In This Guide
Product Update: Questions
Unlock instant answers to your most important questions thanks to an exciting new feature in Tydo.
In This Guide
Meet Questions
Do you know how promotions and seasonality impact your business? Do you know which 3 products are purchased most frequently as a first purchase? Do you know your unit economics, or on average, how much you’re making on a single order?
If you don’t know the answers right now, we don’t blame you. We know that these questions aren’t easy to answer. They’re not intuitive. They require deeper data dives; the answer isn’t in the Shopify Analytics dashboard.
We hear you—in fact, we’ve been there—but now, you can have instant answers without the manual data crunching and confusion, thanks to Questions. It’s a new feature in the free Tydo Platform. Now, let’s dive in.
Questions is a new feature within the Tydo free Platform. It’s a straightforward user experience.
Here’s how it works:
- Head to the “Questions” tab (in the navigation bar) in your Tydo Platform.
- Select a question that you want to know the answer to.
- Click “Calculate Answer.”
- Then, Tydo will calculate the answer for you.
It’s as easy as that! You can calculate answers to as many questions as you wish. And, you can easily recalculate answers at any time by hitting the “Refresh answer” button.
The questions touch on the following topics:
- Product Purchase Path: Gain insight into how to market the right product to the right customer at the right time.
- Promotions & Seasonality: Learn which discount type performs the best for your store.
- Segmentation: Explore customer segments based on brand-specific criteria and filters.
- Subscription Analysis: Gain a deeper understanding of your subscription program.
- Paid Channels: See the complete picture of your paid performance. Make smarter decisions around your ad spend dollars to maximize efficiency.
- Business Profitability: Discover how you can improve your bottom line. Explore whether or not you have room to flex on ad spend or if you might need to adjust your agency fees.
Additionally, there is a question submission box, where you can recommend a question for Tydo to answer about your store data. You can submit as many questions as you want to be answered.
A few tips to help you along the way
Integrations:
To calculate answers, you must integrate your Shopify account with Tydo.
The question, “What’s my blended new customer acquisition cost?”, requires you to connect your Facebook account to calculate the answer. Learn how to connect your Facebook account here.
The question, “How long until my customer churns?”, requires you to connect your Recharge account to calculate the answer. Learn how to connect your Recharge account here.
Input fields:
The question, “On average, how much am I making on a single order?”, has input fields. Here, you’ll need to enter your COGS (your average shipping cost and product cost), marketing costs, and payment fees.
COGS:
- Average shipping cost: This is your average cost to ship an order to a customer. This includes your postage, pick and pack, box, and any additional packaging costs.
- Product cost percentage: This is your average fully loaded cost (in a percent) to produce a product. This includes the cost to manufacture the finished item and get it shipped to your warehouse.
Monthly marketing costs: This is your total marketing costs in a month. It includes your spend on channels like Facebook, as well as offline, agency fees, and creative.
Payment fees: This is the average percentage fee charged by Shopify or your payment provider(s). The default number here is based on the Shopify plan that your store is on.
Ready to dive a layer deeper?
If you want to learn more and double-click into your data, you can request access to Tydo’s paid blocks. For each question, click “Explore this block” to be considered for access.
Key Benefits
What are the key benefits of Questions? You can unlock instant answers to your biggest questions.
The value doesn’t stop there. Turn data into action with your answers.
Here are some of the actions you can take with your calculated answers:
Which 3 products are purchased most frequently as a first purchase? Second purchase? Third?
Actions you can take with your calculated answer:
- Build landing pages around your top-performing first-purchase product.
- Create email flows to push 2nd and 3rd-time prospective buyers towards top-performing 2nd and 3rd purchase products.
Is my business seasonal? What are my top 2 months for sales - what are my bottom 2 months for sales?
Actions you can take with your calculated answer:
- Increase your ad spend to amplify top-performing months.
- Run promotions to offset bottom-performing months.
- Launch new products to offset bottom-performing months.
What percent of my customers have only purchased at discount?
Actions you can take:
- Provide discounts to low LTV shoppers while optimizing for those who are willing to pay full price.
- Adjust your promotions strategy.
On average, how long until my subscription customers churn?
Actions you can take with your calculated answer:
- Implement subscriber retention incentives into email flows.
- Conduct interviews with churned subscribers to improve your subscription program.
What’s my blended new customer acquisition cost?
Actions you can take with your calculated answer:
- Determine your break-even CAC to inform whether or not you can increase your paid media spend.
- Increase your payback period to allow for more breathing room with CAC.
On average, how much am I making on a single order?
Actions you can take with your calculated answer:
- Adjust your KPIs with your paid media team.
- Decrease vendor costs.
Questions is included in the free Tydo Platform.
- Download Tydo from the Shopify App Store.
- Create a Tydo account.
- Connect your other channels.
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