customer value
customer value

At the end of the day, customers are the lifeblood of a business. No matter how good your product or service, without customers, you simply cannot have a successful business. Calculating the customer lifetime value (CLV) is popular in many industries as a way to articulate and quantify the customer service experience, the customer relationship with a business, and the customer acquisition process.

CLV helps business owners think about
how to optimize their strategies towards obtaining, developing, and
keeping quality customers for life. The following are 7 ways that
customers become more valuable over time to a business, and how a
business should attempt to reach and attract these types of customers
to their business.

Customers Become More Valuable When…

If you are a business owner, filling in
the rest of that sentence can be paramount in attracting and
maintaining quality customers over their lifetime. While some
business owners may complete that sentence with “…they buy as
much of our product as possible,” or “…they tons more for our
product,” or even “…they have loyalty to our business and
brand,” these are not the truest answers. The following are 7 ways
that customers truly become more valuable over time.

1. …they give us new and innovative ideas.

When you have a
customer giving you the answers that they need to solve their
problems, that they are willing to spend money on, this is like
liquid gold for your business. Take the time to always ask your
customers what they want to see from your business that you do not
already offer.

2. …they promote us on social media platforms.

The truly loyal
customers that are the most valuable are super-fans. They are the
ones that will buy anything you put out first and scream your praises
to anyone who will listen on Instagram, Facebook, Twitter, TikTok,
and Pinterest. This is free advertising that is better than any paid
advertising because it is organic and authentic. Take time to reward
and acknowledge these customers for their efforts.

3. …they reduce costs.

If customers buy
in bulk or are on a monthly payment plan for a subscription service,
this can reduce overall cost for a business. However, buying in bulk
or purchasing a subscription plan is only done by customers who are
fiercely loyal and committed to a brand.

4. …they want to collaborate with the brand independently.

Just like the
super fans that promote your brand on social media, many customers
want and relish the opportunity to work with a brand simply because
they believe or like the product. Use these customers to find out
exactly how to make your products better or make new products they
would enjoy as much.

5. …they are the first to try our new products.

Every business
will launch new products from time to time. The most loyal of
customers will be the first ones to purchase these products, write
reviews on blogs and on YouTube, and promote your brand and new
products independently.

6. …they agree to share their personal data.

In a time when
personal data is protected by most consumers, there are some that are
willing to share that private information with brands they care
about. This personal data is invaluable to understanding and
ascertaining different demographics and who purchases and uses your

7. …they actually introduce their own customers to your products.

While many
businesses, influencers, and bloggers will receive affiliate income
to promote products, the true reward is when a business or influencer
introduces their own audience or customers to your products because
they believe in them so much. Take the time to seriously connect with
these customers as they are not only loyal consumers but have a
platform to increase your customer base exponentially.

Taking the time to manage customer value and determine who your most valuable customers are will launch your business into a different league, filled with truly raving fans filled with brand loyalty.