Retention Marketing is the science and art of marketing to your existing customer segments and influencing them to buy again from your store.
The real success of any online business is not just by acquiring new customers, but also by retaining them.
It is much most cost effective to sell to an existing customer as compared to acquiring a new customer. Moreover, the average order value (AOV) with an existing customer tends to be much higher than that of a new customer, thus helps improve the overall business profitability.
At Cybez, we help you increase your repeat purchase cohort with our comprehensive retention marketing strategies.
We believe that every customer is unique and have different needs, thus we follow a personalised approach for every customer segment, basis their past purchase behaviour.
Once segmented, we try out multiple channels of communication to reach out to them and once we know which channel works for the specific customer segment, we create automated journeys to scale.
The real success of any online business is not just by acquiring new customers, but also by retaining them.
It is much most cost effective to sell to an existing customer as compared to acquiring a new customer. Moreover, the average order value (AOV) with an existing customer tends to be much higher than that of a new customer, thus helps improve the overall business profitability.
Thus, Retention Marketing becomes a growth hack solution for E-commerce websites who have acquired substantial amount of customers and are now looking to improve their profitability.
It's a proven fact that customers tend to buy a small / less expensive product from a new website when they are trying that brand for the first time. However, once they are confident about the product and the service, they do not mind buying a slightly higher value product.
Thus, in retention marketing, when we try to incentivise existing users to buy from the website again, their typical average order value (AOV) is generally higher since they already have a past experience in buying from your website.
Given the fact that a customer already has a purchase experience with you, he/she will be willing to place their next order using a prepaid payment method.
Normally, prepaid orders are higher for repeat orders as compared to new orders which eventually leads to less returns as compared to new customer orders.
Thus, retention marketing helps you reduce your RTO ratio which directly helps you improve your profitability.
