For any business, the Lifetime Value (LTV) of a customer is an important metric to track. Increase the LTV and you directly increase the revenue.
Follow these 7 tips to increase the LTV:
- Create a positive onboarding experience. Making sure you have a great onboarding experience ensures the churn is lower. Having the customer stay for a few more months is the best way to increase the LTV.
- Keep customers engaged. Make sure your customers keep making transactions on your site. That shows them the value in your product.
- Provide High-Quality Customer Care. Having top-notch customer care is a moat for any business nowadays.
- Take advantage of customer success software. Track the analytics and categorize into high-profile and at-risk users.
- Encourage Repeat Transactions.
- Have a helpful, informative, and customer-centric website
- Reward loyal customers and make them feel like VIPs