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The customer lifecycle represents the phases in the relationship of a consumer with an eCommerce business, from when they’re introduced to it to when they leave it. More explicitly, the customer lifecycle begins when they learn about the eCommerce business, matures when they begin to trust the brand and decide to purchase, reproduces when they recommend it to others, and dies at the moment that they stop buying. Extending this lifecycle allows businesses to optimise their sales and have a greater number of subscribers. To achieve this, knowing and segmenting the brand’s different target audiences is essential, as is having information on their behaviour as it relates to your catalogue of products and prices. This information can be provided by price intelligence software to make the decision-making process easier. After this, you’ll have to choose the best strategy to extend this lifecycle. To do this, we, at Minderest, recommend these 8 effective strategies.
1. Remain in your customers’ minds
Make sure that customers that have made a purchase from your eCommerce store are satisfied with your products and don’t forget you. To do this, you can:
- Offer exclusive discounts after completing the purchase.
- Design email marketing campaigns.
- Post attractive content on social networks.
2. Generate sympathy for the brand
One effective strategy is to demonstrate to customers that you’re not just a simple vendor, but that you care about them and know them. You can begin by personalising your communication or sending them an email greeting, or even a small gift, on their birthday. Improvement surveys are also a good way to show users that they’re important to the company.
3. Offer discounts and personalised sales
Through dynamic pricing campaigns, either general or segmented by buyer persona, you’ll be able to get the attention of customers that already know the brand. You can also send personalised offers by email or, if your eCommerce business has an app, via push notifications.
4. Set psychological pricing for different targets
A psychological pricing strategy helps with customer acquisition. The goal is to appeal to their emotions. One main example of this involves setting prices that end in odd numbers or in 99 cents.
5. Give an added value to product delivery
Receiving orders with packaging that is attractive, is personalised, or that has unexpected details inside converts the purchase into a positive experience for users and encourages them to continue trusting the brand. You can include a handwritten note, a small gift, or a food item, such as a sweet.
6. Implement a loyalty programme
Another effective way to extend the customer lifecycle is to offer them prizes or rewards based on their purchase volume as part of a loyalty programme. The better the reward, the more users will be attracted to continue buying. This type of strategy requires prior, detailed study to guarantee that it won’t generate untenable costs for the business.
7. Promote cross-selling
Offer the customer suggestions for new products that are directly related to articles they have previously purchased. This is something that Amazon does with each of its users and is a direct way of accelerating the sales funnel by giving greater visibility to products that can interest consumers.
8. Listen to your customers
Activating different customer service channels to resolve customer problems is a powerful incentive to continue purchasing from an eCommerce business. Listening to customers’ questions and complaints will give them a higher opinion of the company so that they trust it with future purchases.
Simultaneously, to retain and achieve customer loyalty, it’s essential to have an adequate pricing strategy with competitive prices with which you can address changes in the supply and demand of the market. This is even more necessary in the online market where users are more willing to change their reference brands.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
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