Juliana Jackson, the Customer Lifetime Value Lady, shares the first of her 8 steps to increase CLTV and ensure a positive and profitable consumer relationship.
A happy, satisfied customer is a returning customer. Juliana Jackson has defined 8 steps to increase customer lifetime value success, for small start ups to midsize companies, and shares the first four with Lucas and Pitstop.
- Monitor what matters; customer retention, net promoter score, customer effort score, orders per customer and recency
- Change the way your company defines success. An internally aligned and united vision provides consistent, quality service, increasing CLTV
- Find your ideal customers. Recency, frequency, and monetary (RFM) segmentation analysis can help you identify your most valued customers.
- Identify your top and toxic products. Removing toxic products and optimizing your inventory will reduce low-value customers and encourage high-value customers.
Your Next Steps To Increasing Customer Lifetime Value
Make your buyers feel safe, and they will return. Juliana Jackson has defined 8 steps to increase customer lifetime value success, for small start ups to midsize companies, and shares the last four with Lucas and Pitstop.
- Focus on the customer journey. Buy from yourself to experience interacting with your brand and using your products. Map the journey, and deliver value at every touchpoint of that journey.
- Shift your focus from new customer acquisitions to ideal customer acquisitions. Target those who RFM segmentation identify as your best customers, not the average consumer.
- Empower your customer support team to help you gather further data, listen to their customer experiences, and use that data to generate a more safe and comfortable customer individual experience.
- Orchestrate personalized campaigns on all of your channels. Understand your customers, understand the value they bring you, and optimize their experience with that understanding.
The more comfortable, safe and satisfied your customer feels post-transaction, the more likely they will become a high value customer.
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