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your recruitment activity, such as Google AdWords and Google Shopping. You might then start bidding slightly higher on the products that provide a higher LTCV.
Our product, ScentTrail, helps you obtain and track this information, getting it out of your e-commerce backend and into AdWords. As a result, you are able to recruit customers who are most likely to become repeat customers.
START LOOKING AT DELIVERY CHOICES When your customers are ordering, what shipping rates are they choosing? Do most want their product immediately? Or do they choose to wait three to four days? Measure this against your LTCV. Are people who ship your products to their home quickly much more likely to come back and purchase again? If this is the case, you can take steps towards getting the products to them even sooner and increasing your lifetime customer value even more.
At smartebusiness, we tend to find that the 30 days directly following a purchase is a critical window to develop repeat customers. This, of course, doesn’t apply to every website. Those that sell clothes, for instance, will cater to a certain percentage of impulse buyers and as-needed shoppers. LTCV can increase with these sites as well. You just have to create a positive experience that leaves the customer feeling satisfied. Remember, the purchase has a large emotional component.
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CONSIDER THE COUPONS THEY USE For this comparison, consider customers who make a purchase with a coupon and those who make a purchase without one. How does that affect how quickly they come back to make another purchase? This information can be a gold mine, helping you understand which factors actually increase the lifetime customer value. Once you know, you can use those factors to recruit more customers who have a high potential for repeat purchases.
CUSTOMER SATISFACTION One of the most obvious, but necessary, ways to increase your lifetime customer value is to make sure that every customer is happy with their purchase. Read your reviews, benchmark them against your past reviews and against competitors. As you grow, make sure you are still maintaining this level of happiness. If you have a 4-1/2 star average when you’re selling 10 items a day, you should still have that average when you’re selling 1,000 items a day. If your average star rating drops, this means customers are no longer happy, and your lifetime customer value will drop. If it does, you will have a much harder time growing your business and increasing revenue.
If you’re not sure how to cultivate overall customer satisfaction, consider offering a free gift to first-time buyers. Give them something they didn’t expect. If they’re buying a jacket, for instance, give them
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a pair of sunglasses as well. It’s something inexpensive that has perceived value. You can even split test this by giving 50% of customers the free gift and the other 50% nothing to determine how it affects your LTCV.
USE REMARKETING TO MAKE YOUR SHOP FAMOUS Why do brands like Mars spend millions of dollars making sure that we see their products all over the place? Why does Coca Cola make sure that we see their brand at events where we feel good?
It’s obvious. What we are familiar with we trust. But why is this? When the brain was developing the environment was a lot more dangerous. There were a lot more predators and people died a lot more frequently from normal day-to-day activities. We had to survive in this environment, hence everything that was new was categorised as ‘bad until proven otherwise.’ Let’s say we were walking to the watering hole in the morning and saw a new type of bird. It’s a large bird and we are not sure whether it’s safe, so we proceed with caution. Nothing happens that day and the bird just watches us. The next day the same thing happens. After a week of seeing the bird every day, we relax and understand the bird means no harm.
This is how we are wired. We treat new items with caution and only relax once we have seen the item many times and nothing has happened. Repetition plus nothing happening equals trust.
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