Your Best And Worst Customers | Kristen LaFrance | Churn Buster

Honest Ecommerce · with Kristen LaFrance · October 7, 2019 · 25 min

Summary

This episode argues that with increasing customer acquisition costs, ecommerce brands must shift focus from simply acquiring customers to acquiring and retaining the *right* customers. It introduces "retention-based acquisition" as a strategy to build long-term customer relationships and lifetime value, emphasizing the importance of understanding customer aspirations beyond just product features.

Key takeaways

• Identify your best and worst customers to define your 'North Star' for acquisition and content strategy.
• Develop content that supports your customers' broader lifestyle and emotional aspirations, not just product features.
• Implement "retention-based acquisition" by focusing acquisition efforts on customers likely to have high lifetime value from the first touchpoint.
• Prioritize customer retention and LTV extension to offset rising customer acquisition costs.
• Ensure all messaging and creative, from ads to welcome emails, aligns with brand values and fosters long-term customer relationships.
• Acknowledge that customer acquisition costs are rising across all channels and that businesses must adapt by focusing on quality over quantity.

Themes

Topics covered

Episode description

Kristen is the lead on all things education, retention, and growth-related at Churn Buster. She’s obsessed with creating meaningful customer relationships and showcasing the human side of e-commerce businesses. On this podcast, we talk with Kristen about Retention Based Acquisition. What it is, why it’s important, and how changing your mindset to focus on it makes your store more successful in the long run. To learn more, visit: http://honestecommerce.co Resources: Churn Buster website: churnbuster.io Email Kristen at kristen@churnbuster.io Kristen’s Twitter: @kdlafrance Learn more about how Churn Buster helps Shopify store owners take control over failed payments and improve retention. http://bit.ly/CB-shopify

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Frequently asked about this episode

What does this episode say about customer retention?

Identify your best and worst customers to define your 'North Star' for acquisition and content strategy.

What does this episode say about brand & content?

Develop content that supports your customers' broader lifestyle and emotional aspirations, not just product features.

What does this episode say about paid acquisition?

Implement "retention-based acquisition" by focusing acquisition efforts on customers likely to have high lifetime value from the first touchpoint.

What does this episode say about dtc strategy?

Prioritize customer retention and LTV extension to offset rising customer acquisition costs.

What does this episode say about customer retention?

Ensure all messaging and creative, from ads to welcome emails, aligns with brand values and fosters long-term customer relationships.

Listen

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