Obviously you want new customers to flock to your ecommerce store at all times. But what about the customers you already have? Just how important is retention really?
Well, imagine you didn't care for retention at all...
😓 You've spent your entire budget on acquisition, but you keep losing customers faster than you're gaining them.
😓 All these new customers are only making small purchases, the profit per customer remains lackluster.
😓 Nobody really cares about your brand because people aren't sticking around, so much for word-of-mouth.
Pretty problematic, right? We've seen it before, a lot of people tend to get tunnel vision in the early stages and never really learn to look past acquisition. But when you take maximizing profit PER CUSTOMER as your overarching goal instead, you'll be more inclined to include retention in your strategy.
So how do you get started with retention?
Well, the first step would be to measure what matters. And the metrics described below are key in deciding when and how much you should be focusing on retention.
The next step? Creating a customer journey map to discover opportunities to re-engage existing customers and make them come back.