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What is LTV? Ideas to Improve Customer Lifetime Value | Dopinger - YouTube
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do you know how much money each customer
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makes on average
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for your company calculating customer
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lifetime value
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is significant especially in sas
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startups
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understanding this metric and working to
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improve it
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directly influences the health of your
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business along with reducing cac
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and more excellent customer retention it
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is possible to gain revenue but
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what exactly is lifetime value and how
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can you
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increase it let's learn together here we
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go
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[Music]
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hello everyone i'm shara from dopinger
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today i'm gonna explain what lifetime
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value is
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and give some tips about how to increase
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it the lifetime value determines the
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value of customers to the company or how
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much they spend on your product or
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service
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while doing business with you we measure
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lifetime value through
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other metrics such as average ticket and
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customer lifetime to calculate it is
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necessary to monitor the customer's
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behavior
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while doing business for a while
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therefore we always start counting ltv
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from the first purchase to the end of
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the contract it would be best
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if you did this from time to time as ltv
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changes as new plans
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are released or changed or when any new
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strategy
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is implemented now that you have the
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tools you need to understand your ltv
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here are some ideas that can
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help you improve this metric within your
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company one
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create a loyalty program investing in
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this type of program
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guarantees more repeat purchases
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increase in the lifetime value
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invitation programs are also valid like
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getting a discount when a friend makes a
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purchase for example
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2. improve customer service the more you
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invest in well-trained and skilled
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employees
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product development and other attributes
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the greater your lifetime value be sure
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to use this indicator
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three deliver something extra enchanted
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customer
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are customers you don't lose whenever
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you deliver something
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extra along with a consumer purchase
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they will feel special
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and buy more from you four keep your
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business healthy lifetime value it is
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usually one of the most significant
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indicators
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but it is not the only one as you know
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it is essential to know other factors
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that
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influence it before trying to calculate
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it so especially if your business is
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still new
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don't be in such a hurry instead seek to
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build a credible customer base with your
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purpose in mind
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and what you can offer and improve over
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time and
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5. relevance to online marketing and
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relationship marketing in e-commerce
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customer relationship management costs
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can be kept relatively small compared to
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over-the-counter retail
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especially email social media and
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organic search
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and related actions can map the cost
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structures that generate
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high clv as stated by research from 2013
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search engines appear to have a high clv
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because
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users frequently use search engines to
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search for
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products services and brands thus the
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average clv value
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is about 50 percent higher than in paid
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search
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email marketing is useful for young
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companies and startups
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as high clv values are expected in this
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area
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due to love shipping costs in general
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startups that use clv
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should track performance at the
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company's start to maximize monetization
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there are various ways and means to
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achieve high clv scores
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from personality offers improved
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customer service through
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sponsorship and loyalty programs to
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decreased acquisitions
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logistics or other internal processes
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all right that's it for lifetime value
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today if you liked this video
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or learned anything please leave a
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comment and hit the subscribe button
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if you need more information about this
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content you can check out the
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description box
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and go to darpinger.com thanks for
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watching and
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have a wonderful day
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you
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