It’s just as important to keep your existing customers as to acquire new ones. In fact, some market leaders argue that customer retention is even more important because it’s a cost-effective way to drive business growth and build brand loyalty. Therefore, you should focus on your customer lifetime value (CLTV).
This is where data becomes indispensable.
You can fine-tune customer retention by collecting and unifying data and then using this information to orchestrate a tailored customer experience. This can ultimately help maximise how much your existing customers spend with your business.
There are many ways data can boost your CLTV, and this is what we’re going to talk about here. Let’s get started.
Your high-value customers are the ones who buy your products at full price. They make multiple purchases over a particular time period. And their average order value is higher than your median. Put simply – they bring in more business in the long run. They naturally have a high CLTV.
By understanding your high-value customers and their behaviour throughout the sales cycle, you can also determine attributes that indicate similar behaviour among your prospects.
You can identify high-value customers by looking at different types of data, including:
What do the biggest companies like Amazon and Netflix have in common? They are customer-centric brands. They know all about their customers over time, tailoring their services and support accordingly. This is called personalisation.
74% of marketers say they know that an ultimate personalised experience increases customer engagement and brings loyalty. And data is the foundation of personalisation.
Complete and comprehensive data reflects the entire customer lifecycle throughout the sales cycle and from all touchpoints. So, you need to track every interaction, such as:
A complete set of data provides the whole picture, thus laying the foundation for effective personalisation.
Rich customer data tells more about your target audience, and you can use this information to reach them with personalised content. This data can be broadly segregated into four categories:
By leveraging this information, you can enrich their experience with your brand, turning them into long-term loyal customers.
Nearly 70% of business leaders think that subscription business models are key to their company’s success. This trendy and seemingly forever business model generates predictable, recurring revenue. And, if you retain customers for a long time, you can make huge profits from each individual than through a one-time sale.
And data is central to the subscription business model. Here’s how:
Unlike the traditional business model, the subscription business model uses different metrics. These include:
By tracking and analysing this data, you can drive strategies to improve your subscription model to drive more revenue.
Another key to improving your CLTV is to provide exceptional customer service. About 90% of global shoppers say that customer service is important for their choice of brand. So, it’s important to have reliable customer service agents, and having useful data can help with this.
To improve your customer service, you must use data effectively. When analysed properly, data lets you predict what customers want even before they actually want it.
When a customer connects with your service agent, the agent can quickly access the customer’s profile and provide relevant support. Data also helps prevent missing customer communications and enables your team to resolve any issue quickly.
Also, your customers may face trouble at any time of the day. They may want to reach you during odd hours like early morning or even midnight. So, needless to say, you should try to deliver 24/7 support, and make your response as fast as possible to customer requests. Also, make sure you have a well-trained, dedicated and responsive customer support team, especially for most traffic-heavy channels.
When you’re able to resolve customers’ queries quickly and effectively, you become a reliable brand on the market. This further leads to improved CLTV.
As you see, data is the key to your business' success. But dealing with a large amount of unorganised raw data can be overwhelming.
With BeProfit, you can easily create custom CLTV reports emailed directly to you. These reports bring you deep-level insights into your CLTV and the overall marketing performance of your business. It highlights conversion rates per platform and identifies your most profitable products and high-value customers.
So, if you're looking to optimise your CLTV and grow your revenue, start capitalising on data. Let BeProfit make things easier for you.
Simply sign up for BeProfit or ask for a free demo.
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