4 ways to increase your customer’s lifetime value!
Customer Lifetime Value! What does it mean?
Customer Lifetime Value is one of the most important metrics of your business as it is the metric that indicates if your business will be viable and profitable in the long term. CLV refers to the projected revenue each customer will generate during their lifetime, so increased CLV means less acquisition cost and more revenue, thus long term profitability!
A study from ThinkJar revealed that it costs 6 to 7 times more to gain a new customer than to keep an existing one! Therefore, all efforts should be placed in increasing your customer’s satisfaction throughout their entire customer journey and extend their lifetime value.
How can CLV be increased through customer centricity?
The most important thing you can do to extend the CLV index is to develop a strong bond with your customers and make them feel that “this company gets me”, so the next time they will need something they will not search somewhere else, but they will come directly to you. There are a lot of ways to achieve this and the one thing that you should never forget is that there are real persons behind every transaction, so all you have to do is understand their needs and communicate with them in a personalized way, just like you would do with a real human.
This is not an easy task when you manage tens or thousands of transactions every day, so you need to get the right technology in place. e-satisfaction.com, taps into your customer’s mind and gives you the opportunity to trigger personalized communications based on the experience your customer had when buying from you.
This personalized communication comes from e-satisfaction.com‘s built-in marketing campaigns that you can use without having to bother your technical team. Easy, plug n play, fast and effective!
- Refer a Friend – Ask your happy customers to refer you to their friends! You can have a quick look on a successful case study that generated a 3% revenue increase with no marketing cost!
- Callback Request – Who said customer recovery cannot be automated? Have dissatisfied customers ask for a callback and solve any possible misunderstandings, converting them into happy and loyal customers! Click here to read more about the Callback Request mechanism.
- Banner Campaigns – Usually customers leave when they finish checkout. Instead of this you can use the thank you page to create awareness, or even to transfer every client that completes checkout to the next action you want them to do. Check your loyalty program, discover your new stores, or a Free Delivery offer are some of the actions our customers have chosen.
- Reviews Campaigns – Do you want to increase your Word of Mouth and inspire more trust to potential customers? Do you need more reviews in marketplaces, in Facebook or Google Places? See this case study to discover how to increase positive reviews by 79%!
Not all customers are the same! Personalize your marketing messages to show your customers that each and every one of them is unique for you! If you want to learn more, schedule a demo with our team and discover how your customers will reward you!
Also published on Medium.