Have you ever wondered what the one business metric that hugely successful companies like Amazon use to drive profits is? It's Customer Lifetime Value (CLV)! High CLV results in increased revenue, meaning you can afford to spend more of your hard-earned cash finding new customers and retaining existing ones!
Show Notes
CLV is a metric for understanding your customers. It predicts how much net profit your relationship with a client can bring to your business over a period of time.
Increasing your business' CLV might be as easy as changing your billing cycle from monthly to yearly or as tricky as completely revamping your customer service and support procedures. Although the process may seem a little daunting at first, believe me when I tell you, it is entirely worth it!
What you will learn:
- Improve Your Onboarding Process: First impressions matter! The onboarding process gives you a chance to really engage with your customer and is where you can have the most beneficial influence on their future choices, so make sure you get it right!
- Upsell & Cross-Sell Where Possible: Upselling and cross-selling are two of the simplest methods to increase your CLV. The more upsell and cross-sell opportunities you show clients, the higher the chances they'll take one, so offer them everywhere you can!
- Consider Switching to an Annual Billing Cycle: Encouraging clients to commit to one whole year of your service, product, program, etc., is an easy way to improve your CLV.
- Seek feedback: CLV and customer experience are inextricably linked. If you want to improve CLV, you must improve the user experience using customer feedback. It's really that simple!
- Provide Unbeatable Customer Service: Better customer service leads to better customer experiences, which as a result, leads to more committed clients!
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· jennie@jennielyon.com
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