Segmenting your customers is without doubt the key to increase conversion rate and customer lifetime value as well as keeping people engaged in buying your products. Thus, it is important to come up with a suitable customer segmentation strategy for your online business. Take a look at some of the…
1. Specify all your segments or sub-segments if it is available: Customer segmentation is essential to understand the customers and the market. Moreover, noting out all the segments will authorize people from other departments to access and avoid any data missing. 2. Analyzing your criteria for customer segmentation analysis It…
Customer segmentation is the process of merging customers into groups together based on frequent characteristics. These groups are advantageous in marketing operations or in analyzing possibly valuable customers, and in processing buyer loyalty. Common types of customer segmentation include: Demographic segmentation Geographic segmentation Behavioral segmentation Psychographic segmentation Customer journey segmentation…
Customer satisfaction could be defined as a factor used to measure the satisfaction of a customer throughout their shopping experience. By mostly using customer satisfaction surveys, brands could quantify this either positive or negative feeling. Responses from those surveys are believed to give sellers a glimpse of their average level…
A customer loyalty program is basically a set of business strategies which could allow you to offer customers timely incentives based on their previous buying habits from your company. Meanwhile, the digital era has completely changed transactions between buyers and businesses. Loyal customers are no longer just regular buyers. They…
1. The definition of Customer lifetime value Customer lifetime value is the total revenue generated from a single customer account. Focusing on CLV allows you to identify significant customer segments that bring more revenue than others, then design an efficient strategy of customer acquisition and customer retention. Customer Lifetime Value…
Customer insight, also known as consumer insight, is the whole process of understanding and interpretation of customer data, behaviors and feedback. These insights are utilized to improve product development,marketing strategy, sales forecast, and customer support. Insights are actions that could be taken based on the wants and needs of customers…
Customer feedback management (CFM) could be defined as web applications or portals which were originally designed for businesses to take ideas from customers feedback and bring them into reality in form of future products and/or developments. In this way, customers indirectly play a part in the first steps of the…
You can’t stop customer churn if you don’t know how or where it’s coming from. The churn rate is, in fact, calculable. The first step is to define the time period that you want to measure. Most companies will choose to measure by month, but just pick whatever that suits…
Customer attrition is the situation in which customers who have made purchases before do not become repeat customers. This could also be known as customer churn, customer defection, customer cancellation and customer turnover. How does customer attrition harm your business? 1. Less revenue If customers leave, so does the revenue….
