"I decided to switch to your competitor"
"Oh yeah, I meant to re-order but I kept forgetting to"
"I bought something from them a couple of years ago. It was okay but I don't really know that store"
These are the conversations your customers might be having in their heads about your store. Or worse, these are the conversations they are having with their friends about your store.
Losing customers is one thing.
Losing repeat customers is a completely different story.
Repeat customers spend 153-397% more than first-time customers, according to a recent Adobe study on ecommerce.
You're frustrated though. How are you supposed to remember every customer you have? How are you supposed to treat them better and retain them?
When every customer has a Facebook, Instagram, or Twitter account, giving even one a bad experience could go viral and drag your store down in a PR nightmare.
You know you have repeat customers but you haven't taken the hours to analyze your customer data.
It's a huge mound of data, and how the heck are you supposed to "analyze" it?
Even though Shopify tracks all of your customers for you, it's not exactly easy to see the broader picture.
Sure, 379 new customers is nice, but what does that mean?
You thought about hiring a marketing consulting or big data employee to do this analysis but you're afraid how much they'll cost you. Their entire job would be spent in Excel trying to get the numbers analyzed correctly.
Once you've analyzed it (whatever that means), what are you supposed to do with it?
If you saw 24% of your customers have made a repeat purchase, what do you do with that data?
What if this analysis was done for you and you were just told to "24% is a little low, you should add a simple engagement email campaign".
Wouldn't that be easy? You wouldn't have to interpret the data and try to come up with something actionable yourself.
Let's assume for now that this analysis is possible and that you had the resources for it.
You knew exactly how many repeat customers you have and their buying behavior over their entire lifecycle.
What could you do with that? What impact could that have on your store?
Maybe you could create a engagement campaign to turn one-time customers into repeat customers. Not only would it dramatically increase revenue, but your customer lifetime value (CLTV) would increase.
Or you could adapt your email campaign to deliver emails at precisely the time a customer is going to reorder. Get your email in front of your customer on the day they ran out of your product and it's going to be very likely they'll buy from you again.
You could even know exactly how much to spend to acquire a customer and still make a healthy profit. The old adage of spending $1 to make $2 might become a reality.
Instead of messing around with spreadsheets and financial formulas to try to calculate and analyze these metrics every week or every day, what if there was software that could do it for you?
Your data goes in and out pops your customer analysis with specific, actionable advice.
This is possible with the Repeat Customer Insights Shopify app.
This app will analyze your entire customer and order data, and equip you with reports on what your most loyal and valuable customers do. More than that, it will give you clear and actionable advice on how to keep your existing customers loyal and how to turn more of your one-off customers into loyal, repeat customers.
With the Customer Segmenting Report you'll learn who your most loyal and valuable customers are.
It collects data from multiple areas of Shopify and unites them into a single customer grade, easily showing you who your best customers are.
The Customer Segmenting report uses the Customer RFM algorithm, which was pioneered by the big catalog stores in the early 90s and was only available to the large commerce enterprises until recently. It analyzes each customer on three criteria to rank them against the rest of your customer base:
All of these metrics are combined along with others to give you a simple grade for each customer:
With just a single grade to monitor, managing your best "A" customers becomes easy. You'll be able to target each segment with exactly what they need to grow and improve.
More than just a store-wide "your customers are worth $453.32", Repeat Customer Insights employs a Customer Purchase Latency algorithm that analyzes every step of your customer's purchase history.
For example you'll see that the average customer:
With this level of analysis:
Repeat Customer Insights is a fully automated Shopify app. After installing, it will begin to analyze your customer data without you having to do anything.
It will continue to analyze and update your metrics as new orders come though.
With fresh metrics you can see the impact your changes are having on your store every single day.
You can have Repeat Customer Insights start your Customer Purchase Latency analysis right away, and have answers in minutes from now.
That's it. There's no configuration required to get started.
P.S. Repeat customers are the most important thing to your business. If you don't proactively nurture and grow them, you'll lose them to your competitors. Install Repeat Customer Insights and finally discover how to clearly keep your most loyal customers.