The key philosophy of running a successful business is keeping Customers above everything.
Businesses cannot survive if they cannot attract and retain customers. To reap maximum potential revenue, businesses not only should acquire new customers but also turn each of them into loyal customers.
To retain or maintain loyal buyers, businesses must clearly understand the concept of Customer Lifetime Value(CLV).
So, today, we will explore how CLV contributes to your business growth and how you can maximize your Customer Lifetime Value with Salesforce CRM.
Let’s begin by defining Customer Lifetime Value.
What is Customer Lifetime Value
Customer Lifetime Value is defined as the expected net profit from a customer over their entire relationship with your brand, right from the first purchase to the last one.
It costs less to retain existing customers than to obtain new ones.
By knowing the CLV of your customer, you can derive crucial insights that would help you to make adjustments to your customer retention strategy. These insights are-
- You can identify your VIP customers
- Time taken to breakeven from the cost of gaining new customers
- Which customers have higher CLV in the case of Subscription-based services.
It can safely be said that the higher the CLV, the higher the business revenue.
Leverage Salesforce to maximize your CLV
Calculating CLV is the baseline of your customer retention strategy. Now, you must implement effective practices to increase your CLV.
Some best practices are shared below to help you maximize your CLV with the help of Salesforce CRM.
Provide Personalized Shopping experiences
Today, businesses leverage various channels to sell their products to the customer. Creating personalized buying experiences across every touchpoint is the key to keeping your existing customers interested and loyal.
Salesforce Marketing Cloud is a powerful tool to help you deliver personalized shopping experiences.
One of the best digital marketing strategy enablers, SFMC ‘s messaging engine helps businesses communicate with their customers and engage with a personalized, timely, and relevant experience.
Win Customer Trust
There are many factors that contribute to earning customer trust in your brand, such as transparency, your social and environmental endeavors, and your work culture.
Salesforce encourages businesses to maintain transparency with its Interaction Studio tool.
Salesforce recommends these practices to win buyers’ trust.
- Inform customers why you are collecting their information and how you are going to use it
- Provide options to opt-out if they want
- Ask and data only those you need
- Do not hide data collection information or bury them on privacy policies.
Fine tune your Service with the power of AI
Delivering impactful customer service is crucial for a long-lasting customer relationship with the brand.
With Salesforce’s Artificial Intelligence tool, Einstein, you can empower your service team to provide faster resolutions and encourage self-serve while adding a personal touch to it.
You can also deploy smart bots to answer basic questions and offer recommendations and knowledge base references, letting your agents focus on complex concerns.
Get started with Salesforce to increase your CLV
Using Salesforce CRM, you can effectively compound your Customer Lifetime Value and drive growth.
So, hurry up and sync your Shopify store with Salesforce CRM today using the Sync Made Easy Connector app.
The app has real-time sync capabilities and is intuitive and easy to set up. Check out the app on Salesforce AppExchange today!
