While many eCommerce brands focus on acquisition, the goldmine lies in retention. You can propel your eCommerce store up a level or two by using your existing customers instead of spending thousands on gaining potential customers. Blend’s focus on Customer Lifetime Value is there for a reason — it’s where the longevity of your eCommerce business’s success lies.
Today we’re looking at Customer Lifetime Value (CLV) coupled with the innovative Customer Value Optimisation (CVO) approach. We’ll delve into five pragmatic strategies that synergise these concepts, propelling your eCommerce venture into a realm of enduring success.
1. NPS Surveys to Gain Constructive Feedback
While most brands are too scared to find out what their customers think, the innovative brands know that that’s where you’ll find all the answers you need to push your Shopify store to the next level. Asking customers their thoughts on your brand through an NPS survey will provide you with honest feedback that you can use to elevate the customer experience with your brand while allowing your customers to feel heard and valued.
2. Leverage Data for Personalisation
Numbers hold the key to unlocking unparalleled insights into your customer’s behaviour. The amalgamation of CLV insights and CVO strategies transforms raw data into actionable intelligence. This data can be gathered through zero-party tools like Octane AI or data-driven tools like Omniconvert. By using this intelligence wisely, you can create personalised experiences that captivate your customers through your marketing and messaging and on-site. You’ll need to analyse data, identify patterns, and tailor your offerings based on CLV-driven insights. Remember, it’s not just about one-time transactions; it’s about nurturing long-term connections.
3. Elevating Revenue through Strategic Upselling
Upselling isn’t just about driving immediate sales; it’s about enhancing the value your customers receive from your brand. By using segmentation based on zero-party data and purchase history, all of which can be gathered through Omniconvert and Klaviyo, you’ll be able to upsell to your customers and not only make their lives easier but also make them feel valued and seen.
4. Fostering Loyalty in Your Ecommerce Brand
Loyalty isn’t an elusive concept; it’s a tangible asset that forms the foundation of a successful eCommerce venture. While CRO may prioritise short-term gains, CVO embraces a broader perspective. Through CLV-focused content, you can design loyalty programs, like with LoyaltyLion, exclusive incentives, and tailored interactions that resonate with your customers. The result? A loyal community that sees your brand not as a transaction but as a trusted partner.
5. Enriching the Post Purchase Journey
In the realm of CRO, the sale often marks the end of the road. However, CVO extends the journey far beyond the transaction. By infusing CLV principles into post-sale interactions — follow-up emails, personalised recommendations, or gratitude-driven gestures — you’re nurturing a sense of trust and satisfaction that extends well beyond the initial purchase. Ensuring that you implement open communication and consistent follow-ups after customers have made their purchase, you’ll not only enrich their experience with your brand, but you’ll also be able to encourage them to return when the time is right. This thoughtful approach creates a positive ripple effect, reinforcing the lasting impact of your brand.
Boosting Retention in Your Shopify Store with Blend
The convergence of Customer Lifetime Value and Customer Value Optimisation isn’t just a strategy; it’s a transformational journey. Armed with these five powerful tactics, you’re poised to reshape your eCommerce landscape, amplifying CLV while embracing the principles of CVO. As you embark on this path, remember that your goal isn’t just about financial growth; it’s about cultivating enduring value, fostering genuine connections, and leaving an indelible mark on your industry’s digital world.
With Blend, you can stride forward confidently and embrace the ethos of CVO — a roadmap to sustainable success and growth. If you’re wanting to enrich your retention strategies, get in touch with us at Blend today.
Published: August 21, 2023
Last updated: October 18, 2024
