These customers demonstrate high levels of intent but have a low likelihood of returning and are predicted to exit soon. This is likely one of the last chances you have to persuade these customers; think about appropriate messaging that can be used to reduce their likelihood to exit. This is the perfect segment for you to highlight immediate value as these users are, dare we say, primed for capturing. It’s extra time, and probably your last ditch attempt to keep them and persuade them to convert.
Last Chancers are characterised by their high levels of initial engagement, suggesting an interest or need that has brought them close to a purchase. However, for various reasons, their likelihood to return diminishes, presenting a critical moment for retailers to act swiftly and decisively. Why? What reasons might this be the case?
Persuade: “Final” Discounting
Persuade: “Final” Discounting
Discounting is hard. But when a customers purchase stalls, or their intent has changed, and this might be a last ditch attempt to save them, or identified as the thing that will really push them over the line it could be necessary.
Customers stalling in search of discounts present an opportunity to strategically offer savings, sure, but they also act as a method to reaffirm the product's value. We need to understand a users level of intent to discern whether they “should” receive a discount or not. If it’s incredibly high, a discount is probably not needed given the user will likely purchase anyway. If the purchase intent is not too high, perhaps providing a small, unexpected discount can satisfy their desire for a deal; almost acting as a “delighter”.
Alternatively, clearly communicating the product's worth (remember the concept of perceived value) and exclusivity can reinforce the value of the purchase without discounts. Your job here is to ideally discourage discount usage, unless absolutely necessary, without highlighting that discounts are available which may ultimately distract from the purchase.
Execution examples:
It doesn’t have to be a blanket discount, it could be a specific discount on that product. The objective here is to highlight or demonstrate product value and the concept of “getting a discount” or belief that the value exchange has been elevated because the price has decreased (as well as that concept of personalised offers “just for me” acting as a delighter) could be really advantageous to this segment. Remember, the “discount” or incentive doesn’t have to be on the price of the product, but a free item, free next day delivery, free returns, free warranty with the product - either emphasising the “free” benefits (and by virtue the product value) or giving this user a tailored free benefit themselves.
Persuade: Attempt to build relationship
Persuade: Attempt to build relationship
Adding a personal touch through live chat or tailored offers can significantly enhance the perceived value of the deal. Personalisation fosters a sense of exclusivity and attention, making the customer feel valued and understood. Do you know their name at this stage? (there’s a lot within a name, just see how Starbucks use names within their coffee business).
Imagine a physical retail scenario where a customer heading towards the exit is given one last compelling reason to stay and make a purchase. This mindset should be mirrored online, treating each user as an opportunity to re-engage and offer something so compelling that it convinces them to complete their purchase. Without wanting to sound crude, but shoving something in their face like a popup, feels unnatural and not pertaining to the behaviour we want to exhibit as a retailer. How can you save a relationship at the dying moments?