Customer Lifetime Value and Live Support
Put simply, customer lifetime value or CLV is how much you make from a customer in the time that they are with your company. Customer lifetime value can be complicated to calculate but in simple terms it is:
The amount of money you make from a customer – onboarding costs and the costs for providing your service/product to them.
Increasing your customer lifetime value means that you increase the money you make from customers you already have. In essence, there are two ways you can increase CLV, by getting customers to spend more money when they are with you or by enticing them to stay for longer.
For this article we will focus on the latter. There are lots of ways you can help to reduce churn thanks to live support, and therefore CLV. Let’s take a look:
Get Back to Basics
One thing that can keep customers coming back to you time and time again is good, solid customer service. Being polite, making customers feel special and efficiently solving any of their problems can help to stop them from straying. Live support can help to make this whole process easier, ticking all of these boxes from the comfort of one app.
Be available when it matters. In digital marketing guru Neil Patel’s article 10 Tactics for Increasing Your Customer Lifetime Value and Loyalty, 2 of his 10 points are “Be There When Customer’s Need You” and “Be More Convenient than Anyone Else”. So, it seems to be pretty important. Be available as much as you can and make it as easy as possible for customers to get in contact. With live support you can offer a 24/7 service if you wish and people can be in contact with a live agent within a few clicks of their phone or computer.
Be a Cut Above the Rest
To stop clients from choosing your competitors over you, offer them something they can’t get anywhere else. This could be an extra feature in your software or a different color in your range, it totally depends on your business as to how you want to increase consumer satisfaction.
Although live chat is becoming increasingly popular, not everyone is using it. So, this could be your chance to stand out from competitors.
Feedback, Feedback, Feedback
Feedback about the service you provide can be a guiding light when deciding what areas to tweak and where to double down. A decent live support software will let you create customer surveys to measure consumer satisfaction, so you can get the deets right from the horse’s mouth.
The Tortoise and The Hare
Although it can be tempting to focus on gaining new customers there is money to be made playing the long game. Live support can be a way to reduce churn and increase your customer lifetime value and can help to give you that edge over competitors. Using a good quality support software such as Slaask can help to make the process easier, with lots of metrics to measure your progress, easy to build customer surveys and an integrated message system so you can respond quickly to all correspondence from one place. And it can also help to increase CLV by lowering your expenses as it is available at a low cost.