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To grow your business, you need to generate and convert a healthy portion of quality leads to paying customers<\/a>. You also need to accurately measure this growth, which will require tracking specific metrics over a prolonged period.<\/p>\n Even if you’re just starting a business<\/a> and writing a business plan<\/a>, you’ll need project-specific essential metrics. Prospective investors and lenders will assess your projections when deciding whether your business is likely to succeed or fail.<\/p>\n Customer Lifetime Value, or CLV, is one of the most critical metrics for all growth-oriented businesses. Increasing CLV should be one of your most fundamental business goals<\/a>.<\/p>\n Customer lifetime value is how much a customer is worth to a business over the lifetime of their relationship. The simplest way to calculate customer lifetime value is to multiply the average customer order by the average number of purchases per year, multiply this by the average retention time in years, and subtract the customer acquisition cost.<\/p>\n <\/div> Understanding LTV is imperative; without this knowledge, you can not determine whether marketing value is worthwhile.<\/p>\n Let\u2019s talk about the tactics you can employ to increase CLV and maintain it at a high level, ultimately helping you expand and develop.<\/p>\n Excellent customer support should be an essential part of your brand strategy<\/a>. 90% of customers<\/a> consider the quality of a company\u2019s customer support<\/a> a vital factor in determining whether they will choose to do business with the company. 61% are also likely to switch brands if they have a poor customer support experience.<\/p>\n Consequently, you can increase CLV and boost customer acquisition by providing quality support. At the same time, you\u2019ll be retaining a more significant portion of your leads and clients. You can do this directly or by outsourcing customer support<\/a> to a third party, letting dedicated experts handle support while you focus on your core competencies.<\/p>\n Implementing a live chat option on-site is a significant initial step. You can rely on a customer support chatbot<\/a> to handle more basic queries and direct traffic. Your human customer support reps will add that all-important human touch to the communication.<\/p>\n If possible, implement omnichannel support<\/a> via phone, email, chat, text message, social media, etc. This will help you score a major point in the eyes of your leads, especially those who have yet to make that purchasing decision. Their\u00a0loyalty may prove to be unwavering once they choose you as their service provider.<\/p>\n Increase your value by letting leads and clients switch channels without repeating their issue to a new rep. You can do this by assigning each case to a specific representative, but that approach can create delays when that person is busy or out. A better solution is to consolidate all customer communications into a single, accessible dashboard. Use customer communication management software to route every message\u2014email, chat, social, SMS\u2014into a single shared inbox, so anyone on the team can quickly see the full history and respond confidently. For teams that also want reporting, a product like Luzmo<\/a> can help turn that communication data into clear, interactive dashboards to help you spot trends and improve performance over time.<\/p>\nWhat is Customer Lifetime Value?<\/h2>
<\/p>\n![](\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/cs-200px.png\")
<\/div>\nOffer quality customer support<\/h2>\n
Want a free brand review?<\/div><\/div>Answer 5 short questions and we will send a custom report with actionable insights and specific actions you can take to build a stronger brand.<\/div>\n