Measure and Maximise Customer Lifetime Value

Modern CX strategies do not just involve customer acquisition. CX also needs to involve all after sale touchpoints a customer has with an organisation as this is where brand value and customer equity is generated. If a customer gets a great product at a great price but then gets no support and feels cheated by an organisation how likely are they to buy again?

Organisations that focus on customer service and support reap the benefits in 2 ways:

1) Happy customers buy again as they know they will get great service

2) Happy customers will refer new customers to you as they trust these customers will be as happy as they are

This article and report from econsultancy outlines some key tactics and strategies in terms of how to measure and maximise customer lifetime value to keep customers happy including

  • Get Customers to register so you can continually learn about the, and personalise their experience
  • Drop return fees…why make a negative experience worse for the cost of an envelope?
  • Add value to the experience….a free mobile or online app to supplement the purchase with support, advice or games will add to the customers ‘good vibes’ about you or..at the very least mitigate any poor experience

 

 

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