This article outlines 9 surefire ways to increase customer lifetime value (CLV). These include personalizing content and offers, segmenting customers and targeting them with cross-promotions, increasing customer retention through customer satisfaction, providing customer education, sending product updates, customer feedback loops, customer loyalty, and referral programs, and using an end-to-end audience management platform. CLV is a measure of customer revenue potential and retention, and improving it can lead to increased profits and other benefits.
Excerpt from the main article:
Customer lifetime value (CLV) measures the total amount of revenue a company can expect to earn from a single customer over time. This can account for product purchases as well as revenue generated from advertising, event registrations, etc. Besides just measuring revenue, customer lifetime value is also a hugely important predictive metric. This one number can tell you: How well your company is onboarding and retaining customers How effective your retargeting, upselling and cross-selling tactics are How many customers you need to pursue each year to hit revenue goals How quickly you can expect your company to grow How attractive
9 Surefire Ways to Increase Your Customer Lifetime Value – Omeda was originally published on Omeda