One of the most challenging parts of growing a business is acquiring valuable customers who will purchase from you regularly.
Part 3 of our Profit Series gets into the nitty-gritty details of how to increase customer lifetime value. We dive straight into customer-centric versus product-centric businesses and talk about different ways to acquire more high-value customers and share proven tactics that will help you increase customer lifetime value.
Episode Highlights:
- 3:36 The first strategic decision you must make when thinking about customer lifetime value
- 6:38 The best lever to focus on to increase customer lifetime value
- 8:03 The revolutionary changes with Facebook advertising that help you reach your best customers
- 10:05 The importance of product and service offerings that tailor to high value customers
- 11:49 Are loyalty programs a good way to increase customer lifetime value?
- 13:20 The strategy that led Best Buy to boom while their competitors got wiped out
- 15:15 The value of subscriptions and talking to your best customers
- 17:58 How to build a solid referral strategy
- 20:10 Additional tactics to increase customer lifetime value
Links and Resources:
- Episode 254: Profit Series Part 2: How to Increase Your Average Order Value
- Episode 252: Profit Series Part 1: A Roadmap to a More Profitable and Fulfilling Company
- Episode 178: You Are Treating Your Customers Equally and It’s Costing You Money
- Episode 062: Peter Fader, Wharton School – How to Calculate Customer Lifetime Value & What Customer Centricity Really looks like
- Book: The Customer Centricity Playbook by Dr. Peter Fader
- Talkable
- @a_brawn on Twitter
- @andrewfoxwell on Twitter
- Brand Growth Experts
- Foxwell Digital
- Review or subscribe on iTunes
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The world of eCommerce is changing quicker than ever before. With new offerings and changes to everything from Shopify to email to SMS to Facebook and Instagram ads to TikTok, it can be overwhelming to stay up-to-date on the best approach for scaling your business. That’s why you need a passionate, hard-working agency on your team to do the things you don’t have time for. Wallaroo Media is that agency.
Wallaroo is a full-service digital marketing agency that specializes in scaling eCommerce brands. They love working with companies in the $1-5MM revenue range and partnering with them to scale them to $20MM and beyond. They’ve worked with respected brands like Rhone, Casper, and Cotopaxi, as well as many other up-and-coming brands in that $1-5MM range. They’ll feel like a part of your team every step of the way.
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