One of the biggest drivers of profitability and ROI is LTV (Life Time Value). Think about it for a minute. If it costs you $500 to get a lead and that lead does $500 worth of business with you, you break even. If the lead does $1,000 worth of business with you, you've just made a $500 profit.
Life Time Value isn't something that just happens. It takes effort and planning, and your post-purchase experience will make or break your LTV numbers.
We've touched on this in other articles on the blog, but it's well worth saying again. Retention starts even before a customer is a customer. If you think the customer experience ends with the checkout button, you need to re-think your approach.
The post-purchase experience is where you have the chance to convert a paying customer into a loyal fan and repeat buyer of whatever it is you sell. Give your customers even a mediocre post-purchase experience, and you can forget about that coveted Life Time Value increase.
A great post-purchase experience is nothing more than delivering on what you promised your customer in the first place: "Give me some money, and I'll give you something." That's the basis for every single paid transaction in the history of buying and selling and the first chance you get at an upsell.
You've already paid for your leads, so making the most out of them is an essential part of your bottom line. Deliver on the promise, and you're on the right path to increased LTV.
There's an old saying in marketing about the 80/20 Rule. What it boils down to is this. Eighty-percent of outcomes is a result of twenty-percent of inputs. Your post-purchase experience is firmly in that twenty-percent group.
One big mistake we see being repeated time and time again is overwhelming customers with too much information in one go. Granted, there are certain pieces of information you can't get around (Terms of Service, for example), but too much can work against your post-purchase experience. Breaking things down gives you more opportunities to get additional messages across as well and offers a perfectly acceptable reason to send an email or other notification. Your systems should provide an easy way to create series of transactional notifications. If they aren't, you need to talk to us!
Customers nowadays are much more fluid than they used to be. There's no more "corner shop" convenience anymore. Fire up your favorite browser, and you can buy stuff from anywhere in the world. That goes for anything you might be selling, either as a product or a service. This fluidity has changed what we always knew about brand loyalty as well. The name of the game isn't sales anymore. The name of the game is Retention.
One of the biggest mistakes companies make with their post-purchase experience is time-lag. Nobody likes to wait, and that holds especially true for anything online. When I click the checkout button on a website, I expect things to happen. I don't expect to have to wait, and if I do, I expect to get an email or other notification explaining exactly why I'm waiting.
The intelligent apps in the Antelope CRM make delivering on your promise a snap. With the built-in flows, your customers will never be left waiting, and our smart communication apps give you multiple ways to communicate with clients. That could be via email, VOIP, SMS, social media, or live chat. Set your rules in the CRM, and whatever your clients expect to receive, they'll get. Around the clock, twenty-four hours a day.
As soon as a new lead hits your CRM, the Antelope Ninja goes to work. The intelligent algorithm routes the best leads to your best-converting sales agents for increased conversions and sales. Once the sale is booked, the retention modules take over, making your customers feel like VIPs at every stage of the journey.
Everything is handled programmatically. Create your rules, and everything happens in the background without the need for constant maintenance. This background operation frees up your managers, allowing them to concentrate on managing their teams rather than data. Antelope takes care of the number crunching, so you don't have to. Truth be told, nobody really looks forward to juggling spreadsheets anyway! With the Antelope smart apps, you won't have to.
This algorithmic approach not only makes for an incredible customer journey but also cuts down your customer service costs dramatically. Take a look at your customer service figures and imagine what a 15% or more reduction would look like? That's what Antelope can deliver.
The Antelope smart apps build great customer journeys and post-purchase experiences. If your post-purchase experience is letting you down, get in touch with one of our success managers today and see what we can do for your bottom line and ROI!