While most of the internet marketers are focusing on getting traffic & conversion, it is very rare they speak about customer lifetime value. If you are not focusing on the customer lifetime value, your business would not go anywhere. You might be making lots of money for the short term, but for long term, you will be leaving lots of money on table.
You can also attain continuous profit without advertising cost if you have a huge fan base who loves your services, products, or content. Your customers will keep visiting your website & purchase many times from you. Lifetime value is the total money that you spend by same customers to your business for the long-period, or perhaps for your entire life. For retail business, you can easily estimate your lifetime value since you can see the customers’ faces, & estimate how many times they purchase from you. However, for the online business, calculating lifetime value would not be that simple due to the indirect communication. Moreover, frequently once the person leaves your website, there is less chances that he will visit again & buy from you.
Smart marketers have various methods to promote repeat buying & increase customer lifetime value. These are six strategies which will assist you to boost your profit & get the most from every customer –
- Feature Your Fans in Your Content
Embed social media posts from the fans who have shared your content and said something great about your business or brand to their followers. Put them in spotlight & let them know how much you understand them. Once they see reciprocity, they will make your brand the priority & become one of the most precious marketing assets.
Email marketing is also a best way to keep customers, but numerous businesses go about it in the wrong way. Instead of sending the value-packed content, they run automated drip the campaigns without providing any value. This concept is just like the Wikipedia. Although the organization is not for profit, but millions of individuals visit Wikipedia everyday. Most of the people are repeat visitors, whether they are researchers, writers, students and marketers.
- Market High-Value Products to Your Customers
It might sound simple but if you have high-value products and services, or services that put a vital chunk of money in your pocket on front end, you are well in your way to enhance the lifetime value of your consumers. There are various specialized services you can market which actually do not even cost your consumers any money out of their own pocket but can pay you significant commission nonetheless. Most of the individuals are unaware of these services but they actually offer important value to clientele while paying marketers significant & residual income.
- Market Related Products or Services-
Most of the internet and non-internet marketers know which capturing your customers contact information either before or after the purchase is important to provide ongoing customer service & enhancing your customer lifetime value. By using various sort of auto-responder and newsletter service, you are able to simply automate this procedure. Contained within the messaging should be a variety of offers for additional & related products & services. One-Time Offers (OTO) are useful tool in the messages as well. One-Time Offers use powerful human fear of losing-out on something which will disappear if they don’t quickly take advantage of opportunity for the valuable commodity.
- Use your own Follow Up System for Customers
The finally usage of auto-responders, newsletters, & other kinds of automated communications tools which are essential for enhancing the lifetime of your customer value as mentioned earlier. More importantly, well written messages can make all difference in whether you make some dollars or a few thousand dollars over the course of many months/years from customers. Personalization of the messages where you cultivate relationship is also a key factor to develop long-term relationships & thus long-term lifetime value from customers. Old techniques such as actual cards, gifts & letters which come by snail-mail are very helpful in maintaining proper relationships with your customers. Moreover, there are various great automated tools for this. Setting up the strategic and well integrated system which maintains the communication with your clients & offers consistent value to them is very important.
- Database Your Customers
It is one of the most excellent ways to serve your clients is to know them as personally as possible. When dealing with hundreds or thousands of individuals you must be productive about your relationship building that is where the database comes in play. You should be tracking the demographic, psychographic, & geographic information. And, thus the more information you can track the better will be the outcome. Another vital thing to track is the order history such as notes from your team member who has served your customer. This information also help you to create offers which will finally convert into sales.
- Provide Live Chat Support
Around 75% of buyers would like companies to respond & interact with in real-time. The most excellent technique to provide them which is via the live chat feature – client & company communications which will take place in the real-time on company’s website/application. According to the statistics – live chat feature is very helpful for businesses or brands. About 77% of clients say they choose using live chat as the best option because it provides immediate responses. Furthermore, website visitors or customers who use the live chat on website are 4.5 times than the visitors who don’t, thus, there is plenty of space to boost conversions through them.
The Bottom Line
If you value your customers, you can enhance revenue. It is as simple as that. It is the matter of showing them how much they mean to your business. And, it is only by asking them for the feedback and acting on it. By offering them exactly what your customer’s need & the utmost convenience, offering superior support & an incredibly personalized customer experience is very helpful to enhance your customer lifetime value.
There are ‘n’ numbers of tools available to increase the customer lifetime value and relationships. Simply by knowing the right tools & to use the above 6 steps significantly increase your lifetime customer value.