Over the last few weeks, we have been testing an exciting integration with Restrict Content Pro and are excited to share it with you.
Membership sites are a form of an eCommerce site and have many of the same components of an online store. One important trait that affects all stores is cart abandonment. Shopify, arguably the largest eCommerce platform out there, estimates that the number of people who abandon an online cart is hovering around 70-75% of consumers.
Imagine that for a moment. You do all this marketing work to get people to the cart. You are posting to your blog regularly, you have a podcast, you do Facebook Lives, webinars, all the right things to get people to your cart. But roughly 3 out of 4 people who land on your cart are going to leave.
They get sidetracked. They get a phone call. A kid or spouse runs into the room and their attention gets pulled away from completing the cart. Whatever the reason, they don’t complete your cart and that hurts. This is what cart abandonment looks like.
Thankfully, there’s something you can do about it. Adding a cart abandonment email allows you to gain some of those cart abandons back. Setting up a simple email campaign that goes out after someone has abandoned their cart can get back at least 5% of your customers back.
Let’s talk about that for a second. When we look at Shopify numbers, we see that in their entire platform the total value of Shopify abandoned carts come in at $5,454,244.00. That’s a lot. However, when you pull their numbers all together, assuming 5% of sales can be recovered through abandoned carts, you come out with $272,711.20.
This example is great for a platform like Shopify, but how does this help a small membership site? With Membership sites, these numbers are a bit different. You have a number of options to consider, with monthly recurring revenue vs. annual revenue being the biggest piece.
For the sake of argument though, let’s say you generate $1,000.00 of new carts every month, and you lose $750 of that to cart abandonment. This is a strong estimate at 75% of your carts lost. If we stay at a conservative 5% of carts recovered by a cart abandonment campaign, you will generate $37.50 back with a cart abandonment campaign.
Keep in mind that this is just an equation. Every membership site is different. There are different pricing plans, payment models, etc. These are all to take into consideration when you look at this.
Also, keep in mind that we gave a conservative win-back at 5%. Once you have a cart abandonment campaign up and running, you can tweak your offer. Just imagine if you could get your cart abandonment recovery to something like 20-25%. Now you are talking about recovering somewhere in the ballpark of $187.50 per month. Even if you are at 10% cart recovery, you’d be looking at $75.00 per month, in our example.
That’s why cart abandonment emails are a great opportunity to spend some of your time on. But there’s more.
Abandoned cart emails give you opportunities to test your “complete your cart” offer. It gives you the ability to see what works, what doesn’t. Heck, you could even change your offer a bit to entice customers to sign up for a better opportunity. After all, these are customers that would have otherwise left.
With all this ability to work on your membership offer, you can begin to tweak your original offer so it becomes better for you to generate revenue. If you start to see an offer work really well with your abandoned cart campaigns, you can move the best-performing offer to be your main offer.
The advantage to testing your offer is that you’ll end up with a better offer initially, which means you should see your abandoned carts go down. When abandoned carts go down, you bring in more revenue initially and thus your membership grows.
You can then start this process over again with your next set of abandoned cart campaigns.
To do all this, to create an abandoned cart campaign, you need to have a system that can handle this. The system must be able to monitor your cart and watch for carts to be filled out but not completed.
Recapture is an abandoned cart email service that can boost your store’s revenue by 10%. It already works with Magento, Shopify, WooCommerce, even Easy Digital Downloads. So you can feel assured that they know what they are doing when it comes to helping you set up abandoned cart campaigns for your membership.
Best of all, Recapture has now built a plugin that connects Recapture to Restrict Content Pro to send triggered emails to your customers to recover abandoned carts.
Recapture works by tracking when signups are abandoned on your site, then it lets you send recovery emails to encourage customers who abandoned these carts to complete their purchase. It allows you to set up as many campaigns and recovery emails as you’d like and even customize the text and design of every email sent.
Recapture is free for the first 15 days. After that, plans start at just $29.00 per month.
To get Recapture working with your Restrict Content Pro membership site, you need to first download it from the WordPress plugin repository.
Once the Recapture plugin is installed, you’ll need to activate it. Then click on the “Configure” link on the plugins page or you can go to Recapture from the main menu to connect your site to Recapture.
Click the “Connect to Recapture” button and you’ll go through an on-boarding process on Recapture.io.
Once the process is complete, your Recapture.io and your RCP membership site are connected.
Recapture will walk you through a great onboarding process. You’ll need to set your currency and timezone, activate an abandoned cart campaign and you’ll be up and running.
Recapture will give you a few options of campaigns. Start with these. You can choose to activate one or all.
With one of these activated, you’ll be all set.
Adding an abandoned cart campaign to your membership site can really give you an opportunity to recover lost revenue. You already put a lot of effort into your digital marketing efforts to lose a number of potential customers to cart abandonment, so it seems like a no-brainer to add an abandonment cart campaign.