October 18, 2013 8:03 pm

Increase Customer Lifetime Value By Delivering The “Wow!” In The Here & Now

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Increasing the lifetime customer value is the Holy Grail for most retail and fast food businesses; it’s an accepted piece of marketing wisdom that it’s a lot cheaper and easier to make money from people who have already bought from you than it is to win new customers.

Applying a little mobile marketing magic in the early days of your relationship with your customers is a great way to ensure they stay committed to spending money with you in the long term. First impressions count and a company that seems to be trying really hard to impress me is going to get far more credit than one who just seems to take my custom for granted.

Engendering customer loyalty for a greater share of wallet

One of the sure fire winning techniques we advise you try is to use what we call a “wow offer”, a deal which delivers incredible value. The customer will be thrilled to have received such a generous offer from you and it will encourage them to feel positively about the business going forward. Most businesses will use the “wow offer” technique for lapsed customers to try and win back their business, but a pre-emptive strike early on can reduce your lapse rate and increase lifetime spend.

Increasing the effectiveness of future mobile marketing

The other major benefit of doing this is that it’ll enhance the effectiveness of other mobile marketing messages you send to the customer in the future. Knowing that they are likely to receive other amazing offers like their first “wow offer” will encourage them to not only stay on your list and read the messages you send but also creates anticipation for receiving the messages. Who knows what might be in the next one?

So pushing the boat out for your customers before your relationship hits crisis point may feel counter intuitive, but your bank balance will thank you for it. Investing in your customer relationship now will continue to bear fruit for a long time to come.

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