We recently finished up our webinar series taking you through each phase of lifecycle marketing. In the last session, we focused on the retention stage, which occurs after a customer has made multiple purchases from your brand. In this 30 minute webinar, we covered key personas and retention campaigns to keep your most valuable customers, from win-back series through automated product replenishment.
Retention is a critical phase of the customer lifecycle, but it can be difficult to reach.
In fact, according to a survey of leading online retailers, respondents reported only 11-20% of their customers have purchased from them three or more times. This threshold is our definition of a retained customer. Retained customers are essential to any online business because they are worth more than one- or two-time purchasers in the long-run. Not only are existing customers more valuable to your business, they cost less to retain. Specifically, it costs 6 to 7 times more to gain a new customer than keep an existing one.
Lifecycle marketing makes it easier for you to get, and keep, your customers at this retained status. Through lifecycle marketing, our clients are seeing an average retention rate lift of 17% as well as a 20% increase in CLV year-over-year.
But, what do these retained customers look like? We’d like to introduce you to two of your most valuable customers, and show you how to keep them engaged with your brand.
He’s going back to back! Repeat Pete loves consistency and convenience and you can rely on him to buy from you again and again. While he is a great customer, Pete makes the same medium-sized order every time and doesn’t readily try new products from you. Keep Pete well-stocked ahead of time with all his favorite products with automated replenishment emails. Check out our Replenishment case study to learn how to keep customers like Pete.
She’s the real MVP! Cheerleader Cheryl is a loyalist. She is a consistent purchaser from you and she loves trying out your latest and greatest products. Reward Cheryl for being an awesome customer with personalized best customer messages, special promotions and exclusive offers. Download our Best Customer How-To Guide to discover how to reward purchasers like Cheryl.