Dig Into Lifetime Value Profit On Shopify - TribeTalk EP 71

Last Updated April 28, 2021

 

EmberTribe account director, Chris, shares his experience with a lifetime value (LTV) profit dashboard Shopify app called Lifetimely. Find out how to set up and analyze your dashboard and empower your marketing strategies with data.

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Here’s a quick rundown of how to get started with Lifetimely:

  • After installing the Shopify app, you can connect to Facebook, Google, Microsoft, TikTok and Snapchat Ads. 
  • For more accurate information, you’ll also want to add in your shipping costs, custom costs like overhead payroll, as well as product costs. 
  • Based on the time range that you're looking at, the profit dashboard will generate your net profit by month.

We haven’t really seen dashboards done like this before—though they might exist and we just haven’t uncovered them yet! The benefit of an app like Lifetimely is that you can get a really quick snapshot of how well you did one month versus a previous month. It’s basically a simplified ROAS calculator in the sense that it takes total revenue and subtracts market costs, marketing costs, product costs, and any other additional costs to show you your net profit at a glance.

The lifetime value feature pulls the direct information from Shopify and allows you to see lifetime value over time. This information is valuable because, even though you can do something similar in Facebook ads manager, the data you get doesn’t extend as far back as Lifetimely’s. Facebook usually extends data back to six months or so, so you can get a snapshot in time but you’re not able to paint a fuller picture around the growth of LTV over a significant period of time, like a year or more.

Store owners might also benefit from using the lifecycle report, where you can figure out critical information like the number of customers who have ordered more than once from your store, and how long it takes them to place their next order since the last one. 

If you’re ready to dig into your store’s lifetime value and want to do it all in one place, this app gets a gold star from us at EmberTribe!

Speaking of apps, learn more about how this free Shopify app can help you overcome iOS 14 privacy update woes and keep you targeting profitable audiences and check this list of our 23 favorite Shopify apps.

Jump on a call with one of our growth experts. We'll talk about your goals and create a strategy to get results. 

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