See how Rebecca Minkoff increases Customer LTV
May 15 2023
Rebecca Minkoff implemented a loyalty program, "RM Rewards", to increase customer LTV, profits, and brand loyalty. Alternately, you can use Konigle's Customer Based Pricing or LTV Booster tool to enable discounts for second purchases!
Less than 20% customers ever place a second order on a Shopify Store. Getting customers to buy over and over again requires a lot of hard work by a brand. And one customer retention strategy that many businesses practice is to implement a loyalty program, Rebecca Minkoff included.
Rebecca Minkoff's loyalty program, “RM Rewards” allows their customers to save when they shop, share, and refer a friend, with multiple ways to spend their points. This encourages their customers to keep purchasing in order to accumulate points hence contributing to increased Customer LTV, profits and a strengthened brand loyalty. However, if you find it to be a hassle to put a point system into place, see below for an alternative method.
Increase Customer LTV WITHOUT a Shopify Rewards app setup :
- From your Shopify Admin, go to Customers to add relevant tags for each customers i.e. VIP.
- Install Konigle to your Shopify store.
- Go to Settings under Store design, enable Customer based pricing.
- Next, from your Konigle dashboard go to increase LTV strategy, implement ‘Customer Based Pricing’ tactic.
- Create new pricing rule to reward your loyal customers based on the tag created in Step 1.
- Send an email out to said customer group informing them of the exclusive deal.
Alternatively, you can enable the LTV Booster tool also available on Konigle, this tool automatically gives your customer a discount off their second purchase!