Category: C Level Executive List

Customer acquisition cost or CAC is the value of the price you pay to acquire a new customer. And getting a new customer is more expensive than keeping one.

But with CLV, you can avoid spending more than what your new customers can afford.

Plus, using CLV will help you figure out how much you can spend on acquisitions without compromising your profit margins.

Improve Marketing Strategy

Now that you have well-defined prospects and you know the buying capacity of your existing customers, you can build campaigns based on their interests. Keep your customers informed and engaged by offering valuable content, whether through email marketing, social media or blogs.

Plus, with CLV, you can pinpoint customer pain points, so you can effectively market the positive impact of your product or service instead of just highlighting the features.

Find and Invest in Profitable Customers

Knowing what your ideal customer is, you can tailor your offer to suit their needs. You can create targeted campaigns and generate ads that will best capture your most profitable demographic.

CLV Insights also allows you to see which customers are losing money, so you can strategize to turn them into profitable buyers or devise ways to remove them from business altogether.

But as the business grows with the help VP Technical Email List of technology, data and information become more accessible. Now, businesses are re-imagining CLV around the customer journey, and not just looking at touchpoints.

They also dive into customer behavior that influences CLV changes across the customer’s journey with the business.

This means that CLV is more useful and effective for long-term marketing planning.

Advantages of CLV
In a competitive industry like e-commerce, seamless transactions will put you above your competitors. This is where you can use CLV. This is where you can use your CLV insights:

How to Calculate Customer Lifetime Value

When you talk about lifetime value, you’re looking at the entire customer journey with your business. This includes how, why, who, and when.

As mentioned before, you look at the average order value (per customer), the frequency of purchases, and the age of the customer.

To calculate CLV, you first need to calculate CW Leads customer value by multiplying the average purchase value by the average number of purchases.

Basically, CLV is the product of three components: Traditionally, businesses and marketers have used CLV to segment their customers so they can find tailored engagement strategies.

 

Perfect for small businesses, dropshipping can service a wide variety of products without the hassle of managing existing products. It is also flexible because stores can

Since you don’t need multiple workers to manage and a physical store to maintain, drop shipping retailers can quickly adapt to changes in the marketplace. In short, dropshipping is an ideal method for retailers who experience fluctuating sales.

Wow inventory is the ability to include personal touches such as freebies or just notes.

Unfortunately, you can’t do this unless you have an agreement with the supplier.

Fewer advantages compared to bulk purchase

Bulk purchases have much lower VP Media Email List prices. However, since you are relying on a third player, you are likely to pay more per item. This means that if you want to make money, you have to sell a wider variety of products to cover costs.

Customer experience is a top priority for businesses, especially now that most of our transactions are virtual.

For 2021, 86% of shoppers are willing to pay more for a superior customer experience, making it a key differentiator, over price and product value.[ * ]

If you already provide customer service, convenient payment options, great products, etc. What else can you do to improve the customer experience?

The answer is Customer Lifetime Value or CLV

Before e-commerce, not all VP Manufacturing Production Email List marketers and businesses understood CLV. And even as long as e-commerce started, CLV was still a fuzzy topic, with only 34% of marketers fully aware of its meaning and significance.

This article will help you understand CLV and how it plays a big role in enhancing customer experience.

CLV or Customer Lifetime Value is a predictive model that measures the expected revenue a business can earn from customers over the course of their business relationship.

The basic example is:

Every year on your father’s birthday, you send the same $80 cake. You’ve been doing this for the past 3 years. So now your lifetime value to the bakery is $240.

Foster Retention and Loyalty

Every business wants clients with high lifetime value because this means brand loyalty. They ensure steady returns and secure your business presence for years to come, and even decades to come. In fact, 61% of loyal customers would go the extra mile just to buy their favorite products (or brands) and services.[ * ]

For long-term revenue, CLV will help you track customer purchases and optimization. You’ll see and understand what each CW Leads customer needs at every step of the buying process.

Takeaway: Customer loyalty is the result of a positive customer experience. CLV helps you fully understand the customer journey by going deep into each customer and seeing where and why they left or stayed.

From a marketing perspective, niche products are easier to sell especially if you like the product. However, there will be a tendency that your niche will fall into commodities and become everyday goods.Deciding what products to sell can be tricky and daunting. You’re going to be investing a lot of money so you want to make sure that your product is marketable so it doesn’t fail.
DIY or Do-It-Yourself is best for those sneaky entrepreneurs. There are all kinds of handicrafts that you can sell, from clothing to jewelry. If you think you can make something that can be marketed and sold, then DIY is for you.

So how do you get a product that will actually sell

Know exactly what you need before VP Facility Managers Email List contacting a supplier. You have to be open with your needs to have a smooth process.
It is better to ask for some sample products before buying so you can take a close look and test the quality.
Do a test engagement. Every buyer and supplier wants a long-term relationship but before deciding if it is the right supplier, evaluate your supplier’s performance especially on the first and second transactions.
Don’t settle for one supplier. Business, big or small, can go high or low. Unforeseen things can happen, namely your supplier can run out of stock, can get sick, or close his business. Because of this, you should keep supplier options open to protect your inventory and your business.

Smooth and easy right

But will the customer know that the product didn’t come from your store? Will it be direct competition? The answer is no. Just make sure your supplier is open for drop shipping and blind drop shipping.

Dropshipping does not require office CW Leads or warehouse facilities, staff or even inventory. In short, you don’t need a lot of money. Just an online shop and they are ready to sell.

When you talk about lifetime value, you’re looking at the entire customer journey with your business. This includes how, why, who, and when.

As mentioned before, you look at the average order value (per customer), the frequency of purchases, and the age of the customer.

To calculate CLV, you first need to calculate customer value by multiplying the average purchase value by the average number of purchases.

Customer value = average purchase value x average purchase amount

The formula looks simple, however, if you want

to get up to date and accurate numbers, you have to calculate at the individual level.

Another disadvantage of Historical CLV is that it only focuses on the amount of previous profits and fails to consider VP Design Officers Email List the actual value of new clients.

predictive CLV
Predictive CLV influences predicted historical and retention behavior, enabling marketers to gain a variety of useful insights.

This answers the question:

Which type of new customer will bring you more profit?
Where does your business get the highest returns?
What are the key customer attributes that drive customer retention?
This method allows marketers to formulate specific models that can predict CLV for new clients or new clients, based on their buying patterns.

To use predictive CLV accurately you need

To find out the factors on which the client gives value
Find out what defines value and how it differs from different customers and segments
Determine the reasons why the customer changed his buying behavior
Due to price fluctuations (discounts, deals), determining the right predictive CLV can be tricky. That’s why there are two ways to calculate predictive CLV.

Simple formula:

CLV = (Average monthly transactions x average order value) x average gross margin) x average customer age

This simple formula can be used if your customer’s annual profit is expected and consistent such as a subscription based CW Leads payment with only one to 2 tier options. But for complex factors like retention rates, promos etc. You can use the above formula as the gross margin contribution per customer or GM value and calculate it as:

Ben Horowitz, an investor and entrepreneur once said that “You can have a great product, but a great story makes a company move”.

Explaining why your company or brand is important will appeal to your target audience, but applying real product success stories helps build trust and motivate action.

Also, a strong story allows your prospects to see and hear the reasons why your brand is great from other consumers and not just your own.

You can start by telling a story through your product description

Few things are more annoying than running out of juice in your headphones during a long road trip. This is why we added a battery to last more than 40 hours listening to music. Go from Europe to Australia. Chill out with dingoes, snakes and whatever else is in store. And fly back to your miserable job. All that without needing to recharge your headphones. If you find yourself stranded on a deserted island, you can use ANC to filter out the annoying sounds of crickets and other spooky stuff. The longer you can survive without using Bear Grylls and drinking your own urine – and much longer, of course. iPhones can survive.

Custom products
Niche products are products that Physician Email List target a specific consumer segment within a larger industry. Think of it as a product that is customized or upgraded to meet specific demands.

Because they are advertised as exclusive and most often luxurious, specialty products tend to be expensive. Niche products are defined based on.

Nutrition based recipe book

LGBTQ+ – Pride is one of those important social events that paved the way for businesses to enter. But long before it became widely accepted, business owners, often initiated by LGBTQ+ members, opened CW Leads their businesses to serve LGBT customers. Today, many businesses are more vocal about including LGBT people in their campaigns not only to make a profit but also to show real support for society. The best example is Automic Gold which sells jewelery regardless of gender and size.
Product ideas you can do:

eSports – Despite being a niche, eSports is no longer a minority. As of 2020, there are 2.69 billion video game players worldwide. Its revenue reached $159.9 billion and most of it came from the Asia Pacific market. There are many add-ons that can make the game fun. Take Discord for example. It is a gaming communication platform that offers video, voice and text options specially designed for the gaming community.

It’s easier to convert sales when your product is useful and in high demand. But what if everyone was selling the same product? What are you going to sell next?

This is a common sight in saturated online platforms. Competition is fierce, and 95% percent of product launches fail.[ * ]

But don’t let this discourage you.

In this article, we’ll talk about how to find the right products, look for value-added products and attract more customers to your online store.

Commodity products represent things that everyone

Needs and are often purchased in large quantities. Examples are technology, fashion, kitchen equipment, office supplies, beauty products, etc. The advantage of commoditized products is that consumers already know them.

Also, there is no need to educate consumers about product benefits and features. Also, it doesn’t rely on trends and hype Marketing Directors Email List because there is already an established and consistent demand for it.

But the problem with selling commodity products is the competition, plus the wide choice of customers.

One way to fight the material is to engage in a price war . The good thing is, in e-commerce, especially in a business-to-business setting, there are other ways to differentiate your product from others.

How to sell commodity products
Improve customer experience
Having a presence across multiple online channels is one way to enhance the customer experience. Reachable and present. Respond quickly to questions and offer a personal touch by attaching a thank you card or by adding free items.

Another trend that you can take advantage of is Augmented Reality (AR) technology. Companies like Converse, Kate Spade and IKEA are using AR. This will help drive purchasing decisions by allowing consumers to try products virtually.

Increase engagement with customers

First, online purchases lack face-to-face interactions. However, this can be alleviated by live streaming, live Q&A, and by producing informative and entertaining video content.

Live Streaming is already a massive CW Leads shopping industry in Southeast Asia and China. This was manifested at the 2020 annual Sing-Day global shopping festival Taobao where live streaming accounted for $6 billion in sales.
You can also make better use of social media and use digital tools to provide real-time engagement with customers

As previously mentioned, if you have a high search ranking, it will be easy for you to achieve other goals such as high organic traffic and conversions.

Bounce Rate
Another important metric to consider in the SEO market is the number of visitors that bounce from your store without taking any action.

Generally, the bounce rate should be between 40%-60%. If it is higher than that then it indicates that your page is not relevant to the search query and may affect your ranking factor.

Return on Investment
Calculating your ROI will help you determine if the money you spent optimizing your site was worth it.

Count:

Profit from Investment – Investment Cost Investment Cost

Keep in mind that this parameter may Investors Email List have negative values ​​early in your optimization process. But if you use the right tools and apply the right SEO strategy, you should see positive growth within a few months.

Yes, link building also applies in multi-vendor markets.

But how do you do link building for the market?

The best answer is through social media like Facebook, Instagram. Social media is currently playing an increasingly significant role in organic search visibility. For example, you can join a Facebook group that belongs to your niche.

Be careful not to publicly post your product and follow group rules so you don’t get kicked out.

Another smart way to build links to your products is to get product reviews from experts and bloggers.

Choose bloggers who are genuinely interested or better, niche experts to ensure that you reach your target audience. Follow them and start commenting and also share their content to build rapport.

If you think he or she is qualified, start emailing or texting them asking for an honest review of your product and sharing it with their audience.

How to evaluate market SEO performance

One great thing why SEO is effective is that you can measure and track everything related to it. From traffic, rankings to engagement and revenue, SEO provides the right key insights and tells you how Hotel Email List your site or store is performing.

So how do you know that your SEO is delivering ROI?

Hard to track performance without tools.

Split Dragon for example, has a search rank tracking tool where users can track your product ratings. It also tracks the most valuable keywords that you can use for your product to improve search ranking performance.

Not only that, it also emails you daily up to monthly search ranking summary and easy to read reports which can be used for business reports and presentations.

This is one of the easiest ways to find out if

You can read more about the Split Dragon Search Ranking tool in this article . You’ll be amazed how easy it is!

If you already have the tool, here are 5 KPIs you can use to measure and evaluate the performance of your SEO market:

Organic Traffic
An increase in organic traffic shows that you achieved your SEO goal of seeing an increase in people viewing your products.

Find ratings

Search rankings allow you to see if you are CW Leads using the right keywords for your product. Split Dragon search ranking tool allows you to monitor your ranking on Shopee or Lazada.

Remember the keywords mentioned earlier? Use it in a way that you can accurately describe your product in the title as well as in the description. 

Let’s focus on the title first. 

The title is the first piece of information searchers will learn about your product. Basically, it requires a brand name, key features and quantity. You can also enter for whom. 

The title should also be to the point and read naturally even if you include 1-2 keywords. 

Example:

 

As much as possible avoid filling your title with keywords so that it is not visible and legible 

The crawler also takes keywords into account in the description, so use high-volume keywords to your full advantage. Highlight the benefits of the feature in short but concise sentences.

Add breadcrumbs to your list

On Google, breadcrumb lists allow your visitors to quickly navigate to the previous section or track how far they are from the home page. Google displays breadcrumbs in search results to categorize information. 

This is also the same in big online marketplaces like Shopee and Lazada. Products listed in categories and subcategories help indexing for each section.

 

Make your content useful and interesting This is where your creativity will manifest. The product description Engineering Directors Email List should describe the features and benefits of your product in an informative way and at the same time arouse interest and encourage searchers to buy.

Imagine your real buyer. What words do they use? What words will you use to tell them about your product?

Know your target market, what they want and give it to them.

Even if online doesn’t have the power of touch and face-to-face meetings, you can still introduce your product using the right words and language that resonate more deeply.

 

Make your site feel and look trusted

Admit it, the biggest tips when it comes to online shopping are persistent hustlers. In fact, ecommerce fraud is the most co -reported type of fraud in 2020.[ * ] Naming your store “cheaptech” or “instantweightloss.com” does not guarantee respect.

Encourage your customers to review your CW Leads products by providing vouchers or displaying your trust seal. Lastly, make sure you are clear with your guarantees and warranties and place them clearly in your online store.

Opportunity to educate your customer base
Consumers search for products online either because they want to learn more about a particular product or they want to compare which is the best.

Being the first store or website they visit is a great opportunity for you to educate them about your business given that your description is optimized, to the point, and can answer FAQs.

Highlight valuable information from previous buyers who left you good and honest reviews.

Cost effective marketing

Digital marketing is made up of many different processes, including SEO. Returns cannot be seen at a glance. However, if done right, you will see long term benefits including high traffic, high quality visitors, increased conversions and ultimately business growth.

These benefits are just the tip of the Design Directors Managers Email List iceberg. With the opportunities presented, it’s hard to see a reason not to invest in them. With SEO, you can take the top search results space, allowing you to compete with big companies, and have the same level of credibility and efficiency in the marketplace.

Now that we’ve laid down the main reasons why SEO is a must, where can you start?

Keyword strategy is the main game when it comes to market SEO.

To get started, do a keyword search. Study your niche and think about the words your target market will use to find your product.

For example, if you sell plus size clothing, your keywords could be “plus size + products” or “plus size online shop”.

The best keywords are the ones that have the highest search volume

This means more people are searching using certain keywords.

To make your keyword research easier, there are several keyword search tools available.

At Split Dragon, we have a Lazada and Shopee Keyword suggestion tool that uses actual Lazada and Shopee data.

After selecting keywords, use them in CW Leads your title, bullet points, and product descriptions that highlight the features and benefits of your product.

Make sure users understand your product and content
This is very important.

Remember the keywords mentioned earlier? Use it in a way that you can accurately describe your product in the title as well as in the description.

Having a high search ranking will give your online store a chance to be seen by your target market. While Google gives searchers the most accurate answer to the question, the marketplace, on the other hand, provides a list of products searchers are most likely to buy.

And you, as a seller, want your product to be at the top of the list. That’s why SEO for online marketplaces is an important practice.

Here’s how high search rankings will affect your business

Established authority and good reputation
While building a good reputation is an ongoing endeavor, trust and transparency are strategic imperatives especially in large, crowded markets where competitors sell nearly the same products.

Having your product or website on the COO Email List first page of search engine results justifies that your business is demonstrating expertise and credibility.

Promotion all the time
SEO works non-stop and if your product ranks highly, it is more likely to be recommended to any search results related to it. Shopee, for example, has around 343 million monthly visitors.[*] That number is more likely to hit you if you rank high.

Organic search traffic
96% of searchers don’t trust ads, and admit it, nothing beats free traffic. With organic search traffic, there is a higher chance that the visitor has the intention of knowing more about your business or buying your listing.

How do I start optimizing

Right off the bat, let me tell you that SEO is a slow but steady and sure process. Here are five specific points you can start with to optimize your site over time.

Categorize products
If you have 500-2,000 products, you want search engines to reach them easily, just like any other. Placing your products in CW Leads the right categories allows users to easily navigate and scroll instead of seeing your products all over the place. Plus, products listed in categories and subcategories help with indexing for each section.