Looking for the best-kept secret in eCommerce? Don’t miss the recent episode of the 2X eCommerce podcast, where Kunle Campbell interviews Retina’s CEO Micheal Greenberg to learn why predicted customer lifetime value (CLV) is the single most valuable metric for marketers.
You can listen to their full 35-minute conversation on the subject here, or if you’re in a hurry, just skip to the parts you’re most interested in. For example, Michael drops the big secret at 8:20 and shares the only three things Shopify store owners need.
What does the 2X eCommerce podcast have to do with Retina?
Campbell is an eCommerce advisor to online retailers. He also has shared his knowledge on boosting e-tail profits on many industry-leading learning platforms. As a consultant, his goal is to double the value of three key metrics for his clients. Those performance indicators are traffic, order value, and repeat orders. At Retina, we understand the importance of three similar critical metrics. They help us first predict, then amplify the value that each of our client’s customers brings to a business. These metrics are order recency, frequency, and magnitude.
Customer Lifetime Value Podcast Highlights
In the podcast, Greenberg and Campbell discuss how retailers can revolutionize their marketing and customer retention strategies using just those three pieces of information for each customer. They’re so powerful because together, they make up individual level CLV. Another topic covered is why traditional methods for calculating CLV fall short. Greenberg also explains some new business use cases Shopify retailers unlock by using free tools like Peter Fader’s Buy Til You Die Models and Retina’s free CLV tool, Retina Go!
If you’re interested in taking advantage of such applications, Greenberg also explains what kinds of data you’ll need to collect. First of all, you’ll need customer identity resolution, meaning the ability to tell when a returning customer is actually the same person that made a previous recorded purchase no matter what device they’re using. Not sure if you’re ready to be fully data-driven? Answer these 8 questions first.
Do you already have customer identity resolution down pat? If you aren’t sure what comes next, don’t miss Greenberg’s walkthrough beginning at 13:16. At 15:40, he gets into the benefits you can expect to experience in your business by using Retina’s solution. One example is the ability to more precisely predict churn. Another example is finding lookalike audiences based on your best customers that you can use in digital ad campaigns.
Where you can listen
This episode of Campbell’s 2X eCommerce podcast is certainly worth a full listen. Check it out on Soundcloud, Spotify, or iTunes.
If you like what you hear and want to learn more about how Retina can support you, be sure to explore our free Shopify tool Retina Go! or get in touch with us for a more customized solution via [email protected]