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/
