Lifetime Value of Your Client
Do you know the lifetime value of your client?
Each client has an economic value. Do you know yours? There is not right or wrong answer but you do have to know. When someone makes a purchase is it a onetime purchase or is it several purchases. Example if you were a chiropractor the initial visit may be $100 and then you typically go back 6 more times as a follow up at $60 a visit and then you are go a couple times a year for the next 6 years, the lifetime value would be $1,180. Now if you are a chiropractor that suggests supplements you sell then you would need to include that into the lifetime value.
You could be a coach and you only work with a client 1 time but you work with them 6 months so that would be one fee of $900. That would be your lifetime value of this client.
This is an area you can raise the lifetime value of a client since you have a relationship with them they will trust you. This gives you an opportunity to suggest and sell additional items. If you give them great service and it is a great product they will continue to trust you and purchase from you. You just need to make sure your products or services are worthy of referrals and backed by a solid guarantee. They’re more likely to buy again after they receive great customer service.
Keep in mind you do not want to bombard your clients with continual offers. Be sure you are only using the up sale on items the coordinate or compliment your products or services. If you bombard the client with emails they will just start deleting your offers without even opening it.
When you know your clients well it is much easier to determine the best offer with the customer in mind. You want to be in the place that when your clients get an email from you they can’t wait to open it to see what was recommended or shared.
It never hurts to throw in the occasional “Free Offer” or “VIP” gift that is not a part of any offer.
This encourages loyal fans and clients. Be sure to let them know how they are appreciated.
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