You probably know that every customer has a lifetime value in the business. This is called CLV, customer lifetime value. It translates to the amount you can earn from any customer when they enter your product funnel.

Understanding your CLV can help you determine how much you should spend on marketing, and also help you determine ways to expand your CLV.

Become more customer-centric

Customer service is one of the most important parts of any business. Even if you have the best products or services in the world, if your customer service is poor, it won’t last long. If you want repeat buyers, treat your customers with the importance they deserve.

Create targeted upsells

You can easily create an automated system to incorporate upsells into the checkout process. For example, you can do it in the shopping cart, or you can do it through follow-up emails.

Create logical cross-selling

A cross-sell is simply selling a different product to a current customer. It needs to relate to your audience, but it doesn’t have to relate to the first product you sold them in the same way an upsell does.

be responsive

It is imperative that you set up a system that makes you appear highly responsive to your customers. It doesn’t matter if it’s a ticketing system, a 48-hour response policy, or open office hours. However, you need to be perceived as very responsive in order to keep your customers happy.

Deliver more

Every product or service you deliver must be better than the customer expects. The fact is, you won’t please everyone all the time, but you can shoot to deliver more. If a customer is not satisfied, you can overdeliver your solution to fix their problem.

Create a referral program

Let your customers earn money or points by referring others to you. Often when people can earn enough money to buy clothes, they are more likely to spend money with you. It’s a win-win in every way.

stay connected

Find ways to stay connected with your audience, like social media, email, and webinars. The more ways they can connect with you, the happier they will be and the more your CLV will expand.

Develop an inner circle

One way to expand your CLV is to provide a fee-based inner circle that certain customers can join. It can be in a private forum or even managed by Facebook. You can use a private Facebook group or create your own forum with native software.