With the digitization of society, most of the businesses are going online. What brings value to your business and turns it into a successful online company? Having great data scientists isn’t enough to create a prosperous Internet business. The big time stories of the leading online companies prove: the key to success is having a unique data asset.
When do you know that customer is churned in e-commerce
Sometimes your customers simply leave the English way: without even saying “Good bye”. This is not just one lost customer, this is actually losing additional income and losing investment. Customer churn is more dangerous thing than it might seem. This is why churn prediction is of high importance for your business.
How to completely fail at customer retention
Do you want to get some customer retention strategies to make your business grow? Well, you can find this information all over the Internet. We can only teach you how to completely fail at customer retention. It’s a piece of cake to fall short, so read some valuable advice (and do the opposite, if you decide to retain customers).
Practical use of RFM customer segmentation
Do you perchance mean that these things have a substantial monetary value to you?’ ‘That’s right.’ ‘Oh,’ Marlowe said beaming ‘in that case, Mr. Carter I am fully prepared to meet you on your own ground.’ ‘Come, come!’ Do you keep a diary? I’m going to ask you a question straight from the shoulder!’ ‘Bring it!’ ‘What does RFM really … Read More
5 Reasons Why Repeat Sales are Good for Your eCommerce Business
Why do these names seem so familiar? Feels like you have come upon them a couple of times. We will give you a hint: these are your repeat customers knocking on your door again. Yes, exactly those ones who bring the most revenue to you business, those who trust your company most than any other, those who build up you … Read More
Relation between Purchase Frequency and Retention in eCommerce
Stores have been smartening up their places and window displays to match the new found purchasing power of their customers from the very first days of their existence. Some would go even further with this like “Barbershop”, the custom in the 16th and 17th centuries of spending time in a barbershop by harmonizing to a lute or guitar provided to … Read More
Remarketing Vs. Retention Marketing: What’s the Difference?
The Key Differentiating Factors Between Remarketing and Retention Marketing While both remarketing and retention marketing are popular modern ways to expand and retain a brand’s customer base, the two have notable differences in both their function and their form. Retention marketing is a broad strategy used to retain current customers only and it spans both the physical and digital realms, … Read More
Diving Deeper Into Customer Segmentation: RFM and CLV
As I explained in my last blog post, utilizing customer segmentation in your targeting helps you to take a step back from the traditional but less powerful mass marketing techniques and embrace personalization. Understanding that your customers are all different and need to be marketed based on their unique needs, preferences, and habits will help to make both your message … Read More
How Customer Data Can Shape Your Strategy
The first step to creating a five-star marketing and sales strategy is understanding who is buying and using your products or services and why they are doing so. While this may seem obvious, the importance and value of customer data is often overlooked in the world of marketing. In addition to helping you identify potential leads, customer data allows you … Read More
One Size Does Not Fit All: The Importance of Customer and Lead Segmentation
Mass marketing, or attempting to appeal to one large market through a singular strategy, is an age-old tactic. As the years go by, however, it is becoming clearer and clearer that mass marketing is a much too time-consuming, inefficient, and expensive plan, especially for niche brands and services. This so-called “one size fits all” approach is fading fast, and it … Read More
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