How To Increase Your Lifetime Value (LTV) Per Customer
Dan Martell
Entrepreneur (3x Exits) | Coach | Bestselling Author of 'Buy Back Your Time' ??| Teaching founders to build an empire without burning out
A SaaS Academy client recently asked me what SINGLE metric I would look at if I had to bet on the future success of a software company.
It all comes down to this…
Net negative churn.
Simply put, if your expansion revenue is growing faster than your contraction revenue (from downgrades and cancellations)…
… your momentum pretty much becomes unstoppable.
This week’s video goes deep into the 5 key areas that put you on a collision course with this “holy grail” of SaaS growth.
(Hint: having a $7 unlimited pricing level isn’t how to get there.)
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As you may have guessed… it all starts with reducing churn.
Can’t expand your relationship with customers who jump ship ;-)
But once you get your churn fixed… there’s a sweet science to increasing LTV’s while bringing MORE value to your customers.
Here’s a high level rundown:
- Fix your churn
- Redesign your price plans
- Price on value
- Create add-ons
- Offer partner solutions
Watch this video and then leave us a comment sharing any strategies and tactics you’ve personally used to expand LTV.
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Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get the free 3 videos to grow your business here.) He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter@danmartell for tweets that are actually awesome.