The Official Internet Marketing Sweetie Blog

Monday, August 6, 2007

Lifetime Value of Your Customers

I was taking my normal stroll over at IMNewswatch, when I came across a post over at Duct Tape Marketing (love the name…very clever!) that talked about the lifetime value (LTV) of your customers.

Interesting read and I’m with John, the least amount of numbers the better, unless of course it’s in the form of dollars. ;-) Seriously though, I have to agree that it might do you some good to think about how much your customers are worth over their lifetime with you. But that’s not what got me thinking so much as WHY you should think about your customers and their lifetime value to your business.

Keeping track of how much your customer is worth, so to speak, is a good thing, but do you know HOW to make them lifetime customers in the first place?

As I mentioned in my post last week about jumping the project train, if you stop trying to create new projects all the time, you leave yourself room to focus on what you already have and improve upon it.

Take that one step further and think about how your customer will grow with your business. For instance, let’s say you have a site that discusses how to care for your own vegetable garden. You want to market to those who’ve never had a garden before, but what happens when you have a customer who has been with you long enough to know the basics and now they're ready for something more?

Do you have something to offer them next? Take a few minutes and think about that question and then come up with one thing you can do to take your customer to the next level.

1 Comments:

Blogger Mila said...

Great post. I regularly read John's blog... good stuff.

7:43 AM  

Post a Comment

<< Home