(And How You Can Use This Powerful Information To Blow Your Competition Away!)
Do you think your nearest competitor(s) has any idea how the lifetime value of a customer for your business calculation, can & will pad their bank account for many years to come?
Case in point. Suppose, You sell an affiliate product of some kind.
Like say a course on how to create a website of using WordPress. Of course you obviously realize the WP theme is an incredibly popular platform for building websites for any number of purposes like; for instance.
1.) You can use to create a really nice lead capture, that way you can (and should) be persuading a certain percentage of your visitors to opt in (join) your list, that way you can systematically follow up with them over time and (ultimately) convert them into long term -repeat- customers and clients.
(Note: A simple example of a highly effective lead capture page that helps you capture your online prospects contact information, that way you start to create long term repeat customers and clients.)
2.) You can also use it to create a highly profitable paid monthly membership site, that you see tons of successful online marketers use.
3.) WordPress is also versatile enough to function as a sales page for any of your products, services and or affiliate products etc.
4.) Lots of online marketers use the WP platform for their main blog.
5.) And finally.. You can also use the WP platform for your traditional eCommerce type of site. Yes, the WordPress platform is extremely powerful and versatile.
And many online marketers continue to use it help them earn six & seven figure incomes annually.
How Knowing The Lifetime Value Of A Customer For Your Business Will Increase Your Bank Account! (Without Necessarily Having To Add Any New Customers!)
Knowing how to properly implement any marketing strategy that’s based on the real (overall) long term “lifetime value” of your customer base, is more than likely going to be winner.
Especially if you continuously test and track your results. Because as you continuously find subtle simple ways to get your best customers and clients to spend (incrementally) more and more money, for your various products and services, each time they do business with you.
This process has the overall affect of lowering your effective net cost per customer,agreed?
Or to say it another way, if your typical (long term) “lifetime customer” value per customer/client is three years, and their worth a total gross profit of $3,000 dollars and it costs a grand total $550 dollars to acquire them to begin with.
If you can effectively decrease your upfront out of pocket expense (on average) by say 35%. Meaning- it now effectively costs you just $357.50 to acquire that same customer, then you just saved $192.50 per customer!
And one way you might lower your overall effective cost per customer, is by offering any subscriber/customer on your list that buys a ‘how to’ build your very own WP page affiliate product through your link.
If for whatever reasons, they still need or want (one on one) personal consulting time with you, to help them complete their project.
You’ll do so under two (incredibly simple) pre- conditions.
1.) First, they agree to provide you with (either) a video and or audio testimonial, that you can add to your website and or sales letter etc. Thereby, almost instantly increasing your “social proof.”
2.) They agree to use your social media viral plugin, like the one you’ll find at the bottom of this post, strictly for your convenience of course. And this way they can rapidly spread the word about your excellent product and or service etc; via twitter.
And in exchange for their incredible generosity, you’ll do something really cool for them. Like (maybe) host a free downloadable webinar and or free webinar series, where you walk them slowly through the ins & outs of (in this) particular case only.
How to actually properly install the WordPress theme. And since your normal consulting fee rates are $250 dollars per hour (or X.)
And this is a free two part 90 minute presentation. They are also receiving an additional $500 dollar value free! just for purchasing this $97 dollar course through your affiliate link.
And you’ll be able to pocket additional long term profits (translated) earn a lot more money for years and years to come, from their bank account filling power testimonials!
That’s win/win. Don’t you agree? Remember, you only record that two part webinar series once, and you can use a a powerful free money making bonus, and or a free lead generating giveaway for years to come.
Hopefully now, you can see why you should know the lifetime value of a customer to your business calculation, and how it affects your overall bottom line. No matter what your particular niche is.
And how you can systematically out promote your big buck major competitors for pennies on the dollar.
As always, if you got any value out of this post, please Digg or tweet this. Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series. Because it will help you master your effective communication in marketing skills.
It’s a $97 dollar value and it’s free!
- Lifetime Value Of A Customer: Five More Shockingly Simple Ways To Grow Your Business Because Of It! Part Two
- A Simple Three Step Marketing Strategy That’s Worth 25% More To Your Bottom Line!
- How To Really Increase Your Web Sales Without Going Broke! Part One
- Calculating Lifetime Value Of A Customer: Three Simple Ways To Build It And Profit It From It! Part Three