Increase the Lifetime Value of Your Customers
Download MP3Did you know that is 5 times more expensive to recruit a new lead than to just retain a current client? That means that you are probably spending much more money on marketing and lead acquisition than you need to; money that could be put to better use maintaining those client relationships and enhancing other parts of your business.
So how do you retain more of your current clients and increase their lifetime value over time? On this episode of The Friday Habit podcast, Ben and Mark provide their top 3 ways and recommend some awesome resources to help you along the way.
- Package or productize your service – Mike McDerment wrote the e-book “Breaking the Time Barrier” demonstrating this topic, which we highly recommend that you read. Horizontal integration such as expanding your current product offerings based on demand and needs expressed by your clients can be a gamechanger for your business.
- Create a subscription service – Often referred to as a retainer, a subscription service is a way ensure that your clients will stick around for a specified period of time and that you will be able to provide enough value to them that they will recognize their need for your services. One good way to communicate this value is by providing the client with a quarterly or annual report of what your company has done for them and laying out some goals for the future.
- Continue the relationship with content marketing – Content marketing is one of the clearest ways to provide value to clients, new or existing. Setting yourself up as a thought leader in your area of expertise and willingly sharing that knowledge will surprise and delight your clients and keep them engaged. You can do this through weekly email newsletters, hosting a podcast, creating a deliverable that your clients can refer to, or offering free services to help them conduct more effective business themselves.
Your action item after this episode is to read the e-book entitled “Breaking the Time Barrier” and consider how you might implement some of the methods described there into your own business.
Links:
Bonjoro: https://www.bonjoro.com/
Taylor Landis article: https://www.outboundengine.com/blog/customer-retention-marketing-vs-customer-acquisition-marketing/
“Breaking the Time Barrier” e-book: https://www.frameworkhomeownership.org/images/uploads/Breaking-the-Time-Barrier.pdf
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