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The more loyal those customers are, the more they buy. With that in mind, it’s clear that the quality of your customer experience is directly correlated with LifetimeCustomer Value. (We We discussed the LCV metric in more depth in our recent blog post, The True Cost of Losing a Customer.). Sound complicated?
All of these eCommerce strategies work toward the same goal: getting customers to buy more on each visit, increasing the average order value. And they hold an important place in boosting revenue for your eCommerce brand. But what about increasing the lifetime value of your customers? Free shipping? Suggested items?
For example, if you send an email to an existing customer promoting a new product and they decide to call directly from your listed phone number, it’s clear this online marketing channel is driving over-the-phone conversions. You can then calculate how valuable these interactions and conversions are from lifetimecustomers.
Here are some examples: eCommerce brands where the key business driver is conversion. Nest sends a monthly email summarizing behavior, comparing customers to their peers and makes a recommendation based on their location and past behavior. This type of personalization can create lifetimecustomers and value throughout your business.
As the B2B division of 888, Dragonfish helps gaming companies optimize the player experience and maximize lifetimecustomer value. Dynamic Messaging’s unique marketing platform has been delivering personalized Interactive Voice Messaging for effective customer conversion and retention since 2011.
An eCommerce brand would have a totally different way of generating regular income than a software company. The benefits of this model extend to both the customer and the business. Customer benefits. It is a big decision to purchase a product for a lifetime. Types of recurring revenue. Benefits of recurring revenue.
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