Best Practices for Increasing Your Customers’ Lifetime Value

NextBee Media

What is the Lifetime Value of a Customer?

The revenue your business can generate with its relationship with a customer

Customer Lifetime Value (CLV) can be Increased

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Practices to Follow

to Increase

Customer Lifetime Value

Customization is the Key

Zero in on your Segments

Segment your Customers

Buying Patterns, Rewards that entice them, &What They Need

Identify Early Adopters, Early & Late Majority

Group customers on the basis of Reward Preferences

discover

Target Segments based on the cues derived from Segmentation bases

Map Your Users’ Path

Lay down a track for your users to follow

Analyze what incentives entice

Create benchmarks for gaining rewards

Lengthen their association through the promise of rewards

Design a plan to foster activity

Make customers tread on it

a

Plan Re-engagement Ahead

Plan when to re-engage customers

When you lay down tracks for activity, you would know well when your customers have to be approached.

Measure customer activity

Never leave customers clueless what course to take

Guide them what next ‘good’ awaits

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