EVO Gimbals Increases Average Order Value by 80% With Clyde’s Product Protection
EVO Gimbals is a company that is passionate about creating smooth, professional quality videos. To achieve that, they created a specialized line of electronic camera stabilizers, known as gimbals. This technology ensures that anyone can record and share their stories with professional quality. EVO currently offers three different styles of gimbals in addition to cameras and other accessories to take your storytelling to the next level. They are “self-professed film geeks.”
Peter Coughlin, the CEO of EVO Gimbals, wanted to improve his customers’ experience by adding a product protection plan to further earn their trust. Peter was looking for an insurance technology partner with a seamless onboarding and integration process, a thoughtful approach to customer experience, and an experienced team that would help optimize additional revenue and attachment rate.
Clyde, an insurance technology company, seemed like the perfect partnership. By partnering with Clyde, EVO could offer its customers protection against the unexpected. The EVO team began seeing value from Clyde immediately—Clyde’s plug-in gave EVO the opportunity to begin offering their customers product protection within one day.
The partnership between EVO and Clyde commenced in October 2018, right at the beginning of the holiday season. Within those first three months, EVO increased their average order value by 10% on their covered products. Since then, EVO has enhanced their product protection offerings on their website.
EVO's success can largely be attributed to the variety of options for purchasing protection on their website. Clyde offers customers the flexibility to add product protection in three website locations: the product page, a pop-up modal, and the cart page. The Clyde Success team advised EVO that including all three calls-to-action has proven to be the most effective with respect to attachment rate. To date, the pop-up modal has proven to have the greatest impact.
All of their models have consistently had a monthly attachment rate above 10%, with their action camera gimbals seeing an attachment rate as high as 50% in one month alone.
Through Clyde’s interactive dashboard, EVO has been able to track their performance and view the additional revenue and profit they have earned from this partnership. The dashboard allows them to view their performance over a specified date range or manage their products and settings. Of the products that were purchased in conjunction with a contract, customers’ average order value on the product was 81% higher (and 98% higher when factoring in the contract to the total order), as compared to the average order value of customers who did not purchase a product protection plan on an eligible product. This indicates that customers who purchased product protection were willing to buy, and did buy, a higher valued product.
Partnering with Clyde has empowered EVO to bring in incremental revenue while earning life-long customers who can confidently share their stories knowing that their product is protected.
For information on how you can partner with Clyde and earn passive revenue, please contact us or see our documentation.
“Clyde enabled us to offer protection plans to our customers without having to spend time or money on a complicated integration,” Peter said. “And the added revenue from selling plans is a nice bonus to our bottom line.