You can also view your customer lifetime value as a long-term asset. And what do you do with assets? You value them and treat them accordingly. You keep your customer assets happy so they wind up being loyal. Loyalty is worth money to your business, since the cost of keeping an existing customer is only about 10 per cent of the cost of getting a new one. Pay attention to your present customers.
The Customer Lifecycle! Not everyone is the same when they come to you for a product, service or opportunity. They all need something specifically for THEM. If you're marketing online, first start communication and build a relationship with people. The methods are endless, such as: email, instant messaging, community forums, blogging and websites. Your objective is to show them what you have to offer and getting them to your website. That takes work. Once they’re there, get their e-mail address by giving something away right on the spot. The instant reward will keep them interested. Provide meaningful quality information and credibility. This will often translate into program registrations. THIS is the beginning of your relationship, NOT the end. This is where you start your long-term love affair with your customer and offer value added extras to their commitment to participate. For reinforcement, show them how to get the best value and usage out of their purchase(s). This more than anything will set you apart from your competition. This step will ensure you word-of-mouth referrals (Think team building!) and retention of people. 17
