Over their lifetime, customers will spend a certain amount of money on a company’s goods or services, this is what we call their customer lifetime value (CLV).
Increasing their value, which typically means keeping your customers happy and loyal, is an important strategy for any business. Aside from not having to spend the money to acquire them, repeat customers generally spend 67% more than new customers!
It seems like common sense, but many companies focus solely on acquiring new customers, not retaining existing ones. It’s so important, in fact, that just a 5% increase in customer retention can increase your profits by 25%. That’s a huge deal!
So, what can your business do to keep customers happy? There are so many different ways, but we’ll talk about some lesser-known ones in the visual below from GetVoip. In it, we cover seven tactics to increase your CLV.
For instance, while it might seem obvious, always make sure your customer service goes above and beyond. You’d be surprised how many companies don’t allocate a budget to their customer service arm. Going above and beyond can not only keep you top of mind for your customer but it can and get you noticed in a PR sense as well!
Another underutilized way to build bonds with your customers is through user-generated content. This is beneficial for everyone because it allows your customers to feel seen and heard, and it’s free content for you! Please, always ask their permission, but in our experience, people are happy to have their content shared on a popular account.
Here are just a few ways you can turn one-time customers into repeat customers. Start using the tips below to see a major difference in your bottom line!
