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
Hey there! I'm Hamza Rouane, a digital marketer with 5 years of experience and the founder of Passive Income Gen Z. My journey into social media marketing began in 2015, driven by a passion for working online and being my own boss. Before that, I worked as an engineer in large industrial environments As an Industrial and International Logistics Engineer.
The Challenge: Learning how to grow a business or improve your skillset can be overwhelming due to the abundance of information out there. I know firsthand how frustrating it can be to navigate through this vast sea of knowledge, having learned "the hard way."
My Mission: To simplify the process for you. I've condensed my hard-earned knowledge into compact, practical courses aimed at helping professionals quickly acquire and implement the skills needed to grow their online presence.
My Expertise: I specialize in using AI technologies like ChatGPT, Google Gemini, Leonardo AI, and MidJourney to help you build and enhance your online business or professional career.
I also specialize in voiceover AI, funnel building, creating digital products such as Amazon KDP books and Etsy digital products, social media marketing and content creation across all platforms, digital marketing strategy building, and business plan creation for long-term growth. Additionally, I am an experienced video editor leveraging AI technologies to reinforce my skillset.
Join me in mastering the essential methods within the exciting world of online marketing. Let's turn your online business aspirations into reality. Happy learning, everyone!