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4 Strategies For Increasing Customer Lifetime Value
People have certain expectations about the things they buy. The bare minimum goal for any business should be to meet customer expectations. After meeting expectations, the sky is the limit, and there are so many ways to continue delivering for those customers. LinkedIn Ads blog is covering the importance of repeat business with 4 strategies for increasing Customer Lifetime Value.
- Qualify audiences more intelligently: A customer-focused approach to marketing is a great strategy if you can consistently identify who your potential customers are. But recurring customers may be a unique subset of your customer base that you can tap into further. Instead of just understanding prospective customers, try to understand prospective repeat customers. These are the customers who will increase your Customer Lifetime Value (CLV).
- Build long-term relationships with prospects and customers: Focusing on the short term might earn you some quick sales, but a short-term strategy won’t do as well a job at building a relationship with a customer. Acquiring new customers is tough as it is: why not make your job a bit easier and invest more in the relationships you have with current customers?
- Continually engage after the sale: Like any relationship, some sort of presence must be maintained. You can still add value for customers without just presenting more products and services they can buy. Try sending resources showcasing how to get the most out of the products or services they’ve purchased, or invite them to a webinar that may help them discover new use cases that apply to their personal lives or businesses.
- Prioritize CLV as a key performance indicator (KPI): Setting CLV as one of your business’s KPIs will help your long-term strategy, especially if you’re already measuring CLV. Elevating this kind of performance indicator to a measurement of business health and growth will help ensure you don’t lose sight of the future of your business.
Get the most out of your existing customer base and allow them to get the most out of you. Read on for a deeper dive into these 4 CLV-focused strategies.
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