If you’re looking for a helpful guide that will help you understand your customer lifetime value and how to market your customer lifetime value you’ve come to the right place. Continue on to discover a handy guide to using your customer lifetime value in order to maximize your business’ future profits.
Marketing Your Customer Lifetime Value:
What is your customer lifetime value?
Simply put, your customer lifetime value refers to the total amount of money that an individual customer is likely to spend with your business during their lifetime.
How to increase your business’ average customer lifetime value:
One way to ensure that your business is a success is to try and decrease your business’ churn rate. This number is the number of customers who do business with your business on at least one occasion, who stop making purchases with your business. Ideally, you should try to decrease your business’s churn rate.
Take your customer acquisition cost into account:
Think about how much money it takes to acquire a single new customer. For example, you may have to pay agency fees, or marketing fees such as social media marketing fees, in order to drive new customers to your business’ website.
Use targeted emails to increase your sales:
Once a customer has made their first transaction with your business, it’s important to ensure that they’re regularly reminded of your business and the goods or services which you provide. For this reason, you may want to add their email to a list of previous customers who you can email on a regular basis. It’s a great idea to send sales that feature your business’ trending or most popular goods or services. As potential repeat customers are far more likely to do business with your company again if there are offered exclusive sales. As everyone likes to feel as if they’re getting a bargain.
Automate your emails:
The best way to send mass emails to your email list is to automate your emails using software that will allow you to pre-plan out your emails in advance. Which can then be sent out at a later date. For example, you may want to plan for your automated emails to be sent at a specific time, which will increase your marketing emails’ chances of being read. Just remember to keep your target audience in mind, when deciding the best possible time to send out a batch of emails.
Use email marketing software to track the success of your email campaigns:
If you use email marketing software to send out your marketing emails, you’ll also be able to use the same software in order to track the statistics of your individual marketing campaigns. As examples, you’ll be able to find out the number of individuals who opened your emails as well as the number of individuals who purchased an item or service as a direct result of your email campaign. So that you’ll be able to shape your future emails, from your mistakes and successes.
So if you want to increase your business‘ average customer lifetime value through implementing careful digital marketing strategies, it’s well worth following the advice which is listed out above!