Hiromu Masuda on LinkedIn: #ecommerce #customerretention #repeatcustomers #marketingstrategy… (2024)

Customer Lifetime Value (CLV) is pivotal in driving revenue growth. Curious about ways to boost it?Here’s a straightforward formula: CLV = Average Order Value (AOV) × Order Count. To enhance your CLV, concentrate on elevating AOV or increasing order counts. Encourage customers to make more significant purchases repeatedly.However, many businesses find it challenging to consistently focus on these crucial performance indicators.Our data insights reveal a fascinating trend: the longer customers stay, the higher their AOV climbs. This suggests that strategies should expand beyond merely boosting short-term AOV. It's essential to develop multiple touchpoints, maintain ongoing communication, and motivate customers to make repeat purchases over the long haul—even if it spans a year or two.Ready to shift your strategy for better long-term results? Let's explore how to make this paradigm shift work for your business.#Ecommerce #CustomerRetention #RepeatCustomers #MarketingStrategy #DigitalMarketing

I will be attending Editions.dev on June 25 in Toronto, Canada. Is anyone else attending this event?

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𝗪𝗵𝘆 𝗥𝗲𝗽𝗲𝗮𝘁 𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗦𝗵𝗼𝘂𝗹𝗱 𝗕𝗲 𝗬𝗼𝘂𝗿 𝗙𝗼𝗰𝘂𝘀 𝗢𝘃𝗲𝗿 𝗡𝗲𝘄 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻🔄 Higher Profit Margins: Repeat customers consistently prove more profitable than one-time buyers. Nurturing your existing customer base can maximize profitability with minimal effort.📊 Significant Revenue Contribution: Did you know? Only 8% of customers generate 41% of revenue for e-commerce stores, with the top 5% contributing to 35%. This highlights the substantial financial impact loyal customers can have on your business.🛒 Benefits of Repeat Customers: Loyal customers not only shop more frequently but are also easier to sell to, spend more per transaction, increase spending during peak times, and contribute to user-generated content (UGC). This combination creates a robust foundation for sustained business growth.💸 Rising Customer Acquisition Costs: As the cost of acquiring new customers continues to climb, the return on investment diminishes. In contrast, investing in repeat customers offers a more cost-effective strategy.---Important, right? So how can you deal with them? Here are strategic actions to boost revenue:𝟭. 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝗙𝗶𝗿𝘀𝘁-𝗣𝗮𝗿𝘁𝘆 𝗗𝗮𝘁𝗮:Analyze your existing customers' behavior to tailor your marketing strategies effectively.𝟮. 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝘁𝗵𝗲 '𝗙𝗶𝗿𝘀𝘁-𝗧𝗶𝗺𝗲𝗿' 𝗦𝗲𝗴𝗺𝗲𝗻𝘁:Initiate targeted campaigns to encourage first-time buyers to make their second purchase. Establish this segment, track the conversion rate for subsequent purchases, and continuously monitor performance.By shifting your focus to repeat marketing, you can enhance customer loyalty, reduce costs, and significantly boost your bottom line. Let’s make customer retention a priority!#Ecommerce #CustomerRetention #RepeatCustomers #MarketingStrategy #DigitalMarketing

Thanks to Shopify, I was able to launch my own business and now I'm developing apps for Shopify. It has truly enabled me to become an entrepreneur. I'm really grateful for the opportunities it has provided.

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𝗪𝗵𝘆 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝘇𝗶𝗻𝗴 𝗥𝗲𝗽𝗲𝗮𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗶𝘀 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗼𝗿 𝗘-𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝗦𝘂𝗰𝗰𝗲𝘀𝘀Many e-commerce businesses tend to focus heavily on acquiring new customers. However, statistics reveal a compelling reason to shift this focus: over half of the annual revenue typically comes from repeat customers, who spend 𝟲𝟳% 𝗺𝗼𝗿𝗲 than new customers. Clearly, investing in customer retention can significantly boost your bottom line.Prioritizing repeat customers does more than increase revenue; it deepens our understanding of customer needs and enhances value creation. Adopting a customer-centric approach signifies that we are not merely transacting sales but are committed to fostering long-lasting relationships.It’s crucial to design your e-commerce strategy with repeat purchases in mind rather than treating any purchase as a one-time event. Continuous value delivery is key to encouraging customers to make repeated purchases throughout their lifetime. By focusing more on your existing customer base, you gain insights into the reasons behind their loyalty and the specific value they find in your products. These insights can then inform and improve your strategies for both retention and acquisition.In summary, placing a greater emphasis on repeat customers is not just beneficial—it’s essential for maximizing annual revenue and enhancing customer relationships. By understanding and leveraging the value perceived by your loyal customers, you can strengthen your marketing strategies across the board.#Ecommerce#CustomerRetention#RepeatCustomers#MarketingStrategy#DigitalMarketing

𝐖𝐡𝐢𝐜𝐡 𝐢𝐬 𝐦𝐨𝐫𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐢𝐧 𝐞-𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞: 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐨𝐫 𝐑𝐞𝐭𝐞𝐧𝐭𝐢𝐨𝐧? The answer is 𝒃𝒐𝒕𝒉. However, recent survey data shows that 44% of merchants focus more on acquisition vs. 18% on retention. This means that too many merchants focus only on acquiring new customers and ignore allocating resources for retention marketing. Did you know that existing customers are 50% more likely to try new products and spend 30% more than new customers? In fact, the probability of selling to existing customers is 60-70%, while the probability of selling to new customers is 5-20%. Retention marketing is key to keeping customers loyal and increasing profits. CLV (Customer Lifetime Value) is a crucial metric for retention marketing, with 75% of merchants understanding its importance. However, only 42% can measure it accurately. Calculating CLV can be difficult, but that's where ECPower Inc. comes in. Our tools are designed to calculate and track the CLV of the overall store and each segment. Don't miss out on the benefits of retention marketing. Try ECPower Inc. today, and let us help you build lasting customer relationships. #Ecommerce #Shopify #Marketing #DigitalMarketing #CustomerRetention #CLV #RetentionMarketing

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Don't get lazy about your client relationships simply because existing customers have a 3x higher purchase probability than new ones.The book Marketing Metrics notes that businesses have a 60-70% chance of selling to current customers but only a 5-20% chance with new prospects. From my experience, I firmly believe it's easier to keep existing customers than find new ones. For both your time and the company's, it's best to prioritize engaging with current customers.Here are three principles that can help you keep your customers happy:1. Stay Hungry:When you take a relationship for granted, you risk losing the client. Make it a priority to identify your customers, understand their needs, and ensure they're satisfied.2. Systemize:It's challenging to track and manage your customers manually. Implement a customer relationship management system that allows you and your team to monitor and understand client needs effectively.3. Engage:Feedback is critical for ensuring customer satisfaction. Most clients won't speak up if they're dissatisfied with your product or service; instead, they quietly leave. Proactively reach out and engage to identify issues and improve their experience.Following these practices consistently is crucial for long-term success but can be challenging. Staying hungry, systemizing, and engaging with customers requires time, effort, and commitment. Building strong relationships and managing customer feedback aren't always straightforward tasks but are essential for growth.That's where ECPower Inc. comes in. Our tools are designed to streamline these processes, helping you efficiently track, manage, and engage with your clients. By simplifying the complex relationship management work, we'll help you strengthen your customer loyalty and satisfaction. Try us today, and let us help you build lasting customer relationships.#Ecommerce #Shopify #Marketing #DigitalMarketing

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This is an excellent feature that benefits both merchants and end customers!#Shopify #ecommerce

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𝐄𝐂𝐏𝐨𝐰𝐞𝐫 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: 𝐄𝐱𝐩𝐚𝐧𝐝𝐞𝐝 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐃𝐢𝐦𝐞𝐧𝐬𝐢𝐨𝐧𝐬!We're excited to introduce three impactful new dimensions to enhance your customer segmentation:🗓️ Average Purchase Interval DaysFilter customers based on their average purchase intervals, such as those who made a second purchase within 30 days.💰Order ValueSegment customers who've spent over $200 in the past 30 days.🏭 VendorIdentify customers who prefer specific brands or vendors.Curious about your customers? Discover these new insights with ECPower Inc. !