an order is placed!
Personalized videos don’t just help with making sales. Matthew was kind enough to mention his review platform strategy that helped one client of his become the number one rated men’s fashion brand in Denmark on Trustpilot.
Depending on your niche and location, some sites work better for others, but you should always encourage happy customers to leave you a review. This will only make it easier and cheaper to bring in new customers down the line!
Focus your attention on a significant site and try to overcome the odds, or target up and coming, less competitive sites where it is a lot easier to rank higher early on.
Both Daniel and Matthew notice that too often in ecommerce, attention is given to the wrong KPIs. Lifetime Value is arguably the most critical for success.
Understanding that a customer who buys your most expensive item isn’t necessarily better than a customer buying a cheap or mid-tier item is a concept most don’t understand. It makes more sense to target customers that will keep buying from you for ten or more years rather than a wealthy customer that will buy one thing and never return.
Your churn rate relates to the fact that any non-repeat customer is essentially a lost customer, which sounds bad when you put it that way. Figuring out how to not lose customers is half the battle, but that’s where personalized videos and retention marketing work wonders.
Without data, none of Bonjoro’s techniques would be as effective. The longer you are in business, the better your data gets. It’s essential to figure out what the numbers are telling you and building your strategy around it!
Listen to the data you gather, and fic wholes in your customer journey or sales funnel accordingly. A customized video can be the best thing to get it done!
Follow Matthew:
Matthew “Papa Bear” Barnett’s LinkedIn
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