the superstar product technique

The Superstar Product Technique:

Retaining Customers in Ecommerce

Metrilo

1 lost customer = 5 new acquired (in the US, or 7 in Europe)

Repeat customers =

40% of revenue=

8% of traffic

Step 1: Evaluate how well you’re retaining customers now

Step 2: Identify your Superstar product that boosts retention

Step 3: The Superstar Product offer

1-work-day Technique for Retaining Customers

#1: Evaluate how well you’re retaining customers now

What products make people come back and order again from you

(of the same product or something else –it doesn’t matter)?

Are there any that drive people away and they never come back (least repeat rate)?

Repeat rate by product

What portion of your customers buy more than once?

The more one-timers, the more they cost you.

Share of returning customers

What’s a reasonable time to expect between orders?

Are customers taking too long between orders (long past product lifecycle)?

Time between orders

How many times do customers come back to your store?

How many times do they browse you and leave?

Average number of orders per customer

How much do you earn from a customer on average throughout their lifecycle?

Acquisition costs eat up your profit.

Maximize the gain from customers your already paid for.

Customer Lifetime Value (CLV)

#2: Identify your Superstar product that boosts retention

Already proven a good hook

How people usually discover it?

How can you push it in front of everybody on your site?

You might be surprised….

What’s your Superstar? [1]

Is that your main product?

Is it priced than competitors’?

Is it your best value for money?

Is it great quality?

Are there really positive reviews of this particular product?

Is there abundant info on how to use it?

What’s your Superstar? [2]Why is it so strong?

#3: The Superstar Product offer

When you know what sells best, sell more of it.a few ideas

Segment by acquisition channels and

release channel-exclusive offers in different periods.

Look at spending habits.

Send coupons to the deal-hunters but use a video tutorial (feat. the product)

in an email for the better-spending customers.

Do you see people who shop only one category?

Try to tie the Superstar Product to something in that category – with content or simply a bundle offer.

Add a sample of the Superstar to the highest spenders’ next order – to try out and get hooked up.

A bonus idea:

segment by location and offer limited edition packaged Superstar

for a regional holiday.

Results to expect after applying the Superstar Product Technique:

• More returning customers

• Higher average number of orders per customer

• Higher Customer Lifetime Value (CLV)

“A bird in the hand is worth two in the bush.”

Step 4: …….We’re kidding, enjoy the sales you just made.

Images thanks to Unsplash.com

Metrilo

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