During a customer’s lifetime, they will spend a certain amount of money on a brand’s services or goods, this is what marketers will typically call their customer lifetime value (CLV).
It may seem like common sense, but many companies focus the majority of their budget on acquiring new customers, not retaining the ones they already have. But it’s SO important.
So important, in fact, that just a 5% increase in customer retention can increase your profits by 25%. That’s a huge ROI!
So, you might be wondering what you can do to keep your customers happy. As with anything in the marketing realm, there are many ways to do this. We’ll talk about some less-common ways in the visual below from GetVoip. In it, we cover helpful tactics to increase your customer lifetime value.
For instance, the first thing that you should do, and something that shouldn’t cost you much additional money, is to make sure your customer service goes above and beyond. It’s best to implement this as a company-wide initiative so that the public gets a positive experience at every touchpoint.
Another innovative way to build bonds with your customers is through user-generated content. This means allowing them to “generate” the content, which you will share with your audience. Typically this means you’re sharing a photo of them using your product or speaking about your service. It’s beneficial for everyone! Be sure to always ask their permission, but people are typically happy to share.
Here are just a few ways you can turn one-time customers into raving fans. Start with the tips below, and let us know what worked best for you!