Published on March 17, 2014
Best Practices for Increasing Your Customers’ Lifetime Value NextBee Media
What is the Lifetime Value of a Customer? The revenue your business can generate with its relationship with a customer
Customer Lifetime Value (CLV) can be Increased
Practices to Follow to Increase Customer Lifetime Value
Customization is the Key Zero in on your Segments Segment your Customers Buying Patterns, Rewards that entice them, & What They Need Identify Early Adopters, Early & Late Majority Group customers on the basis of Reward Preferences discover Target Segments based on the cues derived from Segmentation bases
Map Your Users’ Path Lay down a track for your users to follow Analyze what incentives entice Create benchmarks for gaining rewards Lengthen their association through the promise of rewards Design a plan to foster activity Make customers tread on it
a Plan Re-engagement Ahead Plan when to re-engage customers When you lay down tracks for activity, you would know well when your customers have to be approached. Measure customer activity Never leave customers clueless what course to take Guide them what next ‘good’ awaits
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lifetimevalue < Marketing < Four Steps to Increase the Lifetime Value of Your Customers
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