How to do customer lifecycle marketing driven by cohort analysis, CLV maximization, repeat rate optimization and retention reports.
Many big brands are well aware of the fact that they need not only to find more new customers but that they also have to retain the existing ones.
It’s 2018 and people change their minds and their brand loyalty as fast as their Facebook statuses.
If your business doesn’t give them what they want, they will move on. Even if they were once satisfied with your service or product, this is not enough anymore. Customer retention is an important strategy and you should master it, too.
Customer retention is essential for a successful e-commerce business. It earns you stable revenue inflow that you can reinvest in new customer acquisition or product development.
Retention helps you stay afloat financially because it’s cheap (even free) way to get new sales and revenue.
To do real retention marketing, you need to go deep into customer behaviors and analyse their buying habits before setting up campaigns.
Successful customer retention relies on constant communication between brand and customers. But how to do it without being annoying?
With carefully planned lifecycle emails.
There are various ways you can engage your customers on social media, via direct mail, paid search but email nurturing gives you the best levels of ROI in retaining customers.
Of course, the content in emails is what makes the difference between a winning lifecycle email and a losing one. We will get to this a bit later.
I know you have a thousand things to do and cohort analysis on not top of the list, but you should incorporate it in your marketing activities and business performance reports because it is gold.
Cohort analysis gives you personalization at scale since it’s not 1-on-1, but it’s not blanket approach to your whole customer base either.
If you have a long-term strategy for your ecommerce business, you know you should be focusing on customer retention, not only on acquisition.
In this article, we’ll show you how to make your own retention report in order to measure your retention efforts now and see what can be improved.
For those of you who don’t want to do it in spreadsheets themselves (and run on Shopify, Magento or WooCommerce), we have something very convenient for you at the end.
The ecommerce industry is finally turning to retention as acquisition is no longer cheap enough to make money on single orders.
You probably see conversion rates and reach falling, CAC going up, losing money on the first order is the norm now…
What can you do to keep afloat and earn money?
Make up for those CACs to the fullest. Get returns on the money you spent already! Once you paid to play, make the most out of it.
Retain your customers and make profit. Here’s how.