Converting one-time customers into repeat buyers increases in importance during the downturn.
Acquiring a new customer can be a tough lift, but finding ways to reduce friction during purchase and checkout is a proven method of increasing the lifetime value of existing customers.
Important Note: One study found that password problems cause nearly 60% of consumers to abandon their shopping carts before completing a purchase.
“During a downturn, you need to make things easier, not harder,” says Dedu CEO and co-founder Ari Jacoby.
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Which begs the question: Do you know how many people signed up for your site last month but failed to verify their email? Well, why not?
If you’re trying to realign online sales, this TC+ guest post contains formulas for calculating lifetime value (LTV) lost due to a breach on a monthly and annual basis.
Seriously: If you don’t fix every system you have, you’re just leaving money on the table.
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Should Founders Announce Rounds? This PR professional has nothing to hide.
If your house was damaged in an earthquake, would you be embarrassed?
Likewise, founders shouldn’t feel bad about receiving funding that lowers their valuation, advises Kate Johnson, VP of PR at BLASTmedia.
“Instead of pretending that low self-esteem doesn’t happen, change your mindset,” she wrote.
“You have nothing to hide. From a PR perspective, no news is good news. So focus on adjusting expectations.”
3 views: thoughts on the flow
Last week, Andreessen Horowitz wrote the largest individual check in the company’s history, investing $350 million into a residential real estate startup.
The poet? Flow’s founder is Adam Neumann, a WeWork co-founder who resigned and relinquished majority voting control after the company filed for an IPO in September 2019.
In what they describe as “an unrelenting account of why Marc Andreessen and Adam Neumann got America’s housing crisis wrong,” reporters Tim de Chant, Dominique-Madori Davis, and Amanda Silberling share their take.
- Amanda Silberling: Venture capital won’t save us.
- Dominique-Madori Davies: Diligence? are we doing
- Tim de Chant: Neumann is right – you can’t force society
What is the ‘last click’ in e-commerce – and how to get it right
Marketing manages the sales pipeline, and product and engineering teams lead the customer experience when purchasing a browser.
But who owns your checkout?
According to Bolt CEO Maju Kuruvila, who shares several strategies to streamline the checkout process and explains why it’s important to lead from “You may have met the top of the fund, but you may have missed the bottom.”
For the CMO, the win is proving that potential customers drive revenue and that a better checkout process drives return customers.
For a CFO, the numbers are self-evident: a percentage point improvement is more powerful than a percentage point improvement in total web traffic.
Surviving the SaaS Tsunami: Optimize your technology stack to reduce risk and free up cash flow.
Startups that don’t use a vendor management framework to manage their technology stack are flying in a thick fog: there’s no easy way to know how much or what they’re spending each month.
The truth is, most IT teams aren’t ready (or interested) to manage a recurring software renewal program, let alone track costs or efficiency.
Everyone is looking for places to make incremental improvements: putting some resources into accountability or purchasing can boost your bottom line (and reduce your security risk).