Tuesday, 20 October 2015

Increase Lifetime Customer Value with Conversion & Retention Strategies

I love chicken. A roast chicken. Southen fried. There are many tasty chicken dishes. But you can't have a chicken and eat it...

...or can you?

I wonder when we discovered we could eat their eggs? Maybe we stumbled on the eggs after chasing the chicken. Maybe we kept returning for the eggs instead of pursuing the chicken.

The lifetime value of that chicken would be greater than the chicken on its own. And while that chicken is laying golden eggs on a regular basis, they can produce more chickens for us to give us more eggs (Under the right circumstances!).

Retention Optimization: How to Increase the Value of a Conversion

The same can be said for business customers.

Too many businesses chase quick cash and do not serve the customer. They take the money and run...
...Any complaints are ignored. Any possible future business seems like hard work.

The truth is getting a new customer is harder than developing a relationship and maximising customer value.

These customers can stay with you for the life of the business. They can be encouraged to buy more. And they can produce more customers for you to sell to.

You simply have to know what to do. Know some techniques. And develop a retention strategy to work for you. Once you have one running, the money runs freely to you for lower costs than finding a new customer to sell to.

To see ways you might develop Retention Optimization: How to Increase the Value of a Conversion will guide you towards a master's business goal.

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