Three tips to increase your customer lifetime value

Three tips to increase your customer lifetime value

When your clients work with you, is that the end of the line or do you seek more opportunities?

Customer Lifetime Value (CLV) is the average amount of money that a single customer makes for your business. It is the figurative dollar value that each new customer brings to your business represented as an average.

No matter what industry you’re in or what stage of business you’re at, having a clear picture of your CLV will help you set better goals as you will have a solid understanding of what it will take to reach your next milestone.

Here are three ways to increase your customer lifetime value and provide a better service to your clients:

Improve your onboarding

When you take on a new client, they get their first taste of what working with you will be like. As we know, first impressions account for a huge percentage of perceived satisfaction and trust when it comes to business and client relationships. The better your onboarding process, the better your clients will feel about their decision to work with you. Higher customer satisfaction increases the likelihood of that customer becoming a repeated source of business and spending more money with your business.

Stay connected

When your customer is finished working with you, don’t hang them out to dry. Staying in touch with past clients keeps you top of their mind and keeps the warm and fuzzies they have about your business alive for an extended period of time. Retention is an excellent way to increase your customer lifetime value exponentially.

Maybe they don’t need your help again immediately, but down the road when the right situation arises, you want to be the first person your past clients think of to solve their problem. Previous clients are significantly more likely to buy from you than a cold audience. Especially if your offer evolves with their needs. It should be the number one priority of your business to build and maintain relationships with your customers.

Encourage referrals

When most people think of CLV, they think upsells. While they’re not wrong, selling a higher value product or service to someone who has already established a relationship with your business and brand will increase your customer value, there is another way to increase a client’s value—referrals. If each of your clients were likely to refer more clients, the compounding effect would lead to a huge increase in CLV, massive growth, and more revenue for your business in the long game.

A referred prospect is 60% more likely to convert than someone who discovers your product or service through organic means which is 85% more likely to convert than those who discover your product or service through paid advertising (Facebeook ads, Google ads, etc).

Growing and scaling your business requires more than generating leads. It means optimizing your systems and offers to get the most from the connections you already have. This creates positive client experiences which lead to more repeat and referral business, the most qualified traffic you’ll find.

Looking for help taking your business to the next level with a clearly defined marketing and business strategy? Let’s set up a 20-minute consultation and get you moving in the right direction. Click here and fill out the form to get started.

Three traits to look for before hiring a marketer or coach to help grow your business

Three traits to look for before hiring a marketer or coach to help grow your business

If getting new clients and creating sustainable systems to market and scale your business is a priority, chances are you’ve landed on the pages of one of the latest overnight gurus telling you exactly how to do it.

Marketers, trainers, and coaches are a dime a dozen these days. With easy access to tools to promote businesses through Facebook, Instagram, email, and more, it’s harder than ever to figure out who to listen to and trust to help you build your brand, create an audience, and generate qualified leads for your business.

So, how do you figure out who to listen to?

Here are three things to look for before hiring a marketer, coach, or trainer to help you grow your business:

Experience

There are some great marketers who haven’t been doing it for all that long, but even they have something in common with the industry dinosaurs: results. To get consistent results and be able to repeat the same success in different markets, for different products, or in different industries takes hard work and lots of trial and error. If you hire a marketer, coach, or trainer, they should have ample experience and results to back up that experience.

Clients

What’s a better testimonial than getting your information right from the horses mouth? There are some cases where marketers aren’t able to disclose who all of their clients are, but you should be able to get the contact information for two or three and be able to have a quick chat to figure out if their systems are a good fit for your business goals. If a business of any kind is skeptical of letting you talk to their clients, run far and fast.

Adaptability 

Social media marketing is a fad. It is only the latest delivery channel to garnish massive attention. This time twenty-five years ago, magazines, billboards, and telemarketing were the big cash cows. As times change, so do the platforms we use to market businesses. The best marketers and coaches are ready for the change. Their skills are adaptable to new technology and trends because they understand the fundamentals, not just how to create an ad on Facebook’s Ad Manager.

Choosing the right person or company to help grow your business is a huge piece of the puzzle and is only superseded by actually putting in the work. No matter who you choose to work with, a coach or marketer can only succeed if you’re equally as committed to working together as they are. Whether that means making sure to implement their systems and not procrastinating and making excuses, or being on the ball with your follow up to the leads generated for your business—seeing results is dependent equally on their skills and effort as it is on yours.

Looking for help taking your business to the next level with a clearly defined marketing and business strategy? Let’s set up a 30 minute consultation and get you moving in the right direction. Click here and fill out the form to get started.