In our latest podcast episode, we had an insightful conversation with Chris Goldman, a seasoned marketing strategist and business coach. The focus of our discussion was on the pivotal topic of increasing customer lifetime value, a key aspect of the 'after' section of the one-page marketing plan.
Chris emphasized the importance of transforming a customer base into a fan base. He highlighted the significance of providing a world-class experience that not only retains customers but also turns them into advocates for your business. This approach, he explained, is key to unlocking the continuous lifetime value that customers can offer.
We explored the concept of upselling and the positive impact it can have on a business. Upselling, when done authentically and with the customer's needs in mind, can deliver additional value to the customer and increase their engagement with your business. This strategy can be particularly effective when a business offers a range of products or services at different price points.
We also discussed the importance of improving product and service quality. Businesses should always strive to enhance their offerings, not only to justify price increases but also to ensure they are meeting their customers' evolving needs and expectations.
The conversation then shifted to the concept of 'reactivation' - reaching out to past customers and re-engaging them with your business. This strategy can be a gold mine for businesses, as past customers are already familiar with your brand and are more likely to make a purchase than new prospects.
Finally, we discussed the importance of frequency and how increasing the frequency of purchases can significantly boost customer lifetime value. This strategy can be applied to a wide range of businesses, from car washes to dental practices.
In conclusion, increasing customer lifetime value is a multifaceted process that involves upselling, improving product and service quality, reactivating past customers, and increasing purchase frequency. By implementing these strategies, businesses can build a loyal fan base that provides continuous lifetime value. Stay tuned for our next episode where we will continue to explore more strategies to grow your business.