In the previous blog, we discussed about Customer LTV and why it is so important to use gamified engagement to increase an existing user’s lifetime value.
A increasing number of repeat transactions from loyal customers is a sign of a successful brand, and some businesses just got it right. Here are some examples of how brands improved their Customer LTV by increasing engagement.
Let’s dive into it..
In the world of eCommerce, there are several ways to measure and evaluate your business. Visitors, bounce rates, CTRs, conversion rates, and micro-conversion rates are all relevant metrics to track.
However, there is one metric that greatly overshadows the others in value — Customer Lifetime Value.
In this blog, we will read more about LTV and engaging methods to improve it.
The simplest customer lifetime value definition — it’s a metric that shows how much net profit your company can make of one customer over time.
Marax AI has been on a mission to solve the problem of consumer churn since its inception in 2016.
We started with building our Churn Prediction Engine, worked with our early adopters like Dailyninja to prove upto 60% RoI. We soon started to connect the retention actions with churn predictions. One of the common retention option was an Offer.
This is when we launched Marax Action Recommendation Engine aka Mars. Now, Mars was a cool acronym but it failed to convey the tool’s purpose at a glance.
Our aim was to help other businesses understand what we do, that is…
Studying your users’ data is important because this gives a clear picture of what item they are looking for, under what price range, and so on.
Based on these data points you can also design your users’ checkout flow to be optimized with discounts like a single-step, multi-step or promo codes.
Start by creating your campaign along these data points and leave it to our AI System to recommend personalized offers for users’ with just-enough discount to maximize conversion.
In light of COVID, with an unpredictable duration of lockdown, businesses have been focussed on building their product and strategizing for a rebound.
Here’s a webcast with Priyanka Menon, Associate Product Manager at Purplle. Purplle is an eCommerce platform that sells beauty and cosmetic products.
Watch the entire conversation here.
With the current situation, where supply chain has been the most functional among all industries, users are forced to step into the online realm. Covid-19 has created a large online customer base who spend significant time on the internet. This leads to the requirement of content marketing.
Purplle’s primary focus…
Most marketers frown on using discounts to retain customers. Discounts are however, undeniably ubiquitous. From small businesses to e-commerce giants — handing out incentives to drive sales seems to be the in thing. And it’s somewhat obvious that discount campaigns help with fast acquisition. But what happens post acquisition? Are discounts really capable of achieving long term customer retention? And if so, what’s the catch? Will it lead to customer addiction as we’ve seen in the recent past with deep discounts? Or can it revolutionize e-commerce marketing as we know it and become a sustainable way to achieve business growth?
A/B tests are a crucial tool for evaluating experiments in marketing domain. It is performed by subjecting different population samples to variations of an offer. The results are observed at the end of experiment to select the best performing variant. Marketing teams need to spend a lot of time in crafting these experiments. It also takes time and money to wait for results to iterate and improve. There is a need for methods which can help prioritise which experiments should be A/B tested. In this blog, we will discuss the challenges we faced while evaluating our offer optimisation system (MARS)…
According to a study by Bain, an average online shopper isn’t profitable for the business until he or she has shopped at the site four times. This means that the retailer has to retain the customer for 12 months just to break even! In the case of online grocers, who spend upwards of $80 to acquire a customer, they would have to retain that customer for 18 months to break even. In fact, except for high-ticket items, in almost no instance can an online retailer break even on a one time shopper.
Businesses approach achieving growth by aggressively trying to…
A business (most likely a B2C business) generally offers a price reduction to their products/services as an incentive to customers to make a purchase and discover value in the business. It’s a hopeful attempt by the business with the belief that a customer that’s incentivised to make a purchase now will turn into a long term paying customer thereby justifying the cost of the discount offered.
These price reductions usually don’t hurt businesses too much as the monetary value of discounts offered are strategically decided such that the profit margins are reduced within an acceptable limit. …
A few days ago we successfully launched our product MARS on Product Hunt. We spent months building, fixing and incorporating feedback from our Beta users until we were (somewhat) confident enough to release it to the world. Then without contemplating too much, we just went ahead with it.
Product Hunt is not only great platform to get more customers for your product, but also a tightly built community of product developers and enthusiasts. …
Save money with offers that convert more.