One line answer for this question – As a
default, Magento 2(CE) doesn’t have one and you need to increase your
customer lifetime value! Agree completely? You may want to check out
this Magento 2 extension.
Interested in digging deeper? Read on.
So you are all set up on Magento 2 and
have a kick ass digital marketing strategy in place which ensures that
your potential customers find you when they need to buy. Now what? You
wait for the customers to come pouring- in on your online store and have
transactions. But, is a transactional relationship with your clients is
what you are aiming for, at best?
A true salesman knows the value of
establishing a solid relationship with its customers. Increasing the
lifetime value of your customers is the ultimate aim you should be
looking for. The good old Pareto principle holds completely true here
which mean 20% of your total customers are responsible for 80% of your
revenues.
Customer Lifetime Value(CLV) refers to
the future profits a company expects to earn from a customer throughout
his or her relationship with the business. A repeat customer thus is
much more valuable to any online merchant than one time shoppers. But
how do you ensure that a continuous communication channel is built with
the customer? Digital marketing tactics allow you to promote and
re-market to your existing customers on the web but at the risk of being
too intrusive and some case even on the verge of being annoying.
Remember the time you felt when you kept seeing an unwanted digital ad
of a particular product you just stumbled upon on an online store?
This is where email marketing is
slightly better as you have the prior permission to connect with the
customers. This bring us to an important question-
Among numerous innovative ways of
establishing that intimate relationship with your clients, traditional
email marketing still is one of the most effective & least intrusive
ways of keeping in touch with your customers. In fact the engagement
rates through emails are improving in 2017.
Why you need customers to subscribe?
Subscribing means you have a ready
database of your actual customers who want to hear more from you. We
don’t need to stress on the fact that how valuable that database is to
your firm. It will ensure that your customers are aware of the best
offers, company news and a ton of other relevant info right in their
inboxes.
As a merchant using Magento 2 Community
Edition (CE) you can either ask your store maintenance provider to help
you add this feature, which might be a taxing and time taking process.
Alternatively you can buy any off- the-shelf extensions at fraction of
the costs on Magento marketplace.
Which extension to use?
You can try Newsletter Subscription at Checkout
extension for Magento 2(CE) which is super-easy to install &
configure. As a merchant you will get a zipped code with user manual
& installation guide for a simple step-by- step installation
process. Most valuable part of this extension is its highly customizable
feature which gives you the flexibility to choose what you need.
In conclusion, we would like to stress
on the fact that email marketing can be a great addition to your
marketing mix but you need to ensure that you have laid a strong
foundation for it by building a subscriber list. This may seem a
minuscule step but adding the feature of subscribing to a newsletter on
the checkout page will make all the difference when it comes to building
lifetime value for your customers.
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