How can you increase customer lifetime value with CRM?

1 Segment your customers

One of the first steps to increase your CLV with CRM is to segment your customers based on their characteristics, behavior, and preferences. This will help you understand their needs, wants, and expectations, and tailor your offers, products, and services accordingly. For example, you can segment your customers by their purchase history, spending patterns, engagement level, satisfaction score, or referral potential. By doing this, you can identify your most valuable customers, your at-risk customers, and your potential customers, and design different strategies to retain, win back, or acquire them.

2 Personalize your communication

Another way to increase your CLV with CRM is to personalize your communication with your customers. This means sending them relevant, timely, and customized messages that address their pain points, interests, and goals. For example, you can use CRM to automate your email marketing campaigns, and send personalized emails based on your customers' segments, actions, or triggers. You can also use CRM to track your customers' interactions with your website, social media, or other channels, and send them personalized recommendations, offers, or reminders. By personalizing your communication, you can increase your customer satisfaction, loyalty, and retention.

3 Reward your loyal customers

A third way to increase your CLV with CRM is to reward your loyal customers for their repeat purchases, referrals, or advocacy. This means creating and managing a loyalty program that incentivizes your customers to stay with you, buy more from you, and recommend you to others. For example, you can use CRM to create a points-based system, where your customers can earn points for every purchase, referral, or review they make, and redeem them for discounts, freebies, or other benefits. You can also use CRM to create a tiered system, where your customers can access different levels of rewards based on their loyalty status. By rewarding your loyal customers, you can increase your customer retention, revenue, and referrals.

4 Ask for feedback

A fourth way to increase your CLV with CRM is to ask for feedback from your customers on a regular basis. This means collecting and analyzing your customers' opinions, suggestions, and complaints about your products, services, or processes. For example, you can use CRM to send surveys, polls, or questionnaires to your customers after every purchase, interaction, or milestone. You can also use CRM to monitor and respond to your customers' reviews, ratings, or comments on your website, social media, or other platforms. By asking for feedback, you can improve your customer satisfaction, trust, and loyalty, and identify areas for improvement or innovation.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?