Mike’s Bikes increases customer loyalty with Ascent360 and Lightspeed
Case Study Mike’s Bikes increases customer loyalty with Ascent360 and Lightspeed Mike’s Bikes, North America’s leading bike retailer, used Lightspeed POS and Ascent360 to connect
Return-traffic campaign drives over $100K in revenue and 2x conversion rate
40-60% email openrates for post-purchase campaigns
Loyalty reward programs boost profits 25 – 125%
The Challenge
The COVID-19 crisis has impacted many industries, but one segment has seen positive change: independent bicycle dealers (IBDs). With schools, offices and gyms closed, IBDs have seen bike sales boom by up to 70%.
Mike’s Bikes, North America’s leading bike retailer, was ahead of the game by partnering with Ascent360 to deliver proven, automated marketing campaigns. Using the Ascent360 customer data platform (CDP), other IBDs can follow their path to segment easier, engage smarter and succeed faster in “the new normal.”
The Ascent360 Solution
With a large online store and 12 retail locations, Mike’s Bikes needed personalization to draw high-value customers back to their local store. But they had no easy way to segment their huge customer base, sending everyone the same impersonal “batch and blast” email. By creating rich customer profiles, the Ascent360 CDP allows Mike’s Bikes to “set it and forget it” — automatically sending the right messages to the right customers at the right time.
In a successful return-traffic campaign, Mike’s Bikes sends automated emails 90 and 120 days after purchase to customers who haven’t returned, with dynamic email content updated to match the customer’s local store. Proving that repeat buyers are the most valuable customers, this campaign has driven over $100K in revenue and doubled the typical conversion rate.
This dynamic, 24-month post-purchase campaign thanks customers for their bike purchase, then automatically adjusts offers to encourage trade-ins and additional buys. Campaigns with personalized emails result in 40-60% email open rates: a huge increase from the 13-14% average for generic emails.
Through smart segmentation, the CDP enables Mike’s Bikes to create targeted marketing campaigns that build customer loyalty, promoting kids’ bike sales and trade-ins; cross-selling maintenance plans to high-value bike buyers; and bringing members back through their Peloton Club loyalty rewards program. Loyalty programs are shown to boost profits 25 – 125%.
