Improving The Lifetime Value of Clients
You’ve just won yourself some new clients; your sales team are celebrating their success in getting their deals over the line after days and weeks of picking up the phones and building relationships. Your marketing team has worked relentlessly on a digital marketing campaign that has yielded considerable results. You’re hitting targets and you feel on top of the world, however, it all means nothing if they all drop off the following month or complain about bad customer service or if the product isn’t as good as how it was sold or marketed to them.
Here, we want to talk about ways in which you can improve the lifetime value of your clients:
Diversified Account Management
Once they’ve signed up, what do they do if they have any questions? Who do they speak to if something isn’t quite right? What if the product just isn’t matching their expectations? This is where good account management comes in. Good account management will walk the client through the process and identify clients’ questions, before they ask them. They’ll be there to pick up feedback and relay this to relevant teams servicing the product. What’s also important to know is that account management isn’t just an account manager. It can be done through well presented onboarding emails, a good FAQ section on the website and digital self serving tools. People like to self serve if they can and of course, there should always be someone available if a client just wants to pick up the phone and have a chat.
It’s important to set realistic expectations for clients. Firstly, this is most important in how the product or service is sold or marketed. Don’t oversell or over egg what your service can deliver. Using real examples or demos can be a good way to show the true value of your service or product. Show real results – a good way of doing this is by highlighting testimonials from existing clients or cultivating good reviews on Google, for example. It’s also important to understand your clients’ expectations. From knowing their expectations, you can tell them truthfully what you can and can’t deliver. It’s also important to set boundaries; don’t go above and beyond your company’s resources and capabilities based on unrealistic client expectations.
Good Customer Service
As much as we don’t like to admit it, things can go wrong from time to time and when they do, it’s important to have a good customer service team who can pick up the pieces. One of the most important aspects of customer service is firstly not to be in denial about what’s gone wrong. It’s very easy to be proud of your products and services and almost think of them as faultless. Have an open ear and listen to what’s gone wrong and empathise with your client. Come to a sensible resolution which resolves the problem for the customer but also protects your organisation. It’s then really important to learn from what’s gone wrong and rectify it so it doesn’t repeatedly happen. Set up feedback loop meetings with departments to display trends, both positive and negative, and take on feedback constructively and honestly to make future improvements.
Offer Loyalty Incentives
If your customers have been with you long-term, reward them: 15% off their next subscription, a free month, or send them freebies. Whatever works for your specific service or product, reward them for their loyal service.
In summary, we believe that being honest, managing expectations and rewarding your clients throughout various stages of their life cycle with you is the key to improving their lifetime value. Deliver on your clients’ needs, be pragmatic and honest about what you can give them, retain exceptional customer service and reward loyalty. All of these will add value to your already incredible product!
Watch our video below for some extra tips from Luke!