Increasing Customer Lifetime Value (or Improve Repeat Purchase Rate)

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 [email protected], 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/