What’s Your Customer Worth?
What’s Your Customer Worth? What is the lifetime value of your customer? Do you know the economic value of each customer who buys from your you? If your answer is, $47 or $95 or the price of your product, then that’s the wrong answer! You just identified the value of the first purchase.
The most important number to know off the top of your mind is the “lifetime value” of a customer. Did you know that you’ll spend five to seven times more money and more effort to gain to a new customer than you would to get another order from a current customer? That’s a general rule. For some products, prospects may need even more contact and visits to your site before they click the order button. Nurturing your customers is an important way to increase your overall sales.
RELATIONSHIPS: You’ve already built rapport with the customer so when you send a new product pitch, the customer wants to know what you have to offer. Finding quality products from trustworthy sellers can be a challenge, so buyers who received a good product in a timely manner backed by a solid guarantee are satisfied and they’re more likely to buy again.
To keep your customers purchasing, don’t over load them with just any offer. Make sure that you send product offers that match the customer’s prior purchase type and overall price range.
You need to know those preferences so that you offer what a customer is most likely to buy. The worst thing you can do is flood their email inbox with every type of offer. Before long, customers are deleting them without reading your messages.
You want a customer to see your email and say, “I want to see what’s new today!” That’s the kind of response that means a long term buying relationship. What sets you apart from other Internet marketers is in the way that you nurture connections with your customer.
FREE item as a “customer appreciation” gift always gets the attention of your best customers. You’ll really stand out if you send a free gift that’s not part of an order. This is another way to remind a customer to drop back into your site and see what’s new.
BONUS: Create a referral program. Let your customers market for you by offering a discount or bonus item when they recommend a friend who purchases your product. A loyal, repeat customer is gold – treat them as the valuable asset that they are to your online business.
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