How to do customer lifecycle marketing driven by cohort analysis, CLV maximization, repeat rate optimization and retention reports.
If you want to increase your store’s customer lifetime value, you realize its importance on your bottom line and customer relationships. CLV is essential for profitability.
That’s the spirit! We love helping ecommerce entrepreneurs build financially strong and sustainable businesses.
So, the formula we use for calculating CLV is
Customer lifetime value in ecommerce is not interesting to look at every day.
Busy with day-to-day tasks, we often forget that, however, it is powerful enough to make or break the business.
In this article, we explain why customer lifetime value should be part of your long-term ecommerce strategy.
Cohort analysis sounds so complicated and so boring. Isn’t it big-player stuff, one of those reports prepared for board meetings that no-one cares about? Do you need a data geek to do it?
Fortunately, no, no and no.
It’s actually a fun exercise for you as an ecommerce marketer that paves the way for meaningful customer retention marketing. And it doesn’t need to be a pain the a**.
Ecommerce is booming, getting new customers is getting harder and pricier.
How do you grow in cut-throat competition? You work with what you already have – and paid for!
You do retention marketing to make more sales to your existing customers. Here’s how.
Most people choose Magento for its ability to handle large shops – many products, lots of events being generated. It also means lots of customer data.
Actually, your customer data is what you should be working with every day. To do next-level marketing. To grow your ecommerce business.
Magento’s great for supporting large stores, but it’s not exactly marketing-oriented. For best results, we recommend you use a CRM tool to help you organize client data and use it to drive sales.
How to continue making money off holiday shoppers long into the new year
The holiday season is great – it’s the busiest time for online shops and helps us end the year on a good note.
But the period after that is quite hard. People close their wallets and pretty much only return unwanted gifts from their aunts.
Even so, you have to try and reactivate your holiday shoppers. They’re the best starting point for regular business in the new year and you should be engaging them, nurturing and pushing at the right times to get repeat orders.
Here are our suggestions for retention strategies after the holidays.