What growth strategies can be used to increase customer lifetime value?
One growth strategy I highly recommend to increase customer lifetime value is segmentation. The more we can address a customer’s specific needs, the more impactful the results will be. Customers want to be heard, and segmentation enables a more tailored approach.
Loyalty programs can also be impactful. Where it makes sense, I’m seeing more traction with gamification related to rewarding repeat and loyal customers.
Another significant driver in accelerating customer lifetime value is having exceptional customer service. I view this as a must-have, not a nice-to-have.