How To Focus on Customer Lifetime Value
How businesses can focus on the lifetime value of their customers.
Making a sale feels great, no doubt, but that's only the first step on a long customer journey. Businesses have to understand that customers have lifetime value, whether that's recurring revenue or becoming a brand evangelist.
Customer acquisition usually requires a sizable investment, so businesses should be highly interested in extending the relationship well past just the initial sale. Retaining clients, or generating loyal shoppers, is a matter of managing the customer lifecycle.
This means marketing engagement and personalized offers - like cross-sells and upsells - as well as social outreach. The relationship is a two-way street, however, and businesses need to return value to their customers, too. Contact Vectra Bank today to learn more about our financial services and products to put your company in a position to succeed.