The funding winter is frostier than ever, growth plans seem to be playing hide and seek, and those performance marketing bucks are kind of doing their own thing.
But here's the scoop: keeping your current customers happy is like striking gold—it's at least 5 times cheaper than chasing new ones. Easy to say, not so easy to pull off, right?
Customer retention is a puzzle. It's about diving deep into the minds of your customers, figuring out what makes them click (literally and figuratively), and, of course, keeping them hooked for the long haul. Enter the unsung hero in this narrative—customer analytics. Let’s break down what it involves:
Who's Your Customer?
Not all customers are cut from the same cloth! They possess different needs and trust levels. Understanding these nuances is a pivotal success factor as we explored in our prior Case Shot on YKK
How much will they spend?
CLTV models may seem complex, but consider them your financial crystal ball, guiding pricing and promotions
Why do they drop off?
Spot the disappearing act and fix it before it costs you. Analytics dissects the journey, identifying obstacles like complex checkouts and bad post-purchase experiences
When will they buy?
Timing is everything. Predictive analytics reveals when customers are likely to make a purchase, guiding strategic marketing efforts.
What are they likely to buy next?
Here, customer analytics becomes a treasure map, predicting future preferences like a helpful shopping assistant
Which channels bring them?
Understand entry points. Analytics dissects the channels bringing customers in, whether through social media or emails. Optimize your spend accordingly!
Discover synergies with us, If you're looking to build or Invest in similar space we would love to chat. Connect with us at contact@evernile.com