The holiday season is upon us and there is no better time of the year than now to show the people that we value just how much they are appreciated. As a business, throughout the year you should show your customers that they are important to you, but it is especially important at this time of the year. After all, your customers are what make you successful. We are going to review some ways to show your customers you are thankful for them, not just over the holidays, but all year long.
What is Customer Lifetime Value?
The customer is key and it’s important to ensure that they know, that you know that. In marketing, customer lifetime value (CLV or often CLTV), lifetime customer value (LCV), or life-time value (LTV), is a prognostication of the net profit contributed to the whole future relationship with a customer.
Generally speaking, a lifelong customer is better than a one-time consumer. Customer lifetime value is the total worth to a business of a customer over the whole period of their relationship. It’s an important metric as it costs less to keep existing customers than it does to acquire new ones, so keeping existing customers by making them feel valued, is a great way to encourage growth.
Knowing the lifetime value of your customers, will help you to understand just how important it is to keep them around and let them know how much you appreciate them. To determine the customer lifetime value, calculate the average purchase value and then multiply that number by the average number of purchases; this will determine customer value. Then, calculate the average customer lifespan and multiply that by customer value to determine customer lifetime value.
Ways to Show Your Customers You are Thankful for Them
One of the most effective ways to gain and keep customers is by making them feel appreciated. Even when everything’s going “right,” it’s important for a customer to truly feel valued, or they may move on and seek out your competition.
Showing your customers that you value them, does not have to break the bank. Forbes has put together some ideas for ways to show your customers you are thankful for them. Let’s review below:
- Make it Personal: When customers purchase from you or are new to your business, send them a handwritten card or email. A card in the mail may be more effective, because it can make you stand out and be different. The card/note can be simple but should send the message that you are thanking them for their business.
- Discuss a Shared Long-Term Vision: Talk to your clients about your shared vision and let them know that you are their partner. You are not just trying to sell them something, you want to see them succeed. Ask about their long-term goals and their biggest challenges and pain points. Be sure to ask them what you can do to help them solve their problems and accomplish their goals.
- Ask Your Customers How They Prefer to Work with You: Don’t assume that all customers want to be treated the same. Some prefer regular check-ins while others may like it better when you handle all aspects of things for them. Ask them and encourage for them to share with you how they feel most valued and heard.
- Encourage Feedback: Regularly ask your customers for feedback about your products and services. Let them know that you value what they have to say and use their feedback to improve your business. Ask them to provide reviews for your business and when they do, good, bad or indifferent, be sure to respond and let them know that you hear what they are saying.
- Don’t Just Talk about Business: Having an ongoing relationship with your customers and creating a personal experience for them, can make all the difference. People are inundated on a daily basis with marketing communications. Good businesses build relationships with their customers, and part of that means letting your customers know you appreciate them without always asking for something in return. Doing something as simple as a “Happy Birthday” text or call, can make a big impact.
- Respond to Them: Whenever a customer reaches out, respond to them immediately, even if just to let them know that you will look into something and get back to them. Let them know that they are important to you and you value their time.
Showing your customers that you are thankful for them doesn’t have to cost a lot or take a lot of time. Making your customers feel appreciated all year round is important and can make all the difference in keeping a long-term customer and experiencing their maximum customer lifetime value.
This holiday season, let your customers know that they are on your mind and that you value them. At Water Bear Marketing, we can help. We believe that in today’s world, there is no room for guessing with your advertising dollars. Your success is our success.
Our highly skilled team improves our clients’ ad campaigns month over month. We provide valuable insights, that would have gone undiscovered, that are readily available on our reporting dashboard.
Whether you are a current customer, future client, or just someone reading this, we want to wish you a safe and happy holiday season and let you know how thankful for you we are, now and all year round. Thank you for helping us continue to make Water Bear Marketing a success.