Conversion Rate Optimization (CRO) has been a big buzzword for quite some time, and everyone wants a piece of the pie. I don’t want to discount the importance of that work as it is what I’ve hung my hat on for the past few years. I still believe it’s a thriving practice and essential for organizations that want to increase the effectiveness of their online presence. The tactics of A/B testing, heuristic analysis, etc. will always be important to the understanding of website visitor behavior and optimizing websites.
However, it’s crucial that optimizers also consider how to drive customer retention as part of their process if they want to do full-funnel growth marketing. This work starts with developing a Customer Value Optimization (CVO) strategy. To start that work, you first have to analyze the buying patterns of your customers. An RFM analysis will set you on the right path to doing this.
RFM analysis is a CVO tactic and is the start of building out any plans to increase the dollars that customers spend with your shop.
Want to learn more about how you can leverage RFM Analysis to increase the retention rates for your ecommerce business? Read the full article on the Omniconvert blog.
If you want to learn even more about how to leverage key data points (that you’re likely already collecting) to fuel your ecommerce business (among other topics), you won’t want to miss the Fall 2020 Edition of the Ecommerce Growth Summit. It’s put on by Omniconvert from November 12-13, 2020, and we’ll be there! You can get your FREE ticket here.