6 Useful tips on increasing your customer lifetime value
Customer lifetime value (CLV) refers to how much net profit you can make from one customer over time. Entrepreneurs who do not have the resources to hire professionals for this activity can use a few tips to grow this metric. Here’s how:
Great first impression
Once a prospect has taken a step towards becoming a paying customer, you need to make them feel good about that decision. That can be achieved through engaging tutorials and by also stating the benefits of completing your course.
Accessible knowledge base
Modern learners appreciate being able to access white papers, blog articles, podcasts or tutorials. By getting those materials, they will feel like they are getting something extra for their money, and they will likely continue making purchases from you.
Social media presence
Besides reaching a larger audience, social media is useful for maintaining the existing customer base. However, that requires checking all feedback and responding to it in a timely manner. Make sure to respond even to criticism and negative comments.
This does not refer to those automated forms that people ignore or give negative feedback on. Instead, it implies gathering actionable feedback from your customers. This can be done through open questions on social media. Ask them what they like in your courses, for example.
Listening and caring are the foundation of building positive, long-lasting relationships with your customers. They appreciate when you reach out to them even when you don’t have anything to sell. Be present and courteous at every point of your interaction.
Attractive bulk purchase
Potential clients are likely to purchase more when they see attractive packages or subscriptions. The options can be sweetened with discounts, free content, and even contests and giveaways.
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