You probably know that every customer has a lifetime value in the business. This is called CLV, customer lifetime value. It translates to the amount you can earn on any customer when they enter your product funnel.
Understanding your CLV can help you determine how much you should spend on marketing and also help you determine ways to expand your CLV.
Become more customer centric
Customer service is one of the most important parts of any business. Even if you have the best products or services in the world, if your customer service is poor, it won’t last long. If you want repeat buyers, treat your customers with the importance they deserve.
Create targeted upsells
You can easily create an automated system to incorporate upselling into the buying process. For example, you can do it in the shopping cart, or you can do it through follow-up emails.
Create logical cross-sells
A cross-sell is simply selling a different product to a current customer. You need to engage with your audience, but you don’t have to engage with the first product you sold them the same way an upsell does.
be receptive
It is imperative that you set up a system that makes you appear very responsive to your customers. It does not matter if it is a ticketing system, a 48 hour response policy or open office hours. However, you need to be perceived as very responsive to keep your customers happy.
Deliver more
Every product or service you deliver must be better than what the customer expects. The fact is, you won’t please everyone all the time, but you can shoot to overdeliver. If a customer is not satisfied, you can overdeliver your solution to fix their problem.
Create a referral program
Let your customers earn money or points by referring you to others. Often when people can earn enough money to buy clothes, they are more likely to spend money with you. It’s a win-win in every way.
stay connected
Find ways to stay connected with your audience, like social media, email, and webinars. The more ways they can connect with you, the happier they will be, and the more your NLC will expand.
Develop an inner circle
One way to expand your CLV is to provide a fee-based inner circle that certain customers can join. It can be in a private forum or even managed by Facebook. You can use a private Facebook group or create your own forum with native software.