You’ve built your business. You’ve created a product or service offering that gives your clients the ROI they were looking for when they hired you. Now it’s time to increase your customer lifetime value. How do you do that? That’s what we will discuss in this blog, but upfront you should know that it’s very simple. If you are creating value and a positive ROI for your clients – then the foundation has already been laid. All you need to do is capitalize on the results you are already generating for your clients through upselling to their increased future success.
The customer success pillars that we will highlight in this blog will be the framework for increasing your customer lifetime value. These are the softer, intangible strategies that you need to follow to ensure that you are actually improving your customer’s ROI. That’s how you do right by your customers. If you can do that, then you have a much better chance of increasing the lifetime value of their account.
Let’s get started.
Effective Onboarding
The first customer success pillar is effective onboarding. The single most important thing you will do to increase your customer lifetime value is onboard your clients effectively. You only have one opportunity to make a good first impression.
Effective onboarding looks like clearly setting goals, clearly detailing the plan for success, and clearly identifying milestones. ROI comes in many different forms and will likely be judged differently by your different clients but how are you going to improve it if you don’t know how to measure it? When you set clear expectations and the expected results from meeting those expectations, and then you not only succeed in meeting those goals but exceed them, your clients will inevitably see a strong ROI from working with you.
Grow the Relationship
The second customer success pillar comes from growing the relationships you have with your clients. This is accomplished through regular communication (weekly is ideal) through emails, slack, or phone calls. Whatever your client prefers or whatever form that you made clear would be the primary source of communication during your onboarding process. This helps to put your client’s mind at ease as they know you are effectively managing their account, and producing a strong ROI.
Beyond regular, weekly communication, you should be holding monthly calls with each of your clients. Use these monthly calls to review the action plan you laid out during the onboarding process – where you started, where you are today, and what you are working on going forward.
Giftology
Thoughtful gift giving is an excellent way to build a personal relationship with your clients. This isn’t swag plastered with your company logo. No, we’re talking about custom, creative, and big gifts to randomly and specifically show your appreciation that are tailored to the interests of your client.
For example, if they are a big fan of Ohio State (and who wouldn’t be), then you can order a piece of Buckeyes memorabilia and have it delivered to your client’s home on game day. This is something that your client has likely never experienced before from a business relationship.
Giftology is how you go above and beyond and make sure your clients stay your clients for years to come while steadily increasing their account billings. Don’t wait until the holidays to send gifts to your clients. Send them when they are least expecting it.
Add Value. Solve Problems
The third part of growing relationships is constantly adding value to your client’s business, in ways that solve their problems. If you can’t solve their specific problems, then introduce them to someone who can. If you can be an added resource outside of the services your client is paying you for, they will continue to feel like they are growing a relationship with you.
Drive More Revenue
Whether your contract is for 90 days, six months, or a year – you need to have a regular business review that is scheduled in advance with each of your clients. It’s best to have one at least every quarter with every long-term contract client.
Use your business review to go over where your client was in the past when they began working with you, where they are today based on your campaign, and where you are setting them up to be in the future. Make no mistake – your pitch about their future ROI is a sales pitch. But this time you aren’t working to gain their business, you are working to increase their account’s lifetime value through upselling. Be that increased work or additional services. This is how you drive more revenue.
Do You Want More?
Those are the pillars of customer success. If you are looking for more in-depth information on these pillars, or if you want to take your business to that 8 figure level – we can make it happen. Contact us today to get started.
