Average customer lifetime value says how much a client is worth. It can also show how well a company builds relationships and satisfies customers’ expectations. By strengthening client relationships, growth marketing strategies can improve CLV—and business revenue.
Leads come in because they become aware of a company’s shiny new object on the road. Yet convincing them to pick it up is challenging. Growth marketing strategies experiment with reassuring and persuading prospects it’s OK to make the next move. “One of the best ways to improve conversion rates is to test different value propositions,” notes my friend Chris Dayley from Smart CRO.
So why wouldn’t customers stray based on price or some other convenience? Growth marketing strategies attempt to tackle this behavior by making things personal. You see this with grocery chainthat offer personalized savings. These exclusive discounts aren’t for random products but for items each shopper typically buys. Online retail giants also use personalization through subscription services and product recommendations.
Essentially, they’re building a relationship with each customer by showing they know them as individuals. Personalization also encourages repeat business by rewarding loyalty, and it can extend beyond purchases. Growth marketing strategies can include unique educational content, adding relationship value for the customer.
Growth marketing strategies recognize and reinforce the power of word-of-mouth advertising. Referral programs with incentives are common, but they’re not the only worthwhile tactic. Recruiting clients for testimonial campaign videos is another. So is leveraging , which allows brand ambassadors to express their enthusiasm for a product or service. Letting delighted customers speak for the company often has a greater impact than what it can say about itself.Marketers know customers with higher lifetime values add more to a company’s bottom line. But since high-value customers usually don’t start out that way, companies need to nurture every relationship to increase its worth.
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