7 Tips to Increase the Lifetime Value of Your Potential Customers for Consistent Earnings
75% companies bring in return on investment by launching a loyalty program, 6% can’t gain sufficient profits and remain simply don’t track or think about it.
(Source: Experian, Business Data, Analytics and Marketing Services company)
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It takes 7x more costs to bring a new customer in comparison with convincing and selling to existing customer.
(Source: MarTech)
Moreover, approximately 40% of companies’ revenue is generated from persistent 8% customers.
Business needs to make an influence in each of its dealings with customers or they will not come back. Your salesperson may be out of the mood, yet he/she has to attend customer with great care for leaving a good impression.
As a responsible business owner, do you really take any action to get the same customer buy again from you?
How you do it? By sending greetings, birthdays etc. mails, by word of mouth on-call/voicemail or by another way possible around?
It is vital to know that from all new inquiries, chances for conversion are only 1-2%.
Most established unit of businesses enjoys 60 to 70% repeat customers. This is certainly a number that no business owner wants to lose.
While there is no fix customer lifetime value formula(CLVF) which works flowingly all the time, it is good to know ideas related to customer lifetime value marketing as opposed to sitting idle.
Customer lifecycle management is essential, it can make or break a business.
Today, when increasing number of customer engagement strategies are not yielding fruitful outcome for businesses, it is best to hold up existing customers who are paying big cheques every month over hunting for new one.
Let us take a deep dive into tips that help to boost customer retention rates.
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