We all know that customers are the lifeblood of any business. They are the ones who actually buy your products and services, are the ones who take your business to new heights, and most importantly, they are the ones who will keep you in business for years to come.
However, unless you have a strong strategy in place to make sure that your customers stay loyal and continue to buy from you, you may have a hard time building up your customer base.
Unfortunately, a lot of businesses fail because they don't know how to deliver a great customer experience that results in higher customer lifetime value.
In this blog post, we will discuss how to achieve higher customer lifetime value and create an effective customer experience.
What is Customer Lifetime Value (CLV)?
A company’s total lifetime value of its customers is defined as the sum of the present values of the future cash flows that it expects to receive from each customer over the customer's entire relationship with the company.
In simpler terms, CLV is an important metric used by companies to understand how much money they will make from each of their current customers over time. It looks at the historical customer lifetime value of different segments of customers - from the most profitable to the least profitable and everything in between.
The key thing here is that CLV helps companies determine whether or not they should invest in acquiring more customers or whether it's better to invest in retaining existing customers and increasing their average order size or the length of their tenure as a customer.
The CLV calculation looks at what you can expect to earn from an individual customer based on the number of times he/she buys from you, the average price per transaction, and other factors such as their tenure as a customer, returns, discounts, etc.
For example, if you sell widgets for $100 each and your average customer buys one widget every 2 months, and they stay for 5 years, then the total lifetime value of your customer would be $3,000 ($100 cost x 6 transactions a year = 600 x 5 years). If your customer stops buying from you after one year, his or her lifetime value drops to $600. However, if you were able to retain him or her as a long-term customer, for 7 years, the value of that person could be $4,200.
If you can improve your customer experience so that the majority of customers stay for 7 years, then you will see a significant increase in your revenue.
There are many ways to improve CLV though, beyond simply retaining customers longer and in this blog post, we will share some of them.
Why is customer lifetime value important?
It’s important because it allows you to assess the profitability of your business. If you have a high CLV with many customers with an above-average number of purchases then you know that you are earning lots of money from those customers.
On the other hand, if your customers only buy once every few years or only when you have a sale, then you may not be making as much from them as a more valuable customer.
When you calculate your customer lifetime value, you are determining the total amount of revenue you can generate from your customers over the time that they remain a customer.
In the context of a long-term relationship, CLV is a useful metric to spot the early signs of attrition. For example, if your customers drop off after the first year, then maybe it’s time to rethink how you market to them so they continue to buy from you for a while longer.
The CLV measure provides insight into how much value each individual customer contributes to your business. By understanding what motivates them to purchase or return, you can better target marketing efforts and improve customer service.
Companies can boost profits by almost 100 percent by retaining just 5 percent more of their customers. Ask yourself, "How much does the average customer spend in a year? How many years can I retain them? How often do they buy (timeframe)? How much do they spend a month, per transaction? How much of a discount do they expect? What is the return rate?
Calculating CLV is a vital part of any marketing strategy. In order to determine if your product or service is worth investing in, you need to know exactly how much money each new customer is going to bring into your business. You should also be aware of the costs involved in acquiring each new customer (your customer acquisition costs CAC).1. It has a direct effect on your top-line revenue
2. It helps you identify which customers are bringing in the highest revenues
3. It gives you insights into your profit margins
4. It lets you track your progress towards achieving your sales goals
5. It helps you set your pricing strategies
6. It helps you decide whether to invest in a particular channel
7. It helps you optimize your resources
8. It helps you understand your churn rate
9. It enables you to plan your retention & renewal programs
10. It helps you identify the best channels for growth
11. It helps you manage your sales pipeline
12. It helps you analyze your performance on an ongoing basis
How do I calculate my customer lifetime value?
1. Look at your customer database
Look at the data in your CRM system. Are there any recurring purchases? How often does a customer renew their subscription? Do they tend to buy at different times throughout the year? These questions help you get started calculating customer lifetime value.
2. Identify key metrics
Once you have identified recurring customers, look at the following metrics:
• Average Revenue Per Visit/Purchase
• Average Order Size
• Number Of Purchases per Year
• Total Sales Volume
These metrics give you insight into how profitable your customers are. Knowing these numbers will help you figure out which customers are bringing in more than others.
3. Calculate your average order size
To calculate your average order size, divide the sum of all orders by the number of unique customers. This calculation takes into account both repeat customers and one-time buyers.
For example, let's say you sold $100,000 in products last month. If your website had 1,000 sales last month, then your average order size would be $100. However, if your website had 2,000 sales last month, then your average order size would be $50.
4. Calculate your customer lifetime value
Customer lifetime value (CLV) measures the total amount of revenue your customers will bring into your business over the course of their relationship with your company. To calculate your CLV, simply add together all the revenue generated by your customers during their tenure with your company.
In other words, CLV Sum of All Orders / Unique Customers
Let’s use our example again. Last month we calculated that you made $100,000 in sales. Let's assume that 20% of those sales were to repeat customers and 80% were one-time purchases. The math works as follows:
20% x 100k = $20,000 in repeat revenue
80% x 100k = $80,000 in one-time revenue
Total revenue $100,000
Average order size $100 (assuming there were 1,000 sales)
Average repeat orders = 200 (x $100 = $20,000)
Average one-time purchase = 800 (x $100 = $80,000)
The next steps in the customer lifetime value formula can get quite complex, depending on your data needs, and rather than explain them in this blog post, go here and download their free CLV calculator.
How to improve your customer lifetime value
There are many ways to improve your customer lifetime values. Here are four strategies to help increase your profit margin.
Match your brand promise to the customer experience
It's important to understand that your brand promise should match the customer experience. For example, if your brand promise is "healthy, delicious food", but your customers feel like they're being served subpar food, then it doesn't matter how good the food tastes - they won't stick around.
On the flip side, if your brand promise matches the customer experience, then they will trust you to fulfill your promise the next time they visit.
Think about your own experiences when the brand message matched, or exceeded, the experience you received. How did this make you feel?
Now think about a time when it didn't. How did you feel then?
Even though each individual is unique, your customers, generally, will experience similar positive and negative reactions when their experience matched the promise.
To determine whether your brand promise matches your customer experience, ask yourself these questions:
Is our brand promise consistent with what we say?
Do we clearly communicate my brand message?
Are my customers getting the kind of experience I promised?
Do we provide the best possible customer experience?
Is the onboarding process easy and effective?
Are our customer satisfaction scores poor, good, or great?
How can we do better?
Leverage the data in your CRM
Your CRM is a treasure trove of data, provided of course that you have one and it's being used by everyone.If you're not using a CRM solution, you might want to consider getting one.
Here are some reasons why.
1. Managing leads and accounts is easier when everything is centralized
2. Data analysis becomes a breeze when you have all the details stored in one place
3. You'll save time, money, and energy when you automate tasks and processes
4. You'll get a better idea of what's happening within your organization
5. You'll be able to send targeted messages to specific segments of your audience
6. You'll be able to see exactly where your leads and contacts are coming from
7. You'll be able to find out if someone has signed up for an offer or contacted you about something else
8. You'll get a 360-degree view of your entire marketing funnel
9. You'll be able to track conversions and ROI
10. You'll always know where your prospects are at every stage of the buying process
11. And finally, you'll be able to create a profile of each contact so you can follow up with them later
Assuming you do have a CRM, have someone who is great at looking for patterns and extracting data, run some reports for you. Not only will this help you to determine your CLV, and your CAC but it will help you to fine-tune the insight into your various customer segments. From there, you can create detailed personas of your best customers and your unprofitable customers. You can also determine which segments have the potential to be more profitable and how you can target them for campaigns to increase their CLV.
Recognize and reward your best customers
The goal here isn't to treat people differently based on their profitability. The goal is to recognize those who are the most valuable to you. It could mean giving a small gift card as a thank you for returning to purchase again, sending a special email thanking them for their loyalty, or even offering a bonus item for future purchases.
As long as you give the same level of service to everyone, you'll attract more customers. Some may not return for a while, but others will consistently return. These are the ones who represent your best customers.
This is a critical point. If you're not treating your best customers well, then you aren't going to attract more customers. No one wants to deal with bad service or poor communication. So, make sure that you're treating your top customers like royalty.
Create a culture of loyalty
This is a topic that gets a lot of attention. In fact, it's been covered extensively by many experts.
People are loyal to those they trust to do the right thing and who do what they say they will do. They are loyal to companies that take a stand that aligns with their beliefs. They are loyal to companies that treat them well and they are loyal to companies that provide a great product or service.
So, to help create a culture of loyalty, look for ways to show appreciation for your best customers. Do they deserve it? Absolutely! But just doing these things won't guarantee a culture of loyalty. To ensure that happens, you need to communicate regularly with your best customers. This includes providing feedback, keeping them informed, and letting them know that you appreciate them.
It may sound simple, but it really isn't. As you've probably already noticed, sometimes people feel left out of the loop and think that no one cares about them when they are truly being ignored. This can lead to an erosion of the relationship between the company and the customer. Don’t let this happen. Always remember that people want to be heard and appreciated.
It's ok to ask for referrals from loyal customers.
Now, we get it – asking for referrals is annoying. However, if you're not getting good-quality referrals, then you're missing out on a huge opportunity. People will tell other people about great experiences they had. Letting your best customers know that you'd love to hear about the success stories they've experienced with your business helps build a better reputation.
For example, I recently asked my friends on Facebook if anyone has ever referred me to a friend or relative. And guess what? One of my friends said she would gladly refer me to her cousin, who runs a successful car dealership. That was awesome!
Start a loyalty program
I know this may sound counter-intuitive coming from a company that sells rewards and recognition programs but don't start a loyalty program until you've addressed everything we've covered so far. A loyalty program can be a huge waste of money if the customer experience is poor or the brand messaging doesn't align with the customer experience.
That said, people love to feel valued and appreciated, so always try to give something back to your best customers. You can offer discounts, freebies, special offers, etc. There are literally hundreds of different ways to reward your best customers. Just make sure that whatever you choose to offer aligns with the overall brand message and the value the customers bring to your business.
Coffee shops and nail salons often use punch cards, a low-tech and low-cost way to say thank you, which matches the relatively low-cost products and services.
Grocery stores give points to their customers, even though their margins are tight. Why? Because competition is fierce, and their loyalty program is tied to their CRM so they can piece together profiles of ideal customers, as well as match their promotions to individuals or segments.
In the B2B world, as meeting planners and group incentive travel planners, hotels often provide perks for booking at their properties. While we always lookout for the best interests of our clients and their attendees first and foremost, having a little perk is a nice touch.
Just match the program to the expectations of your customers and the needs of your business.
Add value, rather than discounting
This one is pretty simple: Add value. But, before you add anything, ask yourself whether there's an additional benefit that you could offer. For example, when you sell a product online, you can include shipping costs as part of the price.
But, you can also offer free shipping on orders over $100 or $50, depending upon the size of the order. This adds value because it makes the purchase easier for your customers. It also gives them the chance to save some money, and they're happy that they didn't pay for shipping, especially since they have become used to free shipping from the likes of Amazon.
Another thing that hurts your bottom line is discounting. If you consistently cut prices, you'll lose more than you gain. Customers won't trust you and will become less likely to return. In addition, by cutting prices you risk losing market share to competitors who aren't afraid to charge lower rates.
What do you need to do instead? You should add value to every interaction. This means offering extras like coupons, personalized service, extra amenities, free stuff, etc. These things help you create a memorable and lasting impression with your customers.
Upsell and cross-sell
"Would you like fries with that?" -- the number of times I said this when I was a McDonald's manager must have been in the 10's of thousands! And the number of people who said "yes" or "sure" was significant.
This is an example of cross-selling and if you teach your team to cross-sell, you can increase the average order size, thus increasing the CLV.
Another technique we used was the upsell. The customer would say something along the lines of a Quarter-pounder with cheese, fries, and a Coke, to which we'd reply "is that a large fries?" If we upsold them on the fries, we'd ask about the size of the Coke.
These techniques were fairly common back then, but now, thanks to technology, there are many ways to do these things automatically, especially when people order using an App or through your website.
For example, if a customer buys a dog bed, you can suggest other items they might want to go with it (like a leash). Or, if they buy a mattress, you can suggest a suitable pillow that matches the reason why they chose a specific mattress. Or, if they buy a car, you can suggest winter tires on rims (twice a year I kick myself for not doing this when I bought my car!)
Remember, you can use these tactics to increase both the frequency and average dollar amount spent per visit so use them wisely and strategically.
Provide omnichannel support
Omnichannel support allows you to provide multiple channels of communication, including phone calls, chat, email, social media, and live chats and it's a good idea to be where your customers are.
Each channel has its own expectations in terms of response time.
The best way to show your customers that you care is by providing them with a good omnichannel experience.
When someone emails you, you should respond within the same business day.
If you send them a message through Facebook Messenger, you should respond within 30 minutes.
People want to get help on their terms, and they will try multiple channels if they aren't getting the help they expect when they expect it.
It's not unusual to start on Twitter, move to a DM, speak to someone on the phone, then follow up by email.
The key though, is that each of these touchpoints must be recorded in the CRM so that the next person who helps them or the next channel the customer uses doesn't have to ask the annoying question "what's going on?"
Commit to improving customer experience
You may think you're doing a good job at customer service, but the reality is that you probably aren't.
There's no better way to tell than to understand what people are complaining about and what they are raving about.
I'm not a fan of surveys as so many of them are poorly written, poorly implemented (why am I required to answer that dumb question?!?), and too long. They are usually one-sided and don't contemplate the respondent's time and needs.
Lately, I have been in a few Facebook groups, specific to technology, and I am impressed by the responsiveness of the administrators.
While this may seem tricky, especially during a contentious issue, the way the administrators handle themselves can build tremendous goodwill, thus improving the likelihood that the customers will not churn and instead will recommend the business.
Again, people want to be heard and valued and they want their experience with your business to match the promises you make, so continue to improve your customer experience.
Increase your average order value
Once again, this seems like a pretty simple concept, yet most companies forget this step.
Many times, we put our focus on increasing sales volume without thinking about whether we can also increase the average dollar amount that people spend with us.
This is important because it shows that we have truly learned how to maximize the return on every sale.
To do this, you need to look at where your customers spend money and see which areas of your business offer the highest returns.
We've already discussed upselling and cross-selling, which are both great ways to increase your average order value but there is another way: Limit your discounts.
Discounts are expected by high-volume customers but they severely impact your profit margins.
By limiting the number of discounts offered, you are able to give more discounts to other customers while still making a reasonable margin on those purchases.
Get to know your biggest and best customers really well and add value wherever you can.
We never discount and our customers know that. Instead, we take excellent care of their participants, and we offer ways to get more value out of their investment with us. We have great relationships with them, so we know that we can have honest discussions. We also, nicely surprise them, sometimes with added value services we create specifically for them, other times with little tokens of appreciation.
We, of course, also offer upsells and cross-sells.
Improve your customer service
It goes without saying that customer service is an extremely important part of the equation.
If you don't provide a quality customer experience, then you won't be successful.
So, if you want to grow your business, you must become a world-class company when it comes to providing exceptional customer service.
Hire well, hold your people accountable for their outcomes, and treat them with the respect, appreciation, and opportunities they deserve for treating your customers well.
You simply cannot expect a brow-beaten employee to provide great service but you can expect that when you treat your employees in the way you want them to treat your customers, you will get the results you expect.
Adopt a customer-centric approach
By now you'll recognize a pattern. To improve your CLV you need to adopt a customer-centric approach.
Your entire organization must align around the needs of your customers.
In fact, the only way you're going to build a sustainable business is if you stop focusing on what's good for your brand or what's good for your product line and instead start looking at what's good for your customers.
And remember, it doesn't matter if something is good for your brand or not, as long as it's good for your customers!
Remember, a customer-centric approach means that you are no longer focused on selling your product or offering your service. You focus instead on delivering a positive customer experience that leads to increased sales and loyalty.
Doing this requires that everyone in your company understands how to think like a customer, particularly like your best customers.
Lower Customer Churn
Stop throwing away money trying to get new customers, when it's much easier to keep your current ones.
The key to reducing churn is understanding which customers are likely to leave and why.
There are many reasons why customers choose to move on from a provider:
- They feel that they aren't being treated fairly
- They feel that they weren't given enough information about their options
- They didn't understand why they were signing up for a particular program
- They just got bored with the process
- They felt that the benefits weren't worth the effort
- They had too much choice
- They wanted different things
- They wanted to try something else
- They wanted the same thing with a better deal
- They felt that they were getting ripped off
…and there are probably several more reasons.
Once you've identified the factors that drive customer churn, you need to find ways to address these issues.
For example, you could add more flexibility to your programs, give better answers to questions, do a better job of explaining how things work and clearly explain any changes or cancellations.
You might even consider adding some extra perks, such as free shipping or free trial periods.
Or, you might decide to offer discounts to certain groups of customers.
Or maybe you should change the delivery frequency or drop a monthly fee.
If any of these ideas sound familiar, then you already have an idea of what drives churn.
It's important to note that many high-performing companies are able to reduce churn without resorting to gimmicks.
Instead, they use a simple philosophy that focuses on keeping customers happy.
This includes making sure that they're always informed on every aspect of their account, including pricing and terms.
It also involves helping them find solutions to problems quickly and resolving any misunderstandings before they turn into upset customers.
In addition, it's vital that they treat each individual customer with respect and courtesy.
Finally, it helps if they can provide helpful feedback and advice so they can improve their own processes and become better at handling customers' needs over time.
The bottom line is that by providing exceptional service, you'll be able to retain your existing customers and attract new ones.
Incentivize your team to focus on your CLV strategy
When you decide how you are going to tackle your CLV improvement strategy, consider offering incentives to those who can make it come to life.
You could set aside bonuses or promotions for top performers, reward people who have achieved milestones, or perhaps pay out commissions based on performance.
Whatever incentive system you implement, make sure that it encourages the right behaviours.
For example, if you want to encourage your salespeople to focus on generating leads first, rather than cold calling, then incentives shouldn’t be tied to calls per day but instead to the numbers of leads generated.
Regardless of which behaviour you want to incentivize, make sure that you reward good behaviour consistently across your entire organization.
To ensure this, make sure that everyone knows about the rewards. This means ensuring that staff members receive regular updates on their KPIs, and that managers are made aware of their goals.
Make sure that the rewards are visible and easy to understand. This will help create a culture where employees feel motivated to achieve targets.
You must also ensure that there is no confusion about whether rewards are being given out or not.
There should also be no ambiguity regarding who is eligible for the award.
Finally, remember that positive reinforcement works best when it comes to encouraging desired behaviours.
Reactivate lost customers
Once you've identified the reasons behind your current churn rate, you need to find ways to reactivate your lost customers.
One way to do this is through email marketing.
Email marketing has proven itself to be one of the most effective tools out there for customer retention.
By sending personalized emails, you can build relationships with your audience and show that you care about their feedback.
As long as you send relevant content, you can rest assured that you won't annoy them.
Another option is to offer special deals and discounts to active customers.
If you can provide an added benefit such as free shipping or a discount voucher code, this will go a long way towards winning them back.
Offering extra benefits to these customers shows that you care about retaining them and makes them more likely to choose you again in the future.
Ask your sales team to contact lost customers, especially your most valuable lost customers. Why did they leave and how can you win them back?
This will give you the opportunity to demonstrate the real value of your product and service, and explain why they should come back.
Build a subscription model
So far, we've explored the customer experience and how it impacts CLV but there are other ways you can improve your customer's overall perception of your brand.
One way to increase your CLV is by developing a subscription-based model.
Many companies use subscription models to increase revenue and retain existing customers.
Subscription models work well because they allow you to charge recurring payments without having to ask your customers for money upfront.
This frees up cash flow so that you can invest in improving your business operations.
The subscription model also allows you to better manage inventory costs since you only need to stock enough products to cover the number of subscriptions you currently have.
When you develop a subscription model, you'll need to decide what kind of plan you're offering.
The most common types include:
- Monthly – These plans usually involve paying monthly fees for access to certain features within your app or website.
- Quarterly – Similar to the monthly option, except that payment occurs every three months instead of every month.
- Annual – These packages require a single up-front payment followed by smaller monthly payments over the course of a year.
- Discounted – If you want to encourage people to subscribe, you could offer a discounted price on the first few months of a package.
You might even consider offering different tiers of pricing depending on the type of user you expect to attract.
For example, if you sell software, you might offer a lower tier for students, while charging more for enterprise users.
Make sure that you clearly communicate the terms and conditions of each plan before asking your customers to sign up.
Also, be clear about which features are included in each plan.
Some people prefer to pay for unlimited usage, while others would rather not spend money if they don't have to.
It's important to understand your target market when choosing a subscription model.
Diversify your product line
Another way to boost your customer lifetime value is to diversify your product offerings.
In fact, some experts recommend that you create at least 10 unique products or services.
By doing this, you'll be able to reach out to a wider audience and provide them with a variety of options.
This will help you build trust among your customers and ensure that they feel like they have multiple choices when deciding which one to choose.
Build a community around your business
Customers are increasingly willing to pay more to support businesses that have a strong voice, purpose, and values that align with theirs.
By building a community around your business you can connect with potential customers and share information about yourself and your company.
This helps you establish credibility as an authority in your field and gives you the opportunity to engage with your audience on a personal level.
People tend to trust other people more than brands.
If you want to increase your customer lifetime value, it's important to build relationships with your customers.
Your brand should reflect your personality and values and should be consistent across all channels.
To do this, you'll need to think about ways to interact with your customers outside of just selling to them.
One effective way to do this is through social media.
You can use platforms such as Facebook, Instagram, Twitter, LinkedIn, YouTube, Snapchat, etc., to gain visibility and exposure.
You can also set up live chats where you answer questions directly from customers.
These interactions allow you to build rapport with your customers and give you the chance to show off your expertise.
And if you are not selling services but are instead selling widgets you can build a community around those widgets too.
Create content that resonates with your audience
Content marketing has become one of the most powerful tools available to online marketers today.
The reason why?
Because it allows you to reach out to your audience in a direct and personalized manner.
When done correctly, content marketing can help you drive traffic to your website and convert visitors into paying customers.
For a local business, you can build a community around your business by participating in local events. To elevate your involvement in the community, you can even sponsor or host events.
The key is to create a community, and that means that you are not always in the sales mode. You are definitely marketing but you are building relationships, one at a time, with the intention that this strategy will result in more referrals, and a higher CLV.
Personalize the customer experience
People want to be heard. People want to be seen. People want to feel valued. People want to be appreciated.
When you personalize the customer experience, you're showing that you care.
It shows that you understand their needs and wants. It shows that you care about what they are saying. And ultimately, it shows that you care about them and their success.
In addition, personalization makes it easier for customers to find the right solution for them.
So, start asking your customers what you can do to make their experience better. Listen to their responses and then dig deeper.
Use your CRM to keep track of individual responses -- and be sure to act on them too.
For example, if someone says that he/she would like to receive emails when there's a sale, let him/her know that you've added that feature to your email marketing program.
Or, if someone tells you that she/he hates having to repeat themselves as they are bounced from one person to another, offer to schedule an appointment so that you can address his/her concerns personally.
This kind of interaction will go a long way towards making your customers feel important and valuable.
And the best part:
Customers love it!
Focus on sustainability
We have one planet and no planet B. It's up to you, as a business owner/leader to ensure that your business is doing its part to protect our environment.
There are many ways to do this. For instance, you could choose to invest in solar panels, wind turbines, or other renewable energy sources.
You could also reduce your carbon footprint by choosing eco-friendly packaging and cleaning supplies.
You could encourage employees to recycle and use reusable items whenever possible.
You could also promote recycling programs within your company.
We help clients improve their business performance in financial terms while we also help them to improve their ESG and SDG performance at the same time.
By bringing sustainability into your CLV strategy you'll be able to increase your profits while improving the health of our planet.
Promote your business's higher purpose
We've touched on having a higher purpose other than simply bottom-line profit but this topic deserves its own section.
People like supporting people who are doing good things. Your higher purpose is about doing good things.
In fact, one of our brands is the Enlightened Capitalist and we are building a community of people who want to BE Good, DO Good, and DO Well.
We are teaching them how to do so because we believe that people have the urge to do so but aren't quite sure how to do so.
In the community, they meet with others who are in various stages of figuring out their own path to doing well and doing good.
This brand supports the work we're doing at WIN.
We encourage you to promote your higher purpose too. Again, you'll attract like-minded customers, who are often willing to pay more because they believe in you and they want you to succeed in your business so you can be more successful in your higher purpose.
This helps increase your CLV too.
So, why not connect with us to find out how we can help you?
Our team of experts can help you develop a sustainable and profitable strategy that will allow you to build a stronger business foundation and achieve greater success.
Book a call time that works for you by clicking on the button below.
Your customers are the heart and soul of your business. Without them, you won’t be around much longer.
If you want to create a thriving business, then you need to focus on delivering a great customer experience that lowers your customer acquisition cost (through referrals) and increases your customer lifetime value.
It means you need to create a great customer experience management program.
That means making sure that every single interaction between you and your customers aligns with your brand promise.
It means improving your customer support.
It means that your new customers congratulate themselves for finding and choosing you.
It means being there when they need you and providing excellent service.
It means listening to what your customers say and responding accordingly.
It means building relationships that increase your customer lifetime value.
It means better customer loyalty.
It means the average customer lifespan and the average purchase value increase.
But if you don’t have a solid strategy in place to make certain that your customers stay loyal, you may end up losing money instead of gaining it.
To learn more about how we can help you grow your business, click on the button below.