I've been thinking about different uses of the new Targets feature in Repeat Customer Insights and came up with several ways Targets can be taken advantage of:
- Growth via improvements on your overall value.
- Setting floors for acquisition sources so sources that fall below it for too long are cut.
- Evaluation of new acquisition sources in a probationary period (e.g. try this for 3 months).
- Connecting multiple metrics together to reach larger, organization-wide goals. e.g. Average Order Value growth plus Average Orders per Month to hit new revenue goals.
- Growth of repeat customers and customer loyalty.
- Balancing new customer metrics vs repeat customer metrics.
- Making forcasted performance more visible in day-to-day operations.
Those uses, multiplied by the number of different metrics they could apply to can cover a huge number of long-term goals a Shopify store might have.
Eric Davis
Segment your customers automatically with RFM
Segmenting your customers has always been touted as a powerful marketing tool but many stores avoid it because it can be time-consuming.
Repeat Customer Insights will automatically segment your entire customer base for you based on the valuable data Shopify has already collected for you. Ranging from 5 to 30 to over 125+ different segments using RFM and other models, you can pick how much power you want to harness.