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
Retain the best customers and leave the worst for your competitors to steal
If you're having problems with customers not coming back or defecting to competitors, Repeat Customer Insights might help uncover why that's happening.
Using its analyses you can figure out how to better target the good customers and let the bad ones go elsewhere.