One question I hear a lot is:
are customers becoming more loyal?
Making that question easy to answer was the basis that drove the new Customer Grid compare I added to Repeat Customer Insights.
Previously you'd need to consult a variety of metrics to measure loyalty. Repeat Purchase Rate for retention, customer counts to know how many customers were sticking around, last order dates to detect if past loyal customers have defected, and other metrics too...
The Customer Grid now does much of that for you with the various loyal segments. The Customer Grid defines loyalty through the RFM model:
a loyal customer is one who has recently ordered and has frequently ordered in the past.
When you compare two Customer Grids you can directly see how those loyal segments have changed. A positive percentage tells you that the segment has grown in size, meaning that a larger percentage of your customers are now showing loyal behavior.
In an ideal case, those segments would grow while other less desirable segments drop (e.g the Defected segments).
The sooner you signup for Repeat Customer Insights, the more comparison points your store will have. Each 1st of a the month a new snapshot is taken and saved to your account for analysis.
Eric Davis
Learn what your customers are actually doing instead of just guessing
One of the best ways to build a sustainable business starts by getting your customers to come back. Mastering that simple process can be difficult, but builds a lifelong business.
Repeat Customer Insights can help you understand your customer's behavior. With its collection of behavior reports, you can see what they're actually doing instead of guessing and having your efforts fall flat.