Full funnel marketing has always been daunting. It takes time, toil, and trust that your dollars are making an impact.
But what if you could convert and retain customers in only a few simple steps? Shop Cash offers make that a reality. Once your campaign has been set up, there are a few actions you can take to maximize the impact of your campaign and drive greater customer growth. This article outlines five tips to optimize your Shop Cash Offers campaigns and maximize your success.
What are Shop Cash offers?
Shop Cash offers is a powerful pay-per-sale program designed for risk-free customer acquisition. With full control over your customer acquisition costs, budget, and minimum order value, you can reach and retain new customers, boost revenue, and unlock a long-term growth channel.
5 tips to optimize your Shop Cash offers
Let’s assume that a Shopify Plus beauty brand, Sunshine Line, is looking for ways to expand and operationalize their mobile marketing strategy. They have been running a Shop Cash offer for a few weeks, and even though the campaign is generating sales, they have not taken any steps to optimize the campaigns. Below are the steps the brand took to increase the performance of their campaign.
1. Embrace experimentation
While Shop Cash offers are low lift and require little maintenance, it is vital to test different set ups before establishing a baseline campaign. This became clear for Sunshine Line when they heard about Ceremonia’s success in testing multiple different campaign parameters which ultimately lead to an 41% increase return on ad spend (ROAS) over a 6-week period.
Sunshine Line opted to test a range of options including adjusting the cost-per-acquisition (CPA) and minimum order value threshold within a high to low range of their desired set spend. By experimenting with 4 different configurations over an 8-week period, they were able to find the most efficient setup for their campaigns, which ultimately led to a 20% increase in order volume compared to their first campaign.
Remember: It typically takes three to five campaigns to truly hone in on the most optimal and most efficient campaign configuration.
2. Use the minimum order value wisely
Minimum order value allows a brand to set the lowest order amount they are willing to accept to acquire a new customer. Sunshine Line had previously set a minimum order value that was reflective of their desired average order value, rather than the lowest threshold.
Knowing that Firebelly was able to double their ROAS by setting a minimum order value (and testing their campaign set up) encouraged Sunshine Line to test a lower threshold for the minimum order value. Following this change, the brand saw a 3X increase in their return on ad spend.
"It's pretty hands-off, which is really nice because a lot of other acquisition tools are very time-intensive, creative-heavy, and require you to dig through tons of data. Shop Cash offers is more of a 'set it, let it go, and tweak it' model, so it's not eating up hours of our day, which I love," - Kara Westerlund, e-commerce Marketing Manager at Firebelly Tea.
Remember: While the minimum order value control ensures necessary order economics for your campaign, avoid setting it too high. This value is just the minimum, and the actual average order value tends to be 25-30% above the threshold. Finding the right balance will help you attract customers while maintaining profitability.
3. Customize your Shop storefront and inventory
How a brand presents itself on the storefront is vital for building trust and driving engagement. This is true whether it’s online or an app. The Shop Store is a merchant’s owned storefront in the Shop app that serves the same purpose as the online store: help buyers get to know and love your brand.
Sunshine Line realized their Shop Store was not fully customized. With the tools available, the brand was able to update their logo, incorporate a brand slogan and upload a brand video to the header.
In order to help buyers discover products more easily, Sunshine Line customized the categories and collections shown on their store. Knowing that Shop Cash offers were specifically targeting new customers, they chose to feature popular items and best sellers to increase the chances of converting first-time customers. They also wanted the store to be easy to navigate for new and return buyers so they eliminated clutter, replacement and refill SKUs. This helped buyers discover their products more easily and enhanced the overall shopping experience.
Following these changes, Sunshine Line noticed a 15% increase in buyers adding items to their carts in the app.
4. Create a post-purchase offer
At this point, Sunshine Line was acquiring over 100 new customers per day and wanted to ensure that newly acquired customers would retain well.To reduce the time to second purchase, the brand offered new customers a discount on their next order.
By running these post-purchase offers, Sunshine Line was able to increase its repurchase rate by 21% and reduce the time to second purchase by 30%. By providing an incentive for customers to return, they were able to maximize the value of your Shop Cash Offers campaigns.
5. Enhance your store with Shop Minis
Shop Minis are partner-built shopping experiences you can use to drive further engagement on your Shop Store. Incorporate Shop Minis to increase engagement and build trust.
Consider embedding creator videos into your store with Supergreat, making your Instagram shoppable with Foursixty, or selling products during live streams via Stage Ten. These integrations can help you capture the attention of potential customers and drive conversions For example, Little Sleepies increased its average order value by 13% when they integrated shoppable galleries onto their Shop Store.
How to get access to Shop Cash offers
Getting access to Shop Cash Offers is a straightforward process for merchants. The program is designed to be self-service, allowing merchants to take control of their customer acquisition efforts.
For Shopify Plus merchants, creating a Shop Cash offer is as simple as navigating to the marketing tab of the Shop channel. From there, they can set up their offer campaign in just a few minutes. Once the campaign is published, it goes live within 24 hours, enabling merchants to start acquiring new customers quickly.
For all other merchants who are not on Shopify Plus, early access to Shop Cash Offers is available through the Shop channel. By signing up for early access, these merchants can also take advantage of this powerful customer acquisition program.
Don’t leave new customers behind
Optimizing your Shop Cash Offers campaigns is easy and will help you drive customer acquisition, boost revenue, and unlock long-term growth. By embracing experimentation, maximizing your Shop channel presence, curating your store, and leveraging various strategies like product bundling and post-purchase offers, you can enhance the performance of your campaigns and achieve greater success.
Remember to monitor and analyze your campaign results regularly to make data-driven decisions and continuously improve your customer acquisition efforts. With Shop Cash Offers, you have the tools and flexibility to thrive in the world of risk-free customer acquisition.