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Maximize Customer Value to Offer More Value Online
Rating: 4.3 out of 5(84 ratings)
19,182 students
Last updated 1/2023
English

What you'll learn

  • What customer lifetime value is
  • What is maximizing customer lifetime value
  • How to build customer lifetime value
  • What is customer value strategy
  • How to increase customer growth
  • What is the best way to increase customer lifetime value

Course content

2 sections20 lectures2h 18m total length
  • Introduction2:43

    Understanding the problem is key to high conversion.

  • Give people time to make a choice4:02

    Give people time to make a choice.

  • The consumer decision making triangle3:41

    The consumer decision making triangle.

  • The pyramid of Maslow is very important for a copywriter.3:29

    The pyramid of Maslow is very important for a copywriter.

  • Pain is what moves people to take action.3:10

    Pain is what moves people to take action.

  • 4 Copywriting Secrets for a copy that sells8:16

    4 Copywriting Secrets for a copy that sells.

  • The Famous bridge to HEAVEN3:54

    The Famous bridge to HEAVEN.

  • Help people become the best version of themselves2:25

    Help people become the best version of themselves.

  • Use pain as a conversion enhancer2:57

    Use pain as a conversion enhancer.

  • The Value equation according to a MILLIONAIRE6:25

    The Value equation according to a MILLIONAIRE.

Requirements

  • A basic knowledge of marketing and consumer psychology

Description

Maximizing customer value is about deploying customer marketing efforts to maximize the total profit generated from every customer.


What is Customer Value Maximization?

Customer Value Maximization is the group of practices and measures employed to tempt customers to improve the frequency and number of their transactions and to expand the period they remain engaged as customers of a company.


Once a company acquires a new customer, the main goal of marketing is to maximize the revenues a customer yields for the company (assuming that there is a stable relationship between revenue and profit).


The three primary factors that contribute to total revenues generated by a customer are:

  • Time (how long a customer remains an active buyer).

  • Buying frequency (how often the customer buys a product from the company).

  • The monetary value of purchases (how much money a customer spends in their lifetime purchasing from the company).


Thus, maximizing the value of a customer means increasing the time × purchase frequency × monetary value equation.

How to Achieve Customer Value Maximization?


Providing customers with sought-after products or services at competitive fees and excellent customer assistance is the best way to guarantee that a customer stays loyal to a company for the long term.


Excellent customer service start first by understanding the problem. This is why all efforts should be deployed to diagnose the customer's issues rather than deploying efforts to sell upfront.


A successful business's first aim is to educate its future customers on the problem that they might be going through and to lay the foundation for a possible solution.


Effective marketers should always leave the decision-making freedom to the customer. This way, a customer will feel more compelled to purchase.


The promised solution should match the marketing efforts. Your offer should solve the problem. Otherwise, customers will feel disappointed, which is terrible for branding.

Who this course is for:

  • Beginners looking to learn in depth customer psychology and influential decision making factors
  • Individuals looking to maximize customer satisfaction