This content was originally published in the No Best Practices newsletter on 07.03.2022.
Let’s cut to the chase: customer retention is really tricky. Especially if you’re an eCom store selling a single brand in a single category. And especially if you’re selling something that isn’t consumable.
We’re probably heading into a recession soon, so you can expect the cost of acquiring a new customer to increase. It’s worth taking a second look at retention, if only to help you set realistic expectations about what retention can do for your business.
In the average mono-brand, mono-category eCom business, only 20-35 of the new customers you acquire will ever come back and buy from you again. If your retention rate is higher than that, you should pat yourself on the back. But no matter what your retention rate is, you should keep on reading.
There are factors that have nothing to do with digital marketing that put a ceiling on your potential to retain customers…
To view the No Best Practices newsletter archive subscribe to our newsletter for free by clicking here.
If you’re already a subscriber you can click here to log in.
The No Best Practices Newsletter Archive Is Brought To You By Future Commerce. If you want to think more strategically about your eCom business, you should click that link.