DataWave is a customer segmentation tool. It allows you to segment your current customers based on their historical transactions. You can learn how customers are similar or different from each other, so you can talk to them in more meaningful ways.
A customer is 60% more likely to purchase product B if they have already purchased product A. You could show purchasers of product A images of product B to be relevant to what they want.
There are 30,000 customers who were previously high value customers but have not purchased in 1+ years, you could retarget them with imagery of newer products to get them back in the purchase cycle.
Customers acquired in October 2021 have a higher LTV than usual, look into what efforts were used to acquire customers during that time period to see if there is a repeatable strategy.
Segment your current customers
based on their historical transactions.
All customers aren’t created equal. Brand loyalty, interest in products and position in the post-purchase lifecycle are unique for each individual.
Segmentation analysis organizes your customer base into similar groups (or “cohorts”) based on purchasing behavior. This allows you to talk to your customers more meaningfully: addressing them at the right time, with the appropriate products and in the right channel.
Understanding the value of a customer is necessary to create a marketing strategy that has a positive ROI. On average, it's 6 to 7 times more expensive to acquire a new customer than it is to convert an existing customer. For established brands, this emphasizes the importance of understanding how LTV’s are different when segmenting your historical customers.
Keeping tabs on customer retention rate can give you insight into how your product is performing in the marketplace. As one author put it, “In the long run, your performance reverts to the value you provide.” Over time, you can compare retention rates to past performance to see if your product and your post-purchase marketing tactics are improving or if they need a refresh.