Maximizing customer lifetime value (LTV)
No brand can exist without loyal and returning customers, and due to intense competition in e-commerce industry, treating all customers equally is a mistake. Every customer is different and thus different purchase motivations occur. Therefore, developing good strategy and communication plan requires understanding customers’ intents and demands, as well as understanding their current and future behaviour.
Understanding motivations underlying the purchase, as well as the right approach, convert into maximization of customer lifetime value (LTV) and profit increase. Personal experiences of customers are unique and have a key influence on behaviour, as well as on perception of the brand. You need, however, to keep in mind that building relationship with customers is done through various channels (e.g. via website, customer service, traditional point of sale) and each point of contact creates a separate experience. Collecting comments and opinions from all channels is therefore crucial for correct identification of problems, needs, errors or doubts. Asking the consumers about their feelings is the key to building healthy and profitable relationships, as well as a method for elimination of barriers that may hinder communication with other customers and users.
The length of relationship with customers, which translates directly to the LTV, is significantly influenced by satisfaction from using the services (purchase - for e-commerce). The higher satisfaction, the lower the probability of losing a customer to the competition. Observations in regard to that context, through opiniac.com, are carried out using NPS surveys – a proven methodology aimed at measuring satisfaction and likelihood to recommend.
Running continuous and regular observations is extremely important. Changes in customers' behaviour and needs, as well as available alternatives (news, changes of fashion and trends), make the lack of control and adaptation to changing realities results in increased chances of losing the customers. Therefore, continuous development and adaptation to market conditions are of great significance - taking care of stable presence and positive reputation is crucial to maximize the LTV.
Contact
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Immediate contact
kontakt@opiniac.com
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Sales and marketing
+48 503 480 656
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Support and Surveys
+48 661 627 620
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Address for correspondence
opiniac.com
ul. Murarska 59
54-135 Wrocław, Poland