Shopify

Understand The Value Of Your Customers With Predicted Spend Tier

understand-the-value-of-your-customers-with-predicted-spend-tier

Being able to easily identify your most valuable customers and rewarding them with access to a pre-sale or a special discount code can build the brand loyalty that you need to build a lasting business. However, in order to build brand loyalty, you need the data to understand just how valuable your customers are to your business. 

As a business operator, a predicted spend tier provides you the insights that you need to make better decisions. Knowing the value of a customer will help you budget how much you should be spending on acquiring new customers. Additionally, it will help you to get a stronger grasp on the ROI of your marketing efforts since you will have a stronger understanding of how much a particular customer may potentially spend in the future is worth to your business.

Understanding the value that this information plays in shaping the direction of a growing business, we have built a new predictive spend tier tool. This tool allows you to determine the value of your customer’s spending potential in the future represented by a tier: “high, medium or low” value for each customer. The feature is available for businesses that have more than 100 orders and will not be available for customers who have never made a purchase from your brand.

You can find the predicted spend tier as a filter within the customer segmentation tool.

The predicted spend tier is a great tool to take your business to the next level. For example, if you are looking to turn “low tier” customers into “medium or high” tier customers, you can create a segment of “low tier” customers with our customer segmentation tool and send them a message with a special promo code or access to an exclusive release in an effort to get them to purchase more items from you. Similarly, if you want to treat your “high tier” customers better, you can create a segment of these “high tier” customers to send them a message personally thanking them for their business. These types of interactions go a long way towards building brand loyalty and building a long-term business. 

By leveraging our new tool with customer segmentation, it will help to provide you the insights that you need to help deliver more personalized messaging to your customers to take your business to the next level. 

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This originally appeared on Shopify and is made available here to cast a wider net of discovery.

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