Earlier this month, our CEO, Valentin Radu, took part in a very exciting interview conducted by Website Planet, where he invited us for a trip down the memory lane and revisit all the amazing products and solutions Omniconvert has been delivering to its precious clients and audience reading all the up-to-date content we create.
Omniconvert Reveal – customer retention on steroids
The interview was focused on the most important topic: our newest product, Reveal (that is officially launching TODAY, so go check that out) and its many benefits on empowering marketers and eCommerce owners to make good use of their valuable customer data through the power of NPS, cohort analysis, RFM – the value score for Recency, Frequency and Monetary value – and understanding their customers’ journey.
So much can be said here, but we’ll let Valentin share the news:
Reveal is also available for free on Shopify for merchants with a Shopify account until the end of this year, so don’t miss the chance to learn more about your customers and move the needle to sustainable business growth!
What can Reveal do for you?
- For eCommerce Owners – Monitor the main factors that generate growth: customer lifetime value, NPS, cohorts, and the ratio between CLV and CAC
- For Data Folks – Identify anomalies in cohorts, customer behavior, product data & CX
- For eCommerce Managers – Improve customer lifetime value by doing ads, emails & website personalization based on RFM segments built automatically
- For CRO Agencies – Level-up your understanding of an eCommerce by using 1st party data: survey, test & personalize using RFM segments.
- For Media Agencies – Improve your targeting & decrease customer acquisition cost by having access to the best customer groups – build lookalike audiences based on ICP
The shift from Customer Lifetime Value (LTV) to Customer Value Optimization (CVO)
If you’re not convinced yet, let us remind you of an extremely well-known concept: Customer Lifetime Value (LTV or CLV). You must have heard about this concept at least once, right? eCommerce companies need to obsess over Lifetime Value.
More than two decades have gone into companies mastering CAC (Customer Acquisition Cost), which means it’s getting more expensive every day. However, the opportunity is in the part of the buyer’s journey we’re all pretty bad at, that is customer success, customer retention or LTV.
Did you know that only in the last five years, the cost of customer acquisition has increased by over 50%? It’s clear that eCommerce companies have to focus on their most important asset: their current customers.
Now, more than ever, is time to shift our attention from acquiring customers that might never come back to understanding the best customers and acquire more like them by improving LTV. Therefore, we present to you the latest trend in eCommerce growth: Customer Value Optimization (CVO).
When a customer first buys from an eCommerce, they’re not buying the product, but the marketing of that product. That means the focus must be on the customer’s behavior, right? There are a lot of solutions to focus on visitor behavior, but there is no solution in the industry that focuses on Customer Value Optimization. So, very few know about the concept of CVO!
Customer Value Optimization is vital for eCommerce Growth. The most interesting formula to remember here is that the future of eCommerce growth lies in the ratio between customer acquisition and Lifetime Value Optimization.
In short, here is how the evolution of Customer Value Optimization looks like:
To be continued…
Our journey has merely begun and we’re looking forward to being ahead of the game of eCommerce growth with Customer Value Optimization and Reveal is here to give a helping hand to all companies that cherish their customers and understand their true value.
? Don’t forget to check out the full interview posted on Website Planet!