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“Know and invest in each customer’s lifetime value.” ~ Les Wunderman
What is lifetime customer value?
Hi, I’m Brian Pombo welcome back to Brian J. Pombo Live.
Today we’re going to talk about lifetime customer value and it all has to do with a quote that I saw posted over on Rick Cesari’s Facebook page.
If you’re not sure who Rick Cesari is, I have his book right here. One of his books, he’s got quite a handful.
His newest book has to do with video marketing.
You can go and check that out over on amazon.com or on any of his pages. This was a great one that I read a few years back that was really helpful when I was first introduced to direct response marketing. And he had this post of a quote on his Facebook page and it was,
Know and invest in each customer’s lifetime value.
That’s a quote by Les Wunderman, another famous person within the world of marketing and sales.
I wanted to talk a little bit about customer lifetime value because it’s an essential quality of direct marketing or direct response marketing as we know it.
It’s something that isn’t discussed across the board. And it’s surprising. It isn’t because of how valuable it is.
So customer’s lifetime value, how can you possibly know what that is?
Well it comes down to quantifying it.
At some point you have to kind of figure out what your overall customer lifetime value is or at least within particular niches that you serve, depending on which ones you’re talking about. because you may have some that you have multiple purchases through or they get involved in some type of membership and they’re going to have a higher value than somebody who is just a onetime purchaser.
So, where does that take you?
What is customer lifetime value?
It’s about measuring not just on a transaction by transaction basis, but on a customer to customer basis.
How long do they stick with you?
How often do they purchase from you?
It’s not just about tracking it, it’s not just knowing but investing. That’s the cool thing about that quote. I.
t’s about investing into the lifetime value.
It’s about making things better for that customer so that they want to pay you more to get more of what you provide or for you to provide more things and you’re currently providing them.
Customer Centricity is a concept that we talked about in the past.
It’s an idea that if you put them first and you see it from their perspective and you can produce more value for them on a regular basis regardless of what industry you’re in, find out what the customer wants and get it to them.
If you can do more, they’re going to be more valuable to you in the long run and you’ll be able to then find more of them in.
In essence, it’s like I talk about taking that ideal customer, putting them in a copy machine and just copying them over and over and over again.
That’s where your marketing should be focused and where your entire business strategy should be focused is on making your customers more happy, having them be more satisfied, give them more, get them paying more and in turn going out and finding more customers just like them.
Instead of just doing blanket marketing instead of just trying to spread your name and logo around. Actually focusing on finding more of the ideal client and doing that, you’re going to have a happier business.
Everything will get better for you.
So that’s just how it works. I’ve seen it happen over and over again with the clients that I’ve worked with as well as other people that have found these things out on their own.
So if you’d like to be able to work with me or be able to find out some more about the services that I provide and be able to talk about some of these concepts as far as how they apply to your business, go to BrianJPombo.com.
Also, if you are in the self-reliance field, meaning you’ve got products and services that help people to become more self reliant, go to DreamBizChat.com.
At DreamBizChat.com there’s a little process called the dream business transformation that we discussed there. And you can go find out how you can get quite possibly a free dream business transformation.
Go to DreamBizChat.com link is in the description in case you didn’t have a pen or anything.
Hey, you have a great night. In the meantime, come back here every day. Get out there and let the magic happen.