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4 Tactics to Increase Your Company’s Customer Lifetime Value (CLV)

Posted by Randy Clapp on Oct 26, 2018

Happy customers smiling

In our previous blog titled “How Customer Lifetime Value (CLV) can be Used to Measure Customer Experience”, we looked at how customer lifetime value (CLV) is one of the most important metrics to measure for growing companies and why it’s such an important statistic when it comes to your brand’s customer experience (CX). 

In an age where businesses are obsessed with continually acquiring new customers, many are forgetting the importance of retaining their existing ones. In fact, customer service figures from Harvard Business Review show that new customers are anywhere between five and 25 times more expensive than retaining existing customers.

Furthermore, a study from the White House Office of Consumer Affairs found that, on average, loyal customers are worth as much as 10 times the amount of their first purchase.

Now that you know exactly what CLV is and why it’s such an important metric when it comes to customer experience, Advantage Communications takes a look at five tactics that can help your business improve its CLV:

1 - Personalization

Customers want great products and services from your brand, but they also want to be made to feel special to your company. Personalized content and customer service is a critical aspect to improve customer lifetime value.

With the advancement of customer relationship management (CRM) software and artificial intelligence (AI), customer service representatives now have access to real-time information that empowers them to deliver a personalized approach to customer support.

A personalized approach will empower your company to engage with customers on a one-to-one level, allowing you to use past customer demographics and transaction data to offer personalized product offers, promotions and much more.

2 - Make high-quality customer service a priority

In the past, loyal customers bought into products and services as the deciding factor in which company they would invest in - that way of thinking has shifted dramatically in recent years. It is now the customer experience that creates loyal customers.

This is why high-quality customer service is essential to the future of your business, and it’s also why your company needs happy and enthusiastic customer service representatives that become ambassadors of your brand.

Customer service agents who are invested in your company and happy in the work they are doing will build better relationships with your customers, commit themselves to learn everything about your brand and provide a more knowledgeable and enjoyable service to both existing and potential customers.

3 - Use innovative technology to improve the customer experience

Millennials are now probably the largest percentage of your audience, and that means your customer service needs to be tailored to a new generation that is digesting information and seeking help completely differently.

Successful CX is now all about providing an omnichannel approach that uses contemporary technology to reduce customer effort. New technologies such as artificial intelligence and chatbots allow your company to give customers the self-service experience that they expect.

AI allows consumers to connect with your company on their preferred device and get answers to their queries instantly. If they’re happy with the customer service you offer across these channels, the likelihood is that they will come back to you time and time again.

4 - Consider outsourcing your customer service to a contact center

Many companies believe it’s best to keep their customer service in-house so they can maintain control over what they are doing, but can your business really afford the time and money it takes for an expert and high-quality customer service strategy?

Outsourcing your customer service program to an experienced and modern contact center will give your business access to highly-skilled agents who care about your business and know how to please your customers, well thought out CX programs, as well the expensive technology needed to create a superior customer experience such as real-time data, artificial intelligence and a first-class CRM.

Advantage Communications can transform your company’s customer experience with real-time data, innovative technologies such as AI and world-class customer service representatives that become brand ambassadors for your business.

Want to learn more about how we can create a customer service program specifically designed for your business? Contact us today.

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Topics: Customer Service Trends




Randy Clapp

Written by Randy Clapp

Randy Clapp has sold over $1 billion in the services industry working with leaders such as Hewlett-Packard, Electronic Data Systems, CompuCom and Avis Rental Car. He received EDS’ Inner Circle Award as one of the company’s top 100 performers, as well as the Top Leader Award with CompuCom. He earned his Bachelor Degree in Business Management and Economics from Northwood University. Randy Clapp attributes his success to: “…showing clients how to make or save money in ways they never thought possible”.

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