From there, all you have to do is divide your yearly revenue by the number of orders your store processed. Start Free Trial. Liked the article especially enjoyed a lot while reading about Pareto principle. What is customer retention? Next, create a list of all customers who have attended your seminars during the last twelve months. And in order to make it happen, you need a tool to keep your relationships alive — CRM. Thanks for the share!
Stand Out From the Crowd with Unique Design
Each year, more and more consumers turn to online shopping. It is estimated that within the next few years, over 2 billion people worldwide will purchase goods or services online annually. And according to a Pew Tl survey, 79 percent of Americans currently shop onlineup from 22 percent in Brick-and-mortar retailers are very cokpanies in the tactics they use to get customers to part with their money. Have you ever bought a candy bar in the checkout line? It is the same with online shopping. Although the methods are different, they are equally effective.
What is customer retention?
Entrepreneurs are always looking for ways to cut costs. In fact, quite often when people think that they are saving money they are actually being penny wise and pound foolish, and are hurting their businesses. No matter how many times you multiply a zero, the grand total of all multiplications will always be zero. If success came at no cost, everybody would be a millionaire, right? The reality is that sometimes you have to spend money to make money. But what exactly should you invest in to grow your online business?
When to focus on customer retention
Entrepreneurs are always looking for ways to cut costs. In fact, quite often when people think that they are saving money they are actually being penny wise and pound foolish, and are hurting their businesses. No matter how many times you multiply a zero, the grand total of all multiplications will always be zero.
If success came at no cost, everybody would be a millionaire, right? The reality is that sometimes you have to spend money to make money.
But what exactly should you invest in to grow your online business? Hosting has become extremely affordable, almost to the point of it being silly. You can get it for a few dollars per month.
So why would you want to spend more ot that? Website loading speed might not seem like an important issue. Meanwhile, the majority of mobile landing pages they analyzed take twice as long to load. Our research has been eye-opening. Mobile page speed Image source: Google. To put that into perspective, a single blink of an eye lasts between and milliseconds.
But the data is clear — speed matters. And hosting is a major factor when it comes to website loading speed. Another important thing to consider is uptime. As Jennifer Kyrnin from Lifewire demonstrateseven seemingly tiny differences in uptime add up to a significant amount of time:.
In other words, downtime is terrible for business. And what is the most important factor when it comes to downtime? A problem with one of them might impact the performance of your website. Investing in premium managed WordPress hosting will help you to optimize your website for speed, minimize downtime, and get reliable support if you run into any problems.
Kinsta even offers free hack fixes if your WordPress site is compromised. There are strateties upon thousands of free WordPress themes out. However, while they might work well for hobbyists, free themes are not ideal for businesses for three reasons:. Moreover, free themes are often not tested thoroughly enough before the release, which means that they might have bugs, not work well on all browsers, not work well on all devices.
Do you really want to spend hours on WordPress forums trying to fix some minor issue? Built by Tom Usborne, a developer from Canada. It is actively updated and well supported. Even a few Kinsta team members use GeneratePress for their projects. One of the great things about GeneratePress is that all the options use the native WordPress Customizer, meaning you can see every change you make instantly before pressing the publish button.
Built by Nicolas Lecocq, it is also actively updated and well supported. It is very lightweight less than 50 KB on frontend and offers unparalleled speed. Built by the team at Brainstorm Force, it is actively updated and well supported.
However, if you can afford it, then you might want to consider hiring a web designer or developer on a site like Strxtegies and getting a custom design that is tailored for your business. Finding the right person who understands your vision and has the skills to bring it to life can joney a bit tricky. Look for someone who has done work for similar businesses in the past say, if you have an online store, search for a designer who has worked with ecommerce companies before.
Also, make sure that they understand how design intersects with business and can explain how they are going to use design to help you make more sales in other words, they should have a solid knowledge of conversion rate optimization. At first, investing in design might seem somewhat frivolous, but nothing could be further from the truth. After all, the design of your website directly affects the behavior of your visitors, and making your website more visually pleasing and easier customes use can have a drastic impact on your bottom line.
When we launched the new Kinsta website inwe worked with a talented outside agency. Fast forward a couple of years, and those individuals are now part of the Kinsta team. Developers and software creators have families customrs feed, just like the rest of us. Basecamp is a team communication and project management app that helps you to stay on top of things when working with a remote team. No more chaos! Suggested reading: Trello vs Asana. Ahrefs is an all-in-one suite of SEO tools that helps you research keywordsbuild links, conduct site audits, and.
We use this tool at Kinsta and it easily pays for. MailChimp is an email marketing app with which you can build your email list, send out blasts, set up an autoresponder sequence, and.
We use MailChimp every week at Kinsta to publish our newsletter. Buffer is a social media marketing automation software that helps you grow your social media following on auto-pilot through scheduling updates and managing all of your accounts in one thaf.
Everything you see from the marketing team at Kinsta goes through our Buffer account! Moreover, trying to do the same things with free apps, or, even worse, manually, might turn out to be extremely time-consuming. Investing in premium software can save you time, make you more effective at your day-to-day tasks, and help you grow your business faster.
Inbound marketing is all about pulling people in through content. Things like SEOcontent marketing, email marketing. However, spenc that companies all over the world are using it as their primary marketing strategyit has become extremely competitive due to cuztomers sheer amount of high-quality content out.
Inbound global methodology Image source: HubSpot. This means that you need to consistently produce top-notch content if you want to build a blog, a podcast, or a Youtube channel. Of course, in theory, you could learn the tl you need from scratch, but in practice, this would be extremely time-consuming and therefore not feasible for people who already have a lot of responsibilities. It is important to understand that content is never free. You are either paying for it with time or you are paying for it with money.
The former makes sense when you are strapped for cash, but the latter might be a better option if you can afford it. Podcast content Image source: OkDork. Getting that kind of help from an experienced professional can significantly improve the quality dpend your content. Outbound marketing is about reaching out to people. It is true that old-fashioned methods like billboard, newspaper, magazine, radio and TV ads are losing their effectiveness. Yes, and no.
Marketers will argue both sides of whether or not things like PPC is an inbound or outbound strategy. Typically outbound means it is trying to interrupt your daily workflow and catch your attention. Which is what ads. However, ads can also pull people in using your awesome content. So regardless of the strategy definition, the important thing here is to supplement inbound with outbound.
For example, Laura Roeder, the founder of MeetEdgarused Facebook ads to get her startup off the ground. I think people are scared of spending money, but I would rather spend more on ads in the beginning, because later, I can have the bulk of my customers coming from search. They had a limited budget, so they used their email list to create a companiex audience, and then showed their ads to the people similar to their email subscribers.
Then, after some testing, they realized that video ads were most effective, and decided to double down on. The result? Advertising is the most straightforward way to get sales because you put your product right in front of potential customers. A low-end product will almost always be inferior to a high-end product.
The same applies to everything. Someone who releases a free WordPress theme or a free app is most likely doing it as a hobby. Or the only reason they have the free version is to upsell to the premium one.
They probably have a job to pay the bills. This places severe restrictions on the amount of time, energy, and money they can spend on their product. Now, this is not to say that you should never use free or low-end products. They might work perfectly fine for personal projects. There cuztomers also a lot of great open source projects out.
For example, a cheap hosting will cost you less, but will lead to slower loading speed, less uptime, and delays in fixing problems, which in turn will lead to lost sales.
Is the money you would save worth it? Or, a free app will cost you nothing, but due to ot limits completing the same task might take 5 hours more, which means that you will have 5 hours less available for other work. Or, you could write that blog post yourself, but it will take you 10 hours to do it, which again means that you will have 10 hours less available for other tasks.
There are no right and wrong answers to these questions. It all depends on your particular situation. Only you know what is right for your business. For example, if you are running out of money, then you should prioritize short term gain to keep your business afloat even if it hurts you in the long run. Meanwhile, if your financial situation is stable, then you should prioritize long term gain even if it stings a little bit in the short term.
However, whatever you do, remember usr each decision rhat both positive and negative consequences, and you should weigh them carefully.
However, you need to be willing to invest in your business if you want it to grow, otherwise, it will be next to impossible to take it to the next level.
Choose the Right Technology Stack
Those points can be used to get discounts and promotions. Focus on strategies and tactics that will help you grow your customer base. Supermarkets like to hide dairy products and other essentials on the back wall, forcing you to go through the whole store to reach. Anything a store really wants customers to buy is placed at eye level. Lisa, I want to echo the sentiments of Pat De Lille in the comment .
Comments
Post a Comment