As the holiday season is approaching, online businesses are all trying to position themselves to capitalize on the high volume of projected sales this year. The online sales have increased by more than 9% over last year’s sales, which means that you and every other online business owners are going to do as much as possible to attract customers and make sales.
Source: digitalcommerce360.com
But how can you do this? What’s the best way to get customers to visit and buy from your site this season?
Invest in these business strategies for optimum results during the sale season
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.
Albert Wood is a technology futurist, sales stimuli, motivator, and E-commerce specialist at ioVista. As a data-driven and digital marketing evangelist, Albert’s passion is transforming struggling e-commerce businesses into sales-generating powerhouses through the right combination of UX and digital marketing strategies.
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