In my latest article, I’m going to talk about getting new customers and the value they bring to your organisation throughout the time that they are your customers.
After all, getting new customers takes a lot of work.
You have to take your time for them to get to know you and your product or service. Get to know you to such a rate that they fall in love with you and start buying your product or service.
In every business niche, there are always competitors to be found, advertising costs are rising, implementing a good content marketing strategy for long-term SEO success take time and money and even specific acquisition campaigns you’ve started might not return customers quickly enough.
When you look at the value a customer is bringing to your organisation; it is tempting to only look at the here-and-now. Someone clicks on one of your ads buys your product or service, and there is a specific ROI you can calculate as a result.
When someone converts, you’ve achieved your goal, and there is money in the bank.
But that is only a one-off set of money coming in. What about the lifetime value of that customer? What could that customer be worth over a longer duration of the relationship that she or he is having with your brand?
When you start to understand your Customer Lifetime Value (CLV), you will begin to see the evidence that it is indeed much easier and cheaper to sell to an existing client than it is to acquire a new one.
Instead of you having to run awareness ads, using lead magnets, hiring a staff to do sales calls, you can merely upset the people you’re already having.
So in my latest post on the Inbound Rocket blog, I will be diving into CLV, what it is, how you can calculate yours, and how you can improve the relationship you have with your most profitable customers so you can focus on them and grow your business.