I already said it a couple of days ago. There is something that is even more important than the ROI of a product and that is recurrence. When a sale generates other sales because the client has been satisfied and needs more of your products, you can make another type of calculation when you do marketing campaigns. This is where CLV comes into play. It is also true that betting only on the future purchases of a client is a game with fire and even more so if you are growing and your cash flow is vital.
Nobody said that having a business is easy although with so many people out there with Lambos in their garages it can’t be complicated either.
What I was saying. I am looking for ways to increase recurrence. This is what we are going to do and/or are already doing.
1 Creating flyers
2 Manufacturing small batches of new products
3 Implementing a CRM
Creating flyers
I am not sure if I have already talked about this although it sounds familiar to me. All products and especially those that generate the highest daily sales volume will have a flyer. In this way we will promote other products in our catalogue. It is phone number library above all a promotion of related products. We give visibility to offers that generate recurring purchases through sales of items that usually have less. It is above all a cross-selling measure that can consequently initiate recurrence.
Manufacturing small batches of new products
We have found a Spanish factory that has the capacity to manufacture our product. They are more expensive than doing it in China, of course. But the short distance and the possibility of ordering smaller quantities means that we can test google’s algorithm takes this into account new products with low risk. In this way we can test ideas that we have to see the market response. If the product works, we either manufacture in China or if it is profitable we do it in Spain. I have also considered buying machinery and hiring a person because manufacturing is not so complex. The problem is that the numbers don’t add up. It doesn’t pay to hire someone because in China it is still much cheaper. A shame.
Implementing a CRM
Today I am launching many abbreviations that I have not touched on in a while on this blog. Although I have already talked about this topic recently. I want to better understand our customer profile and more importantly I want to be able to be yeezy 350 boost v2s more attentive. When someone contacts us in the future we will be able to see their history with us, e.g. if they bought from us on Ebay, on Amazon, in our store, etc., what they bought and if there was any kind of communication with them in the past. I think, I don’t know, that this is what will make a customer feel better served and that can make the difference in becoming a fan of our brand and products.