After the completion of a project, there are two general tendencies. One of them is to continue the patronage with your firm by embracing a different project. The other one is focusing on other outside sources. In this view, by utilizing the metric of repurchases of services following project completion, you attempt to pinpoint the effectiveness of the user experience, and how this impacts customer behavior.
The formula is: (repurchases post projection completion/repurchases pre-project completion) x 100. In view of the reporting frequency, it is usually of one month.
First Things First: Defining the Concept of Repurchase IntentionTo begin with, we would like to define the concept of repurchase intention. This refers to the probability of a customer to continue purchasing from the same online seller or to choose the same provider of services.
As you might assume, there are several factors that go into the decision-making process. This is why you should make an ultimate goal out of understanding your base of customers, and what they appreciate most during the shopping process and experience.
It’s as simple as this, the more positive the shopping experience, the more likely past customers might consider shopping from you in the foreseeable future. In this direction, it might be a good starting point to do some research. Based on this research, you should customize your future projects. Many companies overlook the fact that the post-purchase experience is just as paramount as the actual purchase experience. In fact, due to this very fact, many people hesitate to shop from the same company.
The Importance of the Post-Purchase Shopping ExperienceIt’s fundamental to convert satisfied customers into advocates. Only this way you could maximize the opportunity of optimizing your sales and generating significant revenue. Advocates are the people that give you top reviews, the people that recommend your services and products to their family and friends, and the ones that mention you on social media. These are, without fear of contradiction, your highest value costumers and expanding your base of satisfied customers should be a priority.
One way of doing that is by analyzing how the implementation of distinct projects influences the shopping experience. The simplest way in which you can assess the success of a project is by using the metric of repurchases of services following project completion.
Let’s take a few examples, to clarify. For example, you might consider using email to stay in contact with both new customers and loyal customers. At the same time, it might be a good idea to solicit their feedback on social media. The bottom line is that you should use different tactics for encouraging them to come back to your store. Another commonly used strategy is sending an email after the purchase has been completed to inquire about their satisfaction concerning the entire shopping experience. Providing incentives that reward customer loyalty is also a strategy worth implementing.
Regardless of the project you choose to implement, this metric will turn out to be really useful, as it actually points if your project has accomplished its target or not.
