With all the inflation talk there’s a lot of attention getting paid to costs. Reducing costs might not be the most efficient use of your time but that balance might change when times get rough. I’ve always been a fan of running lean with lower costs when possible. Customer acquisition costs are a whole category …
Tag: customer retention
Getting the 2nd order from one-time customers
A Shopify store using Repeat Customer Insights recently asked me: I see that once a customer orders 2 & 3 times, they become long term customers, and that is my challenge. Do you have any specific suggestions on how to do this? Getting one-time customers to buy again is the central challenge for the majority …
Using Lifetime Value (LTV) as your retention metric for your Shopify store
There are a lot of different metrics you can use to track customer retention and loyalty. Lifetime Value (LTV) is a good one for many stores. Since it measures how much a customer has spent already, it’s clear and straight-forward to calculate. That’s why it’s used a lot with paid advertising. LTV has some drawbacks …
Customer support is not your loyalty emergency room
Last week we ordered takeout food. When we started to plate it at home, we found my kiddo’s container was less than half full and there was an entire missing side. That prompted a call and a complaint which ended up with a free meal for her next time. We’ll still order from that restaurant, …
The grass of customer acquisition
Just about everyone who researches the effectiveness of returning customers vs new customers comes to the same conclusion: Repeat customers are better in almost every way. So why is so much more attention given to acquiring new customers? I can understand the volume argument, the “my repeat customers aren’t enough to keep my business going …
Retention-first
Awhile back the idea of “mobile-first” websites started to grow. It meant a change in how websites are build. Instead of building a website for a regular desktop user and then trying to shrink it all down to fit on a phone, developers would build the phone-sized system first and then scale it up for …
Tracking retention for different types of Shopify stores
Yesterday I was going through the sales process for Repeat Customer Insights and assigning one metric to watch for each stage of the process. I’m doing this so I have a focus for optimizations. At a glance I can see where problems arise and the overall health. (I’m also using the Green/Yellow/Red light system which …
Even the best marketers forget about retention
Savvy marketers will calculate their Customer Acquisition Cost (CAC) to make sure they are acquiring customers cheaply enough to turn a profit. Most of that goes towards upfront costs like advertising or paid deals, leaving very little to actually retain a customer. Which is silly because retaining the customer will boost how much they spend …
Send your customers a goodie package to boost customer retention
I had to upgrade one of my infrastructure services for Repeat Customer Insights. It out-grew the plan it was on. Instead of just locking me out or upgrading me automatically, their support reached out to me. We ended up having a conversation about trying to squeeze back into the old plan but I still couldn’t …
Spend more on retaining your existing customers
Many stores spend a lot of resources on customer acquisition. How much does it cost on average? What about an online store customer vs POS vs Facebook? Does it increase over time or stay within a band of costs? But acquisition costs are only part of the picture. You’ll want to look past the first …