Calculating a customer’s lifetime value is fairly straightforward. Start by finding the customer’s average purchase amount. Multiply that by the number of orders that they place per year. Finally, multiply the result by the number of years you project that you will do business with that particular customer.
(Average purchase amount x orders/ year) x length of relationship=LTV
The resulting amounts grow your business revenue exponentially.
How do you go about creating a storefront that encourages long-term customer relationships? By building a community.
The idea of e-commerce jamaica telegram screening and community runs counter to our convenience store analogy. With a convenience store, there’s no long-term relationship and little brand loyalty. Customers are purely purpose-driven. That kind of business model fulfills a niche need. With a community, however, there is long-term give and take between customers and e-commerce merchants. But to build a sense of community with your clients you have to be willing to invest in their lives.
For a community to form around your brand, customers have to see you as more than just another retail entity. They have to see you as an expert and a resource. Demonstrating expertise is easier than it sounds. It’s about reaching the customer where they are in their buying journey using a multi-channel marketing approach. Through social media and other digital avenues, you can show your customers your unique brand voice and company values.
Additionally, community is about giving customers multiple points of access to you and your content. When a brand fosters a successful sense of community it eliminates dependence on traditional customer service. Customers have an open channel to the vendor. They are free to engage in communication that resembles open dialogue rather than a service call. It’s about making yourself an available digital citizen, something that voice commerce is perfectly situated to do.