Chargebacks911® COO’s New Guest Feature for Adrian Swinscoe’s Blog
Acquiring new buyers is crucial to keep your business growing. However, as Chargebacks911 COO Monica Eaton argues in a new guest feature for the Adrian Swinscoe blog, allocating more resources to retention could pay off in a big way.
Adrian Swinscoe has spent more than 25 years consulting, writing, speaking, hosting workshops, and more to share his expertise. He regularly posts new content about business strategy, customer service/experience, customer insight, marketing, and business development.
Acquisition is still very important. However, for a post-Covid marketplace in which the eCommerce space is largely matured, businesses can unlock a lot of value by pivoting their marketing focus more in the direction of retention.
“The pool of consumers that are new to eCommerce is shrinking. The digital market grows increasingly stable year over year,” Monica says in the piece. “Now, marketers are coming to understand that shifting the balance of their spend toward retention marketing is a necessary path forward. For skilled marketers who can leverage their assets and resources effectively, this will produce a stable stream of buyers who come back time and time again.”
She notes that increasing retention rates by just 5% could translate to a 25-95% jump in overall profits. However, being effective at retention demands careful planning.
“The customer experience is not monolithic. Instead, it’s composed of numerous tiny touchpoints. Each one of these will positively or negatively impact CX and help determine if a buyer makes a successive purchase.”
