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

Links and Resources: 

• 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