Strategies to increase CLV are used both before and after the sale. Before the sale, you are expected to reiterate to your prospects just what they can expect during each transaction and over the length of the relationship.
As a New York SEO Firm, we deal with getting clients to your website, and into your sales funnel. This is the first step in growing your business. Digital marketing is the most powerful tool in acquiring new prospects and converting them into clients.
Once you have acquired new clients, it is your job to raise revenue by increasing CLV. Bringing in new clients coupled with raising the average revenue per client will dramatically increase your business’ revenue. Once you have your client engaged in a business relationship, you are able to implement the majority of CLV strategies.
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The best way to get high quality leads that will translate into a high CLV relationship is from your current client base. Their colleagues are likely to have similar needs and spending habits. But how to go about getting referrals from existing customers?
Consider incentives that your customers will find to be valuable
You will want to identify some things that you can provide your current customers in exchange for passing referrals your way. When they send a referral to you that becomes a paying customer, what will you send them?
A free or discounted monthly payment, provide a free up-sell in addition to a typical service, consider creating a tiered membership service, or even cash them out for passing new business your way!
Create an incentive plan based on referrals
Create a schedule for clients that means they are hunting referrals for you. This could mean that for every 3 referrals they send, they will receive X. Once they pass you 5 referrals, they might receive 2x. This will make them into not only ambassadors for your business but also into a non-salaried sales agent.
Track, monitor, and deliver these incentives
Make sure that once you develop and implement this referral structure, you follow through by monitoring thoroughly. You need to keep your word not only to new clients but also to those clients who are acting as your ambassadors. Keep your clients happy by recording and fulfilling on your promised deliverables.
Ensure that incentive structures actually increase profitability
Remember that these incentive plans need to look good on paper and in your pocket. ROI must be positive. This means that what you give back to your referral providers needs to be less than the revenue that is generated.
Develop a communication strategy
How will you spread the word not only to new clients that you have immediate contact with, but also old customers who you haven’t spoken to in a while? This is a great reason to get into your email marketing database and start to get that engine fired up.
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If this post was of help to you, be sure to visit the other posts in our Albany SEO Company series!
This is a great value that we can provide for free because we have access to dozens of SEO tools. These tools are used by us to start working with our new partners’ sites. We can offer you a glimpse of how your internet marketing campaign is being ranked by Google.