The holiday season 2020 is around the corner and it is predicted that 92% of people will shop online this holiday season. With customer retention is a primary goal of any business, this is the best time of the year when you can connect and create a bond with your customers.
Invest in these business strategies for optimum results during holiday season 2020
Should you be focusing more on gaining or retaining customers? It depends on where you are in the business life cycle. Gaining a clear understanding of this cycle will help you to clarify your needs.
Understanding where your brand falls in the life cycle helps you to target strategies that will clarify and strengthen your business objectives.
Know how to measure what is happening within your business to identify strengths and needs for improvement. By understanding the repeat customer rate, you will master the backbone of customer retention. Calculate this customer rate in the following ways:
The main goal of business metrics is to increase customer value. Customer value is established by multiplying the purchase frequency by the average order value. Knowledge of these numbers will give you the power and freedom to invest wisely in your business expenditures and resources.
Once you identify where your business is in its life cycle and educate yourself on the use of business metrics, you are ready to make wise decisions about investments in customer accounts. Consider these strategies for maximizing your customer accounts:
Your current customer base is the best asset your store has. Customers know the brand, products and appreciate your service. Understand these tools of retention to grow your business through your valuable, long-term clients.
Mike Patel is a digital marketing enthusiast, innovator and President of a leading Digital and E-commerce Development Agency in Dallas, Texas. Mike holds a BS, Computer Science degree from Wayne State University and is a key player in the E-commerce development and digital marketing industry since 2004. The scope of technology in his extensive experience of more than 15 years ranges from Magento, Shopify, BigCommerce SEO (Search Engine Optimization), PPC (Pay Per Click) management, E-commerce SEO, Google Shopping Ads and more.
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