[Infographic] How to Increase Sales and Customer Lifetime Value
As a teenager, it’s possible that you dreamt of growing up and going on tour with your favorite band.
You practiced singing nonstop into your hairbrush and made your mom crazy by blasting the boom box in your room.
And now, years later, here you are sitting at your desk…and instead of creating music, you’re working on a strategy to better optimize your customer lifetime value.
But what if we told you that you can pick up your dream of becoming a rock star right now?
That’s right, we (and Aerosmith) are here to tell you to dream on!
What’s that? You’ve forgotten how to play your recorder and your air guitar was misplaced during your last move?
Our expertise lies more in the arena of becoming a rock star business owner…not a professional musician.
(Although we do play a mean triangle. You may purchase our one hit wonder Comma, Comma, Comma, Comma, Comma Chameleon on Amazon or iTunes.)
All joking aside, creating a digital marketing strategy that increases sales and the lifetime value of a customer is incredibly similar to the process your favorite band goes through to promote shows.
Keeping reading to discover what you need to do to increase your leads, sales, and customer lifetime value like a rock star.
Acquire More Customers
In order for a band to sell out shows, they need an audience. By the same token, you also need customers to sell your products and services to.
And believe it or not, both business owners and rock stars use many of the same methods to build their following and acquire more leads.
Here are a few examples:
No one’s going to pay top dollar to go to a concert for a band they’ve never heard before.
To help reel in new fans, bands often give away sample tracks and CDs with select songs to generate interest.
As a business owner, you should use this same technique by providing your prospects with samples or trials of your product or service.
Everyone loves a good deal.
Concert promotion teams know that one of the best ways to sell tickets is to discount them for diehard fans.
Who can resist seeing their favorite singer live when the tickets are 25% off?
The same is true for your prospective customers. Offer them a good deal, and there’s a chance more people will give your product or service a try.
And the more customers you reel in, the more opportunities you’ll have to reach your end goal: increasing your customer lifetime value.
The second a band knows they are coming to your town, they advertise it.
If they didn’t, Jenny from the block would never know her favorite pop singer was performing nearby.
Advertising is a vital part of acquiring customers for your business.
You have to get your message in front of the right people and let them know you’re “in town” so they can check out your offerings.
Adding these elements into your marketing strategy is so important for acquiring new customers and building your fan base, but it definitely doesn’t stop there.
Find out your score now! Download the full 42-Point Digital Marketing Checklist.
Increase Spending Amount
No band is complete without a solid following of groupies.
You know, the people who started out buying a simple CD and turned into raving fans that can’t miss even one concert.
As a business owner, you need to find a way to turn new customers into groupies who will continue to buy from you.
This increase in spending isn’t going to happen overnight. So how do you make it happen?
You think like a rock star, that’s how.
Check it out…
There’s nothing better than being a member of your favorite band’s member club.
That’s because memberships allow fans to purchase songs before the release date, provide opportunities to win backstage passes, and allow fans to buy the latest band swag.
All of these things help music artists sell more products while making fans think they are getting special treatment. It’s a win-win all around.
You can do the same by creating a membership program for your business.
Make your customers feel special with a membership program that offers them special access to products/services before anyone else, or promotes special deals non-members don’t get.
This type of program allows you to collect reoccurring revenue membership costs (if you decide to charge for membership), increase purchases of products/services through special membership promotions, and improve your customer lifetime value.
Musicians make bank selling merchandise at their shows by cross selling different types of products.
And you can do it, too.
Do you sell special coffee makers? Then perhaps you should also sell the special coffee filters that go with them. Or maybe you’re a shoe salesman. You might want to try adding socks to your sales inventory.
These are only two of many tactics you need to add into your marketing strategy.
Download the entire 42-point checklist and discover what your strategy is still missing.
Enhance Buying Frequency and Customer Experience
Once you’ve built a following of loyal groupies, it’s important to keep them wanting more.
Here’s how you can do this like a rock star…
Customer Appreciation Sales
Musicians know it’s important to reward loyal fans. They often do this by giving away free concert tickets, or playing at a venue (like a local fair) where it’s free to attend the concert.
Think of it as offering a special discount to their audience.
It’s important for you to do the same.
Let your customers know how important they are and offer them special sales on your products or services.
Or grant them access to special information created only for them, such as private webinars, classes, etc.
Regular Email Communication
Many musicians send out emails or newsletters to fans on their mailing list.
These emails and newsletters give fans inside information as to what their favorite band has been up to.
That’s great for fans, but musicians also get something out of it.
The real benefit: emails and newsletters are a great place for artists to promote new songs, tour dates, and merchandise.
And that makes them a great vehicle for making more sales.
As a business owner, a regular newsletter to your list is also a great way to keep in touch with your customer base as well as promote your new products and sales.
Are you doing everything you can to enhance buying frequency and your customer lifetime value?
Download the 42-Point Checklist and find out now!