How Wishlists Can Be Used to Boost Customer Lifetime Value
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I love a good wishlist, both as a customer and a marketer.
If I’m casually doing a bit of browsing and see a product I like, I can save it for later.
If I'm scrolling through Instagram and see a product I like, I can head to my favourite website and add it to my wishlist for later.
I can send that wishlist to other people if they ask me what i want for my birthday or Christmas.
And I can always look back and think ‘what on earth were you thinking there Will?!’
From a business point of view they’re great as well.
You can see what products customers buy vs what they wishlist, and you can see what products then make it out of the wishlist into the cart.
You can use this data to profile your customers. If I always add a smoky single malt to my wishlist, it’s probably as good an indicator as if I were to add it to cart.
You can then market these products to me.
You’re pretty confident I don't already have them, so promote them to me.
Explain the value and benefits of the product, show off some amazing imagery or a story, and maybe, sometimes, give a discount as well (It’s important you don’t create a negative behaviour here though) - although notifying customers of sales works just as well!
Unfortunately, what happens on most ecommerce sites is the wishlist gets added as a function for the customer to use, and the business pretty much forgets it even exists.
If you've got Wishlisting on your website, really think about how you can make the most of it.
How can you promote it to your customers in an appropriate manner, and how can you use the data you collect from that to boost customer lifetime values.