How to increase your Customer Lifetime Value (CLV)

What is customer lifetime value?

Customer lifetime value is simply how much a customer will spend with your business over the course of their time as a customer.

It’s important to keep in the know with all analytics and this is a key one. You need to know the average spend of your customers across their time as your customer so you can try to increase the number as you grow. 

It also allows you to understand how much you can spend acquiring new customers to ensure you remain profitable.

What sort of leaflets should I produce?

Sending out leaflets with all of the orders you receive is a great and effective way of retaining your customers and increasing their lifetime value.

Thanking your customers for their order should be at the forefront of the leaflet and of your customer service. You will need to make them feel valued and express that each order means a lot to you as a business.

Including perks such as a discount is a great incentive for your customers to return again and again. It doesn’t have to be a huge discount, it could be free shipping, or even points added to their account.

Details of other products

Including details of other products your customers may be interested in is a great way to catch their attention and get them coming back for more. This is easily done when using unique fragrances, as they are not so widely found.

A great way of doing this is to highlight best selling products or new and upcoming releases such as Mother’s Day collections or Christmas collections.

Conclusion

Keeping an eye on the analytics is important and in doing so you can track the average spend of your customers and look for ways to increase it. Use leaflets as a way to thank your customers and entice them with discounts and other best selling products.