How To Make Customers Profitable
Last week we continued our series on Customer Retention, looking at what makes customers happy and how to increase customer satisfaction.
This week we continue the series by focusing on how ecommerce businesses can acquire and retain customers profitably. Happiness is important but a business also needs to understand which customers are profitable and what strategies/tactics work to drive customer lifetime value (LTV).
On today’s chat we’ll try and define what profitable means and discuss how to measure and achieve it. There are 3 starter questions as always.
- How can customer profitability be defined and measured?
- What techniques can ecommerce teams use to improve customer profitability whilst protecting margin?
- Do you need all customers to be profitable or are there exceptions?
We’ll cover the above and much more.
If you haven’t taken part before – it’s a Twitter chat, on the hashtag #ecomchat, each Monday at 1pm UK time. There’s more info over here: About ecomchat.
Thanks! James & Dan