Not all businesses sell products customers will buy again within a short space of time (or at all) but the odds of selling to a current customer are 60-70%, according to eConsultancy, and the odds of selling to a new customer are 5-20%. The stats speak for themselves. When you’re looking to grow sustainably and profitably, your Customer Lifetime Value is worth investigating.
Customer Lifetime Value is the total amount of money a customer is expected to spend on your products during a given period – usually 6, 12 or 24 months (dependent on what you sell and your business model. ROAS is a key metric brand owners focus on when attempting to scale their eComm company, but usually, this is measured on a single purchase and as such the lifetime value of a customer is often overlooked.
Understanding LTV helps us as a paid media partner make decisions about how much money to invest in acquiring new customers and retaining existing ones. We’ve built a piece of technology – Leaf Cohorts – that we use internally to help us understand the value of your customers.
We can segment by time frame, channel and region to help us make smarter decisions about when and where to acquire customers. Over time, this directly affects the bottom line performance of your business.
Below we look at our top 5 choices for Shopify apps that help increase LTV. We’ve not included the Leaf Cohorts app because its not publicly available on the Shopify app store:
Lifetimely is an app built exclusively for Customer Lifetime Value, an all-encompassing programme in its ability to track, analyse and build your CLTV.
This is what we love about Lifetimely:
- Actionable metrics and insights to help drive up your ROI.
- Detailed customer LTV calculations, with tools to help you find profitable customer segments and determine appropriate ad spend.
- In-depth customer behaviour reports that reveal key patterns in your customers’ buying habits.
- AI-powered predictive LTV model that accurately projects LTVs and forecasts your monthly sales and revenue.
- Constant and in-depth auditing of your customer base and how your site is benefiting you or alternatively, losing you potential revenue.
- Ranks you against your competitors and get industry-specific targets for improvement, based on what your competitor companies are doing.
- Free Trial – 14 days
- Bottom Tier – $19
- Mid Tier – $49
- Top Tier – $99
You can learn more about Lifetimely here.
You may well have heard of Smile, seemingly the go-to customer lifetime value app across all web platforms. Smile allows you to boost sales from your existing customer base.
This is what we love about Smile:
- Uses points and rewards to increase customer engagement and drive repeat orders—all without expensive and unreliable traditional advertising.
- Plenty of flexibility with how you reward your customers, allowing you to set the parameters and discounts how you see fit.
- Plenty of opportunities to customise the app to your brand’s style and the free version of the app allows you a lot of opportunities without having to spend anything!
- Easy to use, very much plug and play, and reap the rewards.
- Free Version – Unlimited length of use
- Bottom Tier – $49
- Mid Tier – $199
- Top Tier – $599
You can learn more about Smile here.
Reconvert is a simple but effective option when it comes to upselling and increasing Customer Lifetime Value. The app boasts an average of 15% increase in revenue from ad spend by reconverting customers into making a second purchase.
Here’s what we love about Reconvert:
- A great one is that it captures customer birthdays, and then automates personalised birthday discounts that are emailed to individual customers on their birthday, increasing their lifetime value.
- Reconvert utilisation of customised thank you pages, countdowns and pop-ups to bring customers back a second time.
- Reconvert also provides a dashboard in order to provide instant analytics on the success of your reconversion funnel.
- Free Trial – 30 days
- Bottom Tier – $79
- Mid Tier – Flexible
- Top Tier – $799
You can learn more about Reconvert here.
PushOwl works by collecting store visitors as subscribers with just one click, requiring no personal information like email or phone number.
This is what we love about PushOwl:
- Allows you to send web push notifications about products and offers directly to your subscribers’ device screens to turn them into buyers and sell more.
- Primarily used to acquire new customers, but it’s also fantastic and recapturing previous customers and bringing them back for a second purchase through automated notifications.
- Uses smart delivery to send notifications to customers when they’re active as well as re-engaging store visitors with discounts, stock updates and much more!
- Plenty of freedom for the personalisation of automation and follow-ups, making it ideal for any eCommerce brand looking to recapture past customers.
- Free Trial – Unlimted
- Mid Tier – $19
- Top Tier – Customised plansand pricing available
You can learn more about PushOwl here.
5. Rivo’s Loyalty Rewards Referrals
Rivo’s Loyalty Rewards Referrals is a loyalty and rewards program built specifically and exclusively to integrate with Shopify. It works by offering rewards based on the customer’s previous spending.
Here’s what we love about Rivo:
- Automatically sets up and displays a loyalty program widget on your store that handles all this automatically.
- Encourages repeat purchases by offering points off their next buy.
- Widgets are fully customisable to fit your brand.
- Offers referral programmes, allowing your pre-existing customers to bring in more customers. The programme is great for increasing CLTV as it automatically gives pre-existing customers discounts on their next purchase without you having to do a thing.
- Free Trial – Unlimted
- Mid Tier – $29
- Top Tier – $99
You can learn more about Rivo Loyalty Rewards Referrals here.
So, to conclude, there are tons of great apps out there that allow you to recapture your previous customers and loop them back in to acquire more sales, all without spending on retargeting ads. What’s brilliant about going down that route is that all these apps offer free trials or free variants of the app. By installing some of these simple apps, you can drive up your ROAS without any additional spending.