Maximizing Revenue with Existing Fashion Ecommerce Customers
The goal of this guide is to help understand different ways you can use automated systems to increase the lifetime value (LTV) of existing customers by 2X, 3X even 10X, If you execute on it the right way.
You’ll get what you put into this guide.
Look, we have already discussed in the training video that high-profit margins are typically made after the first sale, as no money is spent on advertising.
I do not need to show the same diagram over and over again.
3 Variables to Improve LTV
- Products
- Customer Experience
- Marketing
PRODUCTS
- Sell great high-quality designs that are trending in the marketplace and are selling well.
- Make the packaging extremely luxurious of your products.
- Identify and lead with your best-selling products, and find complementary products to sell alongside them.
- Launch new products frequently through flash sales, Kickstarter campaigns, and email campaigns to subscribers first before putting on ads to test. (You can use ads if your email list is small, discuss it with our ad experts to learn more)
CUSTOMER EXPERIENCE
- Offer fast shipping
- Package high-ticket items with premium packaging to increase perceived value.
- Send them to order updates frequently on SMS as well as email. It proved fact that anticipation increase dopamine, if you are sending a few SMS’s after the order, send more. They are excited, get them even more excited!!
MARKETING
- Utilize one-time promotional campaigns (giveaways, promotions offers, new product launches..ertc)
- Utilize automated flows (cross-sells, welcome series, win-back campaigns) to increase sales and profits from that leaking pipe.
- Implement abandoned cart recovery emails using apps like Recover My Cart (for Shopify) or Klaviyo.
- Use campaigns like "first hit," "one two punch," and "VIP customer flow" to encourage repeat purchases and keep doing that constantly.
- Utilize "runner's campaigns" to re-engage customers who have made multiple purchases but then stopped buying.
- Utilize "win back campaigns" to encourage customers who haven't purchased in a while to return to your store.
- Implement a "welcome series" of emails to new subscribers.
Book a call with us, if you require help and guidance executing these.
By focusing on these three variables and implementing these strategies, you can increase the lifetime value of your existing customers by 2X, 3X even 10X, resulting in more profits for your fashion e-commerce store.
