My name is Austin Brawner, and my purpose is to help eCommerce entrepreneurs build wealth and live more fulfilled lives. You can expect weekly interviews with world-class eCommerce operators, deep dives into what's working right now, and a refreshing break from the "crush-it culture" plaguing our industry. This podcast will change your perspective on building a business, and, hopefully, change your life.
http://www.ecommerceInfluence.com
256: Profit Series Part 3: How to Increase Customer Lifetime Value
One of the most challenging parts of growing a business is acquiring valuable customers who will purchase from you regularly.
Part 3 of our Profit Series gets into the nitty-gritty details of how to increase customer lifetime value. We dive straight into customer-centric versus product-centric businesses and talk about different ways to acquire more high-value customers and share proven tactics that will help you increase customer lifetime value.
Episode Highlights:
- 3:36 The first strategic decision you must make when thinking about customer lifetime value
- 6:38 The best lever to focus on to increase customer lifetime value
- 8:03 The revolutionary changes with Facebook advertising that help you reach your best customers
- 10:05 The importance of product and service offerings that tailor to high-value customers
- 11:49 Are loyalty programs a good way to increase customer lifetime value?
- 13:20 The strategy that led Best Buy to boom while their competitors got wiped out
- 15:15 The value of subscriptions and talking to your best customers
- 17:58 How to build a solid referral strategy
- 20:10 Additional tactics to increase customer lifetime value
- Episode 254: Profit Series Part 2: How to Increase Your Average Order Value
- Episode 252: Profit Series Part 1: A Roadmap to a More Profitable and Fulfilling Company
- Episode 178: You Are Treating Your Customers Equally and It’s Costing You Money
- Episode 062: Peter Fader, Wharton School - How to Calculate Customer Lifetime Value & What Customer Centricity Really looks like
- Book: The Customer Centricity Playbook by Dr. Peter Fader
- Talkable
- @a_brawn on Twitter
- @andrewfoxwell on Twitter
- Brand Growth Experts
- Foxwell Digital
- Review or subscribe on iTunes