Jan. 3, 2020

Increasing Customer Lifetime Value (or Improve Repeat Purchase Rate)

Increasing Customer Lifetime Value (or Improve Repeat Purchase Rate)

Today’s episode is about INCREASING CUSTOMER LIFETIME VALUE.

Today’s episode is about INCREASING CUSTOMER LIFETIME VALUE.

  • Customer Lifetime Value is how much you earn from each newly acquired customer.
  • By increasing the lifetime value of a customer, you can earn more money long-term, AND afford higher acquisition costs on paid advertising.
  • This is EXTREMELY IMPORTANT as costs to advertise increase.

E: Tip #1: Email

  • An engaged email list is great for getting repeat purchases out of your customers.
  • The truth is, the only things you truly own in digital are your website and email lists. Social media and everything else is rented.

K: Tip #2: Organic Social

  • Many customers likely follow you on social media. Keep them engaged with your brand.
  • Post a high volume of organic social content on as many platforms as you can. 5 posts a day, ideally.
  • Use engagement metrics to determine what content is best.
  • BONUS: look at relevant Instagram hashtags for top-performing organic content inspiration. THIS IS WHAT PEOPLE WHO FOLLOW YOUR NICHE ENJOY SEEING IN THEIR FEEDS.

E: Tip #3: Facebook Groups

  • Facebook is pushing for this, group posts get more reach than organic posts, they’re even more quote-unquote “organic” than organic posts, and they’re a great way to build a community with your brand.
  • Groups are becoming what organic social used to be. Since so many people follow so many different things now, the regular news feed is less intimate or personal.
  • These are great for finding User Generated Content! People post pictures and videos using your product. User generated content is great for ads.

K: Tip #4: Customer Service

  • Good customer service will make a great impression on customers. They are more likely to do business with you if they know you can address any questions they might have in a timely fashion.
  • Facebook Chat and Messenger apps are quickly becoming the preferred way for customers to communicate with brands, more so than email or phone. A lot of brands don’t realize this.

E: Tip #5: Customer Feedback Surveys

  • Incentivize feedback surveys
  • Bucket.io
  • You can make custom audiences based on certain peoples responses.

K: Tip $6: Increase Average Order Value:

  • Increasing your average order value will raise your customer lifetime value. Subscription plans, upsells, bundles, post-purchase upsells, can all help you do this.
  • Check out our epside increasing Average Order Value that gives you all of the details.

E: If you want examples, screenshots, or have any questions, contact eric@voymedia.com, and put PODCAST in the subject line. Thanks for listening!

This action-packed episode is brought to you by the performance marketing experts at Voy Media.

https://voymedia.com/

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