Increase customer lifetime value by finding opportunities to drive value

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 06, 2023, 1:24 PM GMT+0

Positively influencing the customer Lifetime Value (CLTV) which is the average income a business generates from a customer over a lifetime of their account, helps brands achieve more growth. 

Businesses must develop strategies to increase CLTV. Begin by simplifying the onboarding process. To help customers navigate a website in the best manner possible, leverage the power of AI and ML.   

Personalise the experience a customer has with a brand. Make product/service suggestions based on past-purchases and interests. While it may be tempting to reach out to customers with a variety of recommendations and offers, reach out only when the brand has something unique to share. 

The author also recommends identifying opportunities to drive value for customers. One example of this is recommending products that go well with what the customer has in their cart. It opens up chances to cross-sell and upsell.  

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