Digital Marketing Fastlane

Increasing Customer Lifetime Value (or Improve Repeat Purchase Rate)

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Today’s episode is about INCREASING CUSTOMER LIFETIME VALUE.

  • Customer Lifetime Value is how much you earn from each newly acquired customer.
  • By increasing the lifetime value of a customer, you can earn more money long-term, AND afford higher acquisition costs on paid advertising.
  • This is EXTREMELY IMPORTANT as costs to advertise increase.

    • E: Tip #1: Email

    • An engaged email list is great for getting repeat purchases out of your customers.
    • The truth is, the only things you truly own in digital are your website and email lists. Social media and everything else is rented.

      • K: Tip #2: Organic Social

      • Many customers likely follow you on social media. Keep them engaged with your brand.
      • Post a high volume of organic social content on as many platforms as you can. 5 posts a day, ideally.
      • Use engagement metrics to determine what content is best.
      • BONUS: look at relevant Instagram hashtags for top-performing organic content inspiration. THIS IS WHAT PEOPLE WHO FOLLOW YOUR NICHE ENJOY SEEING IN THEIR FEEDS.

        • E: Tip #3: Facebook Groups

        • Facebook is pushing for this, group posts get more reach than organic posts, they’re even more quote-unquote “organic” than organic posts, and they’re a great way to build a community with your brand.
        • Groups are becoming what organic social used to be. Since so many people follow so many different things now, the regular news feed is less intimate or personal.
        • These are great for finding User Generated Content! People post pictures and videos using your product. User generated content is great for ads.

          • K: Tip #4: Customer Service

          • Good customer service will make a great impression on customers. They are more likely to do business with you if they know you can address any questions they might have in a timely fashion.
          • Facebook Chat and Messenger apps are quickly becoming the preferred way for customers to communicate with brands, more so than email or phone. A lot of brands don’t realize this.

            • E: Tip #5: Customer Feedback Surveys

            • Incentivize feedback surveys
            • Bucket.io
            • You can make custom audiences based on certain peoples responses.

              • K: Tip $6: Increase Average Order Value:

              • Increasing your average order value will raise your customer lifetime value. Subscription plans, upsells, bundles, post-purchase upsells, can all help you do this.
              • Check out our epside increasing Average Order Value that gives you all of the details.

                • E: If you want examples, screenshots, or have any questions, contact [email protected], and put PODCAST in the subject line. Thanks for listening!

                This action-packed episode is brought to you by the performance marketing experts at Voy Media.

                https://voymedia.com/

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                Digital Marketing FastlaneBy Kevin Urrutia
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