Understanding and Increasing Your Customer LTV (Lifetime Value): Five Strategies to Make More Money From the Same Customers

The Jasmine Star Show

Jasmine Star

Business, Social Curator, Business Strategy, Business Tips, Instagram Growth, Photography, Online Marketing, Entrepreneurship, Jasmine Star, Marketing, Social Media, Social Media Strategy, Start A Business, Photographer

4.9 • 2.8K Ratings

🗓️ 26 March 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did you know that a big (BIG!) chunk of sales actually comes from existing customers? How big? Well, I’m so glad you asked. Think of it this way: research shows that, while most businesses make sales to anywhere between 5-20% of NEW customers, they close deals with 60-70% of EXISTING customers. This means your likelihood of making a sale is doubled when targeting existing customers compared to acquiring new ones. This is why your Customer Lifetime Value is so important to figure out and I’m l...

Transcript

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0:00.0	Oh, Welcome back to the Jazzman Star Show of Place We
0:17.4	discuss Business Mindset and Today we're going to be talking about your
0:20.1	LTV, the lifetime value of a customer.
0:22.8	The simple way to explain LTV is how much a customer or client
0:26.1	spends with your business.
0:27.5	Okay, so let's break this down by an example.
0:29.2	You can join a gym today for $50 a month,
0:32.1	but the gym doesn't think it'll only get one month from your
0:34.7	membership. It knows it's going to get more. So let's just say, based on their research,
0:39.1	their customers stay on for about 10 months at this gym. So the lifetime value of that gym member is $500. $50 times 10 months.
0:47.7	So no matter what stage your business is in, you have to understand, you have to know, and you have to
0:51.7	constantly find new ways to
0:53.4	increase the LTV. That is what is going to set you up for long-term success.
0:57.2	And since you're taking time to watch and listen to this episode, I already know
1:01.3	that you're playing the long game so
1:03.0	LTV really matters. I am talking about LTV today because in a
1:06.7	recent launch the team wanted to test for the first time how we might
1:10.7	increase LTV for a course.
1:13.2	So let's pause.
1:14.5	A course is something that I have made before,
1:17.3	I have created before, and when you are looking
1:20.1	at the cost of a course, it is just the cost of the course. So the LTV of that customer
	...

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