We understand that every business, big or small, is built on the notion of a continuum. Each player in the market is struggling to retain their customers. This is so because the longer a relationship prevails the higher profit a business can earn from its customer (customer’s lifetime value). However, increasing a customer’s lifetime value is not an easy task and many organizations dedicate a huge proportion of their time and resources to make it happen.
Moreover, we have gathered the best 5 yet simple ways to boost your customer’s lifetime value, have a look;
1. Create a strong first impression
As it goes out “The first impression is the last impression”, in business you don’t always get a second chance of making your first impression. According to a study, 48% of the customers say – the most critical time to gain their loyalty is when they make the first purchase.
Therefore, if you want your customers to stay interested in your business, keep your reputation strong from the very beginning.
2. Stay available, always
When it comes to customer retention, the most crucial point for both the parties is the time after sales. A brand’s behavior, after a customer has stepped out of the store, portrays its true attitude. However, by being available, we certainly don’t mean that you get clingy with your customers. All you need to do is to be always ready to entertain their ad hoc queries and issues.
One pro tip is to move proactively and arrange for suitable answers to the questions your customers may ask from you.
3. Know what your customers want
As a service provider, especially in B2B, you must understand what your customers really want. However, by want, we do not mean the service itself, but the ultimate goals and visions that your customers want to achieve in the long run. Customer success is the key here.
If your client has invested his serious time and resources for a particular project, they want to see their targets achieved. Therefore, you must have a clear understanding of your client’s end goals and must work towards helping them succeed.
4. Strive for the smoothest customer handoffs
In a customer’s journey, the most sensitive times are when they are being transferred from one department to another. If a business succeeds in making that transfer (handoff) successful, then it may achieve long-term loyalty as a result.
Therefore, a business must have a defined gameplan for smooth customer handoffs as well. A common strategy must be propagated among all the teams to make sure of a successful account handoff.
5. Build for long-term relationship goals since the start
We’re not saying that you talk about renewals in the first meeting, however, you must build for it from the start. Every decision you make must create such a mutual harmony that it automatically leads both the parties towards a reliable and customer-centric renewal agreement.
Also, understand the impact of renewal agreements, upsells, and account expansions on your organization’s long term relations with the client. Moreover, the essence of a long term business relationship resides in primary conversations and shared respect from both sides.
Also, check out our recent post if you want to learn “The Best Long-Term Strategy For Customer Retention“.