256: Profit Series Part 3: How To Increase Your Customer Lifetime Value

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increase customer lifetime value
 

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: 

Are you ready to hit 7-figures and unlock massive profit in your eComm business in the next 12 months?

If you want to scale up fast, while remaining profitable, we can help. We’ve worked with hundreds of early-stage eComm owners to pour the fuel on their businesses and level up from 6-figures to unstoppable 7-figure success.

This isn’t just getting you set up with the latest FB ads strategy or email marketing. We’ll help you see the big picture on how you can build and scale a profitable company with the right systems in place.

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Sponsor: Wallaroo

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. 

Wallaroo is offering a free social ads audit just for our listeners. Head to ecommerceinfluence.com/wallaroo to sign up for one today!

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