256: Profit Series Part 3: How to 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: 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