Ecommerce – How to increase your customer lifetime value
How to increase the customer lifetime value. It’s the question that we’re going to talk about today. As you may know by now, this is all out of my book, Scale Up, How To Scale Your Ecommerce Business To Millions. And I’m talking about every chapter to make it easier for you to follow my success formula that I’m talking about in this book.
The formula helps you to do the right things at the right time to scale up your Ecommerce business. So today, we’re going to talk about how you can increase your customer lifetime value. And it’s al about keeping your customer happy, keeping your customer engaged. We’re going to talk about that in very detail later on. This is just the introduction part of the book, and you’re going to see much more details and strategies and tools and ways to engage your users.
But if we talk about getting more value out of your customers over a lifetime or as long they are your customer, of course, it’s critically important to make them happy, and that starts for us with user experience or with satisfaction. It starts already by your user coming the first time to your website, engaging with the content, buying from you. What happens there? What happens if they have a question? What happens if they have a question before they want to buy? Do they have the opportunity to chat with somebody, to call somebody to get the question answered straight away? Do they get a nice email confirmation when they order, how does the shipping look like, how fast is the shipping? What shipping options are there?
This is the first step to get the customer and have the customer … You know the customer should have a good experience ordering the first time from you, and if that happens, you already have a big advantage. Then the customer is very likely to also engage much better with your advertising, with your emails you send them with all the updates, with all the things you do with the communication that you’re going to put out for your customers there. So you make sure their shopping experience is great, make sure you’re providing all the useful information around your product or service that your customers need. Ensure that you have great support. The shipping is fast; the packages are proper, so they don’t arrive destroyed. You have a tracking, and you also nurture, and you make sure people are getting stuff, people are getting information at the right time.
We’re going to, talk about marketing automatization later on. You’ll need to make sure you know, for example, how old they are, if it makes sense in your industry, and what cars they like. Let’s assume we are selling cars that would be good to know what kind of cars they like, of course, what color, whatever, how old they are and so on. So you should have all that data that makes sense in your marketing automatization tool. You should then track them. What are they doing, how are they reacting to your emails, are they opening your emails? Are they reading your SMS, are they reacting to your popups on a website, are they looking at the customized messages, are they looking at this car model and so on. You can also put in additional information and make sure you’re building up a lot of information about around your customer, and you know what he is interested in.
Like that, you can make your customers more and happier, you can make advertising specific for the customers, and that will help you to satisfy your users, keep your users happy, and by that, you’re going to increase your lifetime value, of course. Because you’re going to not increase the lifetime value if you lose the customer, so the thing you need to do is to try to keep the customer, of course, and then give the customers what they want, sometimes give them promotion codes, sometimes give them information and so on. So this is what I’m talking about in the book about really the value, the lifetime value of a customer in very detail later on as well.
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Bye-bye, see you.