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
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 brings us to an important question-
Does Email Marketing still work?
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.
How can you enable this feature in Magento 2(CE)?
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.
Have any thoughts, queries, suggestions to make? Leave them in the comments section below.