Growth metrics you should follow for eCommerce (with Omniconvert)
If you're looking to grow your eCommerce business fast, make sure you look at retention as much as acquisition. Segment customers based on purchase habits.
- “The cost of acquiring a customer is higher than its ever been.” @JulianaJaxx #DTCPOD
- “Your current customers are much more likely to make another purchase from you and when they do, they often spend more money than the first time buyers.” @JulianaJaxx #DTCPOD
- “If your customer doesn't feel special, ultimately, he's not going to buy from you again” @JulianaJaxx #DTCPOD
- “By analyzing historical data, you can actually predict when people are ready to purchase again.” @JulianaJaxx #DTCPOD
- “Our research shows the biggest reason that customers leave stores is that they think the company doesn't care about them.” @JulianaJaxx #DTCPOD
We Speak About:
- [01:00] About Juliana and Omniconvert
- [02:30] Why retention is just as important as acquisition
- [03:35] The two different ways to think about growth in eCommerce
- [06:35] How customer lifetime value (LTV) helps you track business growth
- [09:30] Calculating customer acquisition cost (CAC) correctly
- [11:20] How the LTV equation has changed over time
- [13:20] Other metrics brands should be following to track growth
- [17:20] How segmentation can help you increase purchase frequency
- [19:30] Predicting and driving repurchases for your brand
- [25:35] Predicting and solving for customers that won’t repurchase
- [30:20] Tools and strategies for better understanding your customer segments
Brand growth is more than customer acquisition, it’s also retention
Juliana Jackson, Head of Product Marketing at Omniconvert, joins the POD to talk about eCommerce growth metrics and marketing to the right people at the right time.
Omniconvert is a company that helps data-driven marketers around the world to understand, segment, convert, and retain more customers.
Building a brand is much more than acquiring customers.
Customer acquisition is important but without retention, your eCommerce brand can’t grow.
That’s why you need to pay attention to metrics like customer lifetime value. Understanding how much your customers spend with you and how they feel about your brand are just as important.
Today’s brand growth equation needs to account for more than just lifetime spend though. You also need to look at customer experience, net promoter scores, and customer support.
Understanding customers on a deeper level can fuel eCommerce growth
Brand growth isn’t just about the metrics. You need to understand what segments your customers fall into.
You don’t need to build out crazy segments but you should consider grouping customers based on recency and frequency of purchase.
Knowing how often and when customers purchase is a big piece of nurturing.
By splitting up your customers, you can understand which customers are likely to continue to purchase from you and which are likely to churn.
This helps you build a more predictable business model.
Stay tuned as Juliana provides tips on what metrics you should look at, how to better predict repurchases, and how to delight your customers.
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Omniconvert’s website: https://www.omniconvert.com/
Connect with Juliana: https://www.linkedin.com/in/iulianajackson/