Post by account_disabled on Jan 16, 2024 7:48:21 GMT
be predictive to win the race in this era. Talking about the big brands, AI and machine learning analyse factors that are engaged in fueling their recommendation engines. Along with the previous purchase history, one should also be focussed on items in the shopping cart, items that have been rated and reviewed, items that have been mostly purchased, age, location, gender of the user, browsing time, preferred message medium, search queries, products viewed and more. Did you try under-estimating customer lifetime value, CLV? Know its importance in 2019! If you are an old player, you must recollect RFM analysis! Did you remember something? It used to be a sole method to analyse CLV where recency of last purchase made by customer was analysed, the frequency of purchase and at the end monetary value of the total purchase. It is an inefficient method for today’s companies where we know more than this with the grace of getting to record user behaviour and engagement.
What’s needed to make a good use of CLV is having all your customers data at one accessible place, having the capabilities of predictive analysis and a team who can take care of your data streams and communication. Why it is so important and why is it a point of discussion? Using CLV, you can work upon improving your customer acquisition and retention. Once, you have analysed all your CLVs you will know what amount to spend on customer acquisition. You will also know which channel is capable of producing the customers America Cell Phone Number List with highest values and accordingly you can repeat the same strategy on the same platform. Also, when you will have a list of your VIP customers in your hand, you can perform predictive analysis on who all can be your VIPs in future. You can send right offers at the right time to the right person. You will be able to figure out how much you need to keep for customer acquisition and spend the rest on advertisement and still remain profitable. What Facebook has to teach you? Messenger chatbots! If you do not know, it a pre programmed system to communicate with humans. The interaction is done textually, visually and also through voice notes.
Having chatbots on your website holds a great importance as there is someone who is available 24*7 on your website to attend your potential customers. Hubspot had carried out an experiment through which it came to know that when a content was delivered through Facebook messenger and same was delivered through email then open rate in the case of Facebook was 80% and click rate was 13%. While in the case of email, open rate was 33% and 2.1% was the click rate. Another report from Gartner says that 85% of the customer interactions would become automated by 2020 so it is clear that automation is not going anywhere. If you own an ecommerce business then you can let the bots attend customers and let them connect the customer with the products they have been searching for with proper call to actions.
What’s needed to make a good use of CLV is having all your customers data at one accessible place, having the capabilities of predictive analysis and a team who can take care of your data streams and communication. Why it is so important and why is it a point of discussion? Using CLV, you can work upon improving your customer acquisition and retention. Once, you have analysed all your CLVs you will know what amount to spend on customer acquisition. You will also know which channel is capable of producing the customers America Cell Phone Number List with highest values and accordingly you can repeat the same strategy on the same platform. Also, when you will have a list of your VIP customers in your hand, you can perform predictive analysis on who all can be your VIPs in future. You can send right offers at the right time to the right person. You will be able to figure out how much you need to keep for customer acquisition and spend the rest on advertisement and still remain profitable. What Facebook has to teach you? Messenger chatbots! If you do not know, it a pre programmed system to communicate with humans. The interaction is done textually, visually and also through voice notes.
Having chatbots on your website holds a great importance as there is someone who is available 24*7 on your website to attend your potential customers. Hubspot had carried out an experiment through which it came to know that when a content was delivered through Facebook messenger and same was delivered through email then open rate in the case of Facebook was 80% and click rate was 13%. While in the case of email, open rate was 33% and 2.1% was the click rate. Another report from Gartner says that 85% of the customer interactions would become automated by 2020 so it is clear that automation is not going anywhere. If you own an ecommerce business then you can let the bots attend customers and let them connect the customer with the products they have been searching for with proper call to actions.