Every kid wonders “when will I ever how to get twitter followers fast use this?” while slogging through their algebra homework in high school. If you were one of those kids, today’s the day. Hallelujah (or the opposite of hallelujah), it’s time to put those math skills to work. You’re going to need them when calculating the lifetime value of your ecommerce customers. Should Have Paid Attention in Algebra Class The lifetime value (or LTV) of your customers is probably one of the easiest of your metrics to calculate, but many overlook its importance. With inbound marketing automation in place, most of the information is gathered for you and delivered with a nice little bow. It’s what you do with that information that sets you apart from your competitors. So, why is the LTV so important? Many people throw around the term "ROI" or Return On Investment without actually knowing what it means. ROI is an oversimplified concept that's actually asking for a ratio of how much you get back versus how much you invested. The key concept missing from most marketers' perspectives on ROI is that, although we know intuitively that the goal is to develop lasting relationships with consumers, it's not a metric that most ecommerce marketers track and therefore isn't a metric that they can work on improving. If you're trying to calculate your "ROI" but just modeling the individual sales you get from your investment instead of looking at the value of customers you acquire and nurture, you're missing more retweets on twitter free out on the big picture. When calculated correctly, you’ll know how much your customers spend, how often they spend it, and what programs and perks inspire those buyers to become regular customers. In other words, you can use the metrics to make your customers happy. Calculated correctly, knowing what kinds of customers have the highest LTV can help you determine where your company should invest in growth. Also, tracking this metric and the influencing variables helps you figure out how to affect those variables and improve this key metric.
How long does your product last? When do you expect your customer free instagram followers website to come back for a repeat sale? Most of the things we need on a day-to-day basis are those that we continue to buy in a few days, weeks or months. Figure out repeat sales patterns using analytics and act upon them. Follow up with customers a few weeks before they’re due to come back for a repeat purchase. Enforce the pattern to achieve a higher repeat sale, even from those who might not have returned.Create A Sense Of Urgency You can achieve more repeat sales by creating a sense of urgency. Start a wish-list sale campaign, sending customers a list of items that you’ll be running out of stock. Or, issue a coupon code to existing customers that’s valid only for 24 hours, viable for a great discount. Such a remarketing campaign is a great way to move stock, and to bring those customers back to your site. With such a campaign, you can re-activate dormant customers. Segment Customers. Segment your customers based on various factors such as purchase frequency, acquisition channel, location, various demographics and past purchase value. Segment your customers free instagram likes are important customers, brand shoppers and sale shoppers.For your important shoppers, offer enticements such as invitations to a launch or a sneak preview of a new product.Offer different enticements to brand shoppers and sale shoppers, to get them to become important shoppers as well.
We’re not talking buy usa facebook likes discounts here. We’re talking features, services, resources, or whatever else your customers will place some value on. Buffer does this almost daily with their blog. SumAll does it with their image library. And, Sharpie does it simply by having the superior product (IMO). The point is that, instead of providing equal value to all of their customers, they’re providing incredible value to a specific group of customers, and it’s paying off on the loyalty front. If you can’t do it with your product or service, do it through your customer service. For example, there are multiple comic book stores in my hometown, but the owner of Shield Comics sets aside the comics he knows I’m interested in and actually hunts them down for me if he doesn’t have them already. On top of that, he pings me on Facebook to let me know if I missed something good. Keep in mind that I had never met the owner prior to the shop opening. The first day I visited, he struck up a conversation and asked about my interests. He puts extra effort into making sure I keep going back. Be More Convenient than Anyone Else. Last year my glasses broke and my car died at the same time. I was working from home in the middle of nowhere so I didn’t have the time or the opportunity to get to the eye doctor and order a new pair of glasses. Enter Warby Parker. They made it really easy and affordable for me to get a new pair of glasses quickly, and they helped me solve a few conundrums along the way. I didn’t have to call an 800 number and wait on hold for hours, and I didn’t have to fill out a stupid ticket and wait days or weeks for a reply. I sent them a tweet, and they got back to me quicker than any other business I’ve engaged this way. I’ll keep buying from them and saying great things about them until they give me a reason not to. Another type of convenience to consider would involve normal user or customer how to get youtube view sactions. This includes auto-billing, automatic orders, refills, and reminders. All of those little things make it easier for users to enjoy what they’re paying for. As a rule of thumb, your users/customers should spend the least amount of time possible trying to use your product or service, so they can spend the majority of their time enjoying it.