Improve Your Customer Lifetime Value
Improve Your Customer Lifetime Value.
What’s my Customer Lifetime Value (CLV)?
As a brand if you don’t ask this question then you’re not on the right path. Customer Lifetime Value is one of the most important metrics a business should have.
It is a model that predicts the net profit attributed to the entire future relationship with a customer or a group of customers.
Meaning it is the profit to gain if a customer keeps coming back.
Accurate calculation of this model will provide information the brand can use to decide major business factors to get the best possible return on resources. Information such as;
Product: How can I offer product and services tailored for my best customers?
Marketing: How much should I spend to acquire a customer?
Customer Support: How much should I spend to service and retain a customer?
Sales: What type of customer should sales reps spend the most time on trying to acquire?
Need more information on CLV and how to accurately estimate it? Here you go,
Now you know what your brand’s CLV is, how do you improve it?
Improving a brand CLV is attributed to how well it succeed in getting customers to come back again and again, over time. This would in turn project a great profit potential for the brand.
There are various ways to grow brand loyalty in customers; we bring you two of the proven method.
Experiential marketing can be the most effective means of creating brand affinity.
How do you achieve this? By creating a human side to your brand!
One that customers will make a great connection with and keep them coming back. which is the ultimate goal for any brand.
Experiential campaign ideas are as wide as our imagination. Take for instant Carlsberg campaign in 2015. They unveiled a billboard named ‘probably the best poster in the world’ in Brick Lane, London and there was an actual working tap attached to the center of the poster where people could serve their own beer.
Now that would definitely stick to their target audience. They took the word sampling to a whole new level.
With experiential marketing always think customers satisfaction. If you can think it, you can bring it to life
Another means to connect with your target audience and improve your CLV is by Digital marketing.
To penetrate into the world in this digital era, focus is provided on creating results-driven solutions to grow brands affinity online.
Nigeria has become internet inclined in the last decade, so much that individuals are connected on the go with their mobile phones.
Twinpine reports shows that desktop traffic decreased from 57% in 2011 to 18% in 2015, while mobile traffic went from 42% in 2011 to 79% in 2015.
This simply means as at 2015, 76% of all our (Nigeria) internet traffic came via mobile. Explaining why the number of smartphone users between 2011 and 2016 increased from 4m to 15.5m.
According to We are Social via the Twinpine report, there are 74.7m unique mobile users in Nigeria out of an estimated 184.6 l people. With digital marketing every brand has the opportunity to contact at least 20% of the 74.7m users gives you the opportunity to alter the engagement channel to connect with the customers because with their mobile phones at hand you can get to them anywhere!
Digital marketing also gives you the opportunity to collate data about the customers, expand your knowledge about them and gives you the opportunity to create a significantly better experience for them so they keep coming back