Parker reposted this
Andrew Chang, our PM, recently chatted with the CEO of an 8-figure Food and Beverage brand. They requested a new product feature that's completely genius: A New vs Repeat View in our analytics product. Most people know how important this metric is to track, but I don't know of a single ecom fintech that shows you this data in their UX. When we asked why that would be important to her, her answer was so smart I just had to share it verbatim. In the CEO's own words: "A healthy CPG business is built on customer retention. If you're not tracking the ratio of new vs returning, you don't have your finger on the retention pulse. Repeats spend more money, are easier to sell, and new customers cost 5-6x more on average to acquire than keeping a current customer. In short, investing in repeat business costs less and yields more profit." Important reminder for all of us: Retention trumps acquisition. P.S. If you have any suggestions for how to improve the products we're building at Parker, please reach out. I'd love to hear your thoughts!