Maximize Customer Value to Offer More Value Online
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
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
Instructor
- 4.4 Instructor Rating
- 4,373 Reviews
- 174,949 Students
- 53 Courses
Hey you, I'm a digital marketer with 5 years of experience.
I have also worked for 5 years as an engineer in large industrial environments.
If you want to stop working to build someone else’s dream and start building your own – welcome, you’re in the right place.
Back in 2015, I was first introduced to the world of social media marketing. I was SO enthusiastic about the opportunity of working online and being my BOSS. Still, I was laboring because I lacked genuine, original, high-quality knowledge for newbies. So after learning "How to make money online the hard way and becoming a successful online entrepreneur," I set out on a noble MISSION to make many people's dreams possible.
So, I created an entire website focused solely on "Different methods to make money Online," with every one of you in mind.
My classes are made by someone who knows how frustrating it can be to attempt to learn 87 different ways to make money online all at once. And my hope is to remove a big part of the overwhelm for you and make you feel like you're not isolated in this.
As a location-independent online entrepreneur, I have traveled to many countries while working from my laptop. I would never have accomplished anything without learning good online skills from real teachers.
My efforts to improve led me to work with an exciting range of competent individuals, from expert 8-figure traders to multi-million dollar e-commerce businesses.
And now, my highest goal is to constantly keep improving as an online course instructor, empowering you to be excited about your future in the online business world, having discovered valuable new methods within this exciting world of online marketing :)
I can't wait to be your instructor. Happy learning, everyone!