Eunimart

Top 5 Ways to Increase Customer Lifetime Value and Loyalty

They say the Customer is King because he is at the centre of your business. It pays to groom him to be a loyal customer who will give lifetime value to your company and bring in business and add value by spreading the awareness about your product or brand. If there is no customer, there will be no business, therefore it is your business to foster loyalty by prioritizing customer relationships by means of attracting new business, renewals, expanding up-sells and driving growth.

At Eunimart, we provide you impactful solutions to any ecommerce related query or roadblock you may stumble upon and increasing customer lifetime value and loyalty is one amongst them.

  • Set out on the right foot with customers because as they say the first impression is the last impression. Convince them that you are concerned about their interests; show them that you will work towards their best interests. Remember, that the value of a customer lost is high and the lifetime value of a customer is significant. Unless a business is equally focused on acquisition as well as retention it cannot succeed. Each approach must be personal and individual because each customer has different needs and choices and your job is to fulfill these varying demands. Customer service managers have an important role to play in creating loyalty among customers and seeing to it that there is no or very less attrition as far as possible. 
  • Be available 24/7 for customers, answering their queries and helping them out at every step. Your dedicated attitude will go a long way in retaining customers. Be prepared and anticipate what queries a customer might have in order to build a customer base that has lifetime value. Streamline the delivery processes and logistics to satisfy customers and adhere to a time-frame.
  • Most marketplaces give the option to deliver to a neighbour or to track packages and the customer is happy that his package is safe. Giving the option to customers to return their packages over multi-channel is another way of increasing the lifetime value of a customer

It is all about convenience and people can then buy online but return to a brick and mortar store if they so wish. Remember that customers appreciate flexibility and it will ensure that he returns to shop with you again. Be prepared to make returns free as this might otherwise be annoying for a customer and remember that most of the loyal customers spend more and also return more. Having an all-year returns policy coupled with free two-way shipping will go a long way to increase customer loyalty and free lifetime value.

  • Let there be a smooth transition when there is a customer handoff between teams so that there is a proper plan in place with sufficient backup and there are no loopholes that might put customers at risk thus avoiding attrition again. It is important to remember that without a plan an organization’s bottom line will face the impact. 

Create apps to make the life of your customers easy. Bank customers, for example, are very happy to use apps because it saves them the trouble of driving to the bank and this saves time and is hassle-free. Most transactions except withdrawal of cash can be done over apps and customers can breathe easy, especially if it is a holiday. 

Besides this, every big brand or marketplace has its own app these days that not only make it easy to shop but give the customer’s shopping history, and automation has made it possible for businesses to show the customers what they need because of the data footprint left behind on previous visits. So the most intelligent of business owners take advantage of opportune moments to increase the customer lifetime value and loyalty by various means mentioned here and more.  

  • Understanding your customer is the key to the success of a business. At every step the teams should be aware of what their goal is, expanding customer base, increasing customer loyalty and retention of customers. The significant goal here is to make the experience of the customer highly personalized with product recommendations, loyalty programs, content that is tailored for individual customers based on data derived from their purchase trail. 

For example, some websites have virtual wardrobes and fitting tools that help customers to find a perfect match for the outfit they have in mind. This reduces the potential chances of return. It is good to remember that a happy customer will spread the word about your product and your service. High standard of customer service and timely fulfillment of orders go a long way towards customer satisfaction which is your end goal in creating a chain of customers with lifetime value and loyalty

To increase customer lifetime value and loyalty you should necessarily create loyalty and reward programs that recognize the value of a customer. It could be in the form of response to tweets or an exclusive club of valued customers who enjoy a sneak peek into your sales before others, reward points, discount coupons. It is in your interest to get customers to register and hence the first-time customers can be offered something exclusive. 

Give members access to exclusive news through emails about your product so that they can connect the brand with the company, and have special packaging that helps identify your brand. Do not forget to thank loyal customers through email or messages. Keep your touch personal to increase brand affinity.

So design your business to be customer-centric and build a customer base by showing them how important they are to you. Various schemes and plans besides coordination among the teams will help you not only to retain customers but also ensure that there is an increase in the customer lifetime value because of your constant efforts at building relationships with them and consistently developing each customer point to give them the best experience possible.

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