30 September 2020
Dealers can grow their business by acquiring new customers and focusing on existing ones by improving their customer lifetime value (CLV). Data research tells us the latter is a more cost-effective strategy to improve customers, sales, and customer reviews.
Customer Lifetime Value is a statistic that shows the net profit of a dealership that can be made from one customer over time. If your dealership has a high CLV, then you are receiving excellent ROI.
Here are 9 tips to boost your customer lifetime value.
1. Include Your Followers in Your Content
When you publish social media content, try to tag some high-value followers and show them your appreciation. This gesture can help improve your customer engagements and retain high-value customers longer.
2. Send Your Customers Surprise Gifts
Send surprise gifts to high-value customers active on social media, and encourage them to talk about your dealership. This will usually trigger positive social media conversations, helping to improve your reputation and CLV.
3. Improve Customer Lifetime Value through Email Marketing
Try regular email communication. However, do make sure that the email always has something useful for your customers.
4. Request Customer Feedback & Credit Them for it
Consistently ask for customer feedback and when you get them, acknowledge their contribution. You can conduct polls or send out feedback forms to get customer feedback.
5. Be Available to Your Customers 24x7
Adopt an omnichannel communication system that allows your customers to get in touch 24 x 7. An omnichannel system allows your customers to reach you through any channel, including social media platforms, texts, emails, etc.
6. Offer Something That Your Competitors Aren’t Giving
Offer something unique and interesting that your competition is not offering. This improves brand loyalty, CLV, and customer reviews.
7. Upgrade Your Customers
For high-value customers, offer a premium version of your services for free. Exclusivity always promotes customer loyalty and encourages customers to write positive online reviews for your dealership.
8. Focus on Quality
If you keep improving the quality of your services, then customers will return to your dealership, resulting in better CLV and sales.
9. Monitor Your Social Media Pages
Monitor your social media business pages regularly and provide prompt support when customers post or comment issues. Addressing their concerns expeditiously will boost your customer lifetime value and customer reviews.
For more tips to boost your CLV to improve sales and customer reviews, Contact Us.