APMEX Case Study
“Investments you hold” is the motto of APMEX, one of the nation’s largest precious metals retailers. From the gold Maple Leafs of the Royal Canadian Mint to the platinum bars of Credit Suisse, APMEX offers thousands of bullion and numismatic products for easy sale online.
While APMEX is a large company, its marketing resources are limited. But APMEX works hard to give its online customers a concierge-level customer experience — the same personal experience customers get over the phone. “We refuse to believe that our customers’ experiences should be limited by our resources,” says Andrew Duffle, Director of Analytics at APMEX.
APMEX relies on Optimize 360 to help it bring a personal concierge-level touch to its website users. “We test everything,” says Duffle. “Creative versus non-creative, the impacts of SEO content on engagement, conversion rate optimization on low-performing pages, new user experiences, and even the price sensitivity of different products.”
“One of our goals was to capture conversions on pages that were otherwise being used as educational resources,” says Andy Mueller, Manager of Business Intelligence at APMEX. “We thought if people were checking the price of metals, they might respond to offers that really reflected their interests.”
In one test, new users coming to APMEX to check silver prices were given limited-time offers on United States Silver Eagles. If they’re interested enough to check prices, the theory went, they might appreciate a chance to buy.
The results were excellent, says Mueller: “We found the sessions that included an offer resulted in a median rate of 112% more revenue per session, with a 100% probability to beat baseline.” The experiment did more than boost revenue: It also increased APMEX’s new customer counts. “We saw a 9% increase in new customer acquisition. Our customers have a long lifespan, so giving up a little margin on the first sale to the right customer is worth it to us.”
Some of APMEX’s other tests have also produced astounding results. In one, the team used Analytics 360 to build an audience of people who had put Silver Buffalo coins in their shopping cart and then abandoned the cart. Those who returned to APMEX in the next few days saw the Silver Buffalo first thing on their homepage. As a result, the conversion rate for the coin doubled with this audience.
“With all the data that Optimize 360 puts at our fingertips, we use it daily to build and evolve our customer relationships,” says Duffle.
For more, read the full case study with APMEX.