One Kings Lane is a leading online destination for the home that connects daily design inspiration with a fresh collection of select home goods, designer and vintage items you won’t find anywhere else. Every day the site features more than 2,000 new home products assembled around inspirational decorating themes.
The Challenge: Waiting around for customer lifetime value
OKL is a data-driven organization dedicated towards building lasting relationships with their customers. As a result, the marketing team keeps a close eye on Customer Lifetime Value (CLV). The team was interested in segmenting customers based on lifetime value, as this would provide a way to identify segments of loyal, active customers and other segments of customers who were less engaged – with the goal of personalizing marketing communication for each customer segment to drive long-term customer engagement and loyalty.
The Solution: Custora’s Predictive Lifetime Value Analysis and API
OKL engaged Custora to leverage Custora’s proprietary lifetime value prediction algorithms. Within just days of initiating the relationship, Custora was predicting the lifetime value of every single customer – even for those customers who signed up last week.
“We use Custora’s segmentation of high-value customers in our email marketing, promotional offers, and on-site. Instead of a “one size fits all” approach, we now look at which product categories, price points and messaging work best for every customer segment”, explained Elizabeth Dobbin, Senior Director of Marketing at One Kings Lane.
The Results: More agile, personalized marketing across all channels. Real, measurable lift.
OKL was able to immediately incorporate Custora’s predictive insights into various marketing channels. As a result, they realized a 4% increase in incremental revenue.
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