Understanding Retention

Learn the definition and significance of customer retention in e-commerce.

Understand how to calculate retention rates and interpret them.

Explore strategies to improve retention and their impact on business growth.

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Sales Funnel

Visualise the process of turning leads into customers to refine sales strategies.

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Sales Funnel

A model used to represent the customer journey from awareness to purchase.

Helps businesses to understand and optimise their sales process.

Consists of several stages, including awareness, interest, decision, and action.

What is a Sales Funnel?

Imagine a funnel, wide at the top and narrow at the bottom. Now, picture potential customers entering from the top and actual customers coming out from the bottom. That's the essence of a sales funnel. It's a model that represents the journey potential customers go through, from the first interaction with your brand to the final purchase. The funnel stages break down the customer's journey into steps, helping businesses understand and optimise each phase.

Why is a Sales Funnel Important?

A sales funnel offers several insights:

  1. Customer Journey: It provides a visual representation of how customers move through the buying process.
  2. Conversion Points: It highlights where potential customers are converting or dropping off, allowing for targeted interventions.
  3. Optimisation: By understanding the funnel, businesses can refine their marketing and sales strategies to improve conversion rates.
  4. Forecasting: It aids in predicting sales and revenue based on the number of leads at each stage.

What are the Typical Stages of a Sales Funnel?

While the exact stages can vary, a typical sales funnel includes:

  1. Awareness: Potential customers become aware of your product or service.
  2. Interest: They show interest and seek more information.
  3. Decision: They evaluate different options and get ready to make a purchase decision.
  4. Action: They become customers by making a purchase.

In a Nutshell...

A sales funnel is like a roadmap of your customer's journey. It's a tool that helps businesses visualise the path customers take from being prospects to loyal patrons. By understanding and optimising each stage of the funnel, businesses can enhance their marketing strategies, improve conversions, and boost sales.

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Lifetime Value

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Lifetime Value

Boost retention, loyalty and customer value with strategic segmentation, automation, and innovative programs.

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Cement your customers' loyalty with programs that acknowledge and reward their engagement and spending.

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Laurens Spiele
Laurens Spiele
Decathlon
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Head of Channels & Solutions