Mar 23, 2023
How do you keep your customers coming back for more? Building customer loyalty, increasing your CRR AND LTV are crucial for long term success.
How do you stay top of mind when your customers are looking to make their next purchase?
Are you the first thing they think of when they have a problem to solve (ie present to buy for, occasion to buy an outfit for and so on)?
Building on your customer loyalty is crucial to not just survive but thrive in this business.
Do you know your customer return rate? (or return customer rate as shopify calls it- RCR).
'Modern consumers are no longer just making transactions—they’re seeking supportive, feel-good, memorable experiences. And when a shopper’s experiential expectations are blown out of the water, you can bet they’ll be back to shop again.
*Happy Customers Are Repeat Customers*
Repeat customer rate is a metric that leads to long-term success and scalability.'
There are many ways to nurture your customers and get them staying loyal to your brand or retail store and and hopefully being around for 1,2,3 or 10 years as a customer!
In this episode I dive into some important considerations about building on customer loyalty, growing your customer life time value (LTV) and hopefully offsetting the growing customer acquisition costs (CAC).
I would love to hear about the ways you consider your customers journey and what you are doing to make the customer experience CX a memorable and satisfying one!
And just cos I have so many acronyms in here:
CX - Customer experience, or *CX*, is the overall perception a customer has of your brand after interacting with your business across the buyer's journey. From marketing, to sales, to customer service – CX is the sum of all touchpoints and can impact a customer's decision to return to your brand.
LTV - Customer lifetime value is *the total amount of money a customer is expected to spend with your business, or on your products, during the lifetime of an average business relationship*.
CAC- *Customer acquisition cost* (CAC) is the cost related to acquiring a new customer.
RCR- Repeat customer rate, or repeat purchase rate, is the percentage of your existing customers who have purchased from you two or more times.
I'm Mel Robbins! from @thelotco
Register for my FREE webinar here https://www.thelotco.com/freewebinar
And if you want a Roadmap to Building a Profitable Product Business head here for directions!
Find more details at https://www.thelotco.com.au/
Business Coach for product-based businesses. Teaching creative business women how to build a scalable and profitable million-dollar product business.
Over 25 years in Retail and Wholesale Sales and Marketing.
Grab my 8 step checklist on building a profitable product business.