increase your customers' lifetime value
DESCRIPTION
Best Practices to get the most out of your customers and increase their lifetime value.TRANSCRIPT
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
Custom
er Li
fetim
e Va
lue
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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