In order to effectively manage your customers, it is essential to be able to determine their profitability. Measuring the Customer Lifetime Value is a great opportunity to identify your high-value customers, collect valuable data and make smarter business decisions.
Here are 7 tips from brick and mortar that also work online that will help you maximize the value of your customers and build loyalty.
Analyze profiles and build personas
Find the right customer management platform for your business and start building a unified customer profile. Gather all the important information about your customers’ interactions with your brand across all touchpoints and never miss an opportunity to reach them with the right content that suits their needs.
Personalization is key
Create personalized campaigns to connect with your audience on a human level. Make all your content, not just offers, relevant to your customers’ preferences and make sure your customer strategy is designed and executed in multiple channels.
Invest in marketing automation technology
Use marketing automation to make personalized communications with customers across all channels at the right time. Automation based on Artificial Intelligence (AI) can help you predict next moves and make better decisions.
Find which emotions make your customers engage more with you. Reward loyalty and let them know how much you appreciate them being brand advocates. Always remember that customers care about their interests, not yours. Therefore, design a client-centric strategy that addresses their needs and pain points!
Test and optimize efforts
Find the right mix of KPIs that will help you effectively measure customer loyalty. Use a combination of qualitative and quantitative metrics from both online and offline channels.
Train & engage your team
Building customer loyalty requires an effort from multiple teams, not just the marketing department. Engage all departments and let them know the value of each customer.
Customer care is king
Provide your customers with the ultimate customer experience daily. This will help them convert them into repeat and loyal customers and will increase your referrals.
Do you know the value of your customers to your business? Follow these steps and build strong and meaningful relationships with your customers, maximizing their lifetime value to your business.