How to Increase Customer Lifetime Value: A Guide for B2B Brands

• admin
• Sep, 16 2021

You and your B2B lead generation service provider worked so hard to convert a prospect into a customer. You invested so much time in that acquisition. Sadly, the lifetime value of that customer turned out to be short, preventing you from achieving optimal ROI. 

Growing a business is a challenge. A lot of factors come into play, including, in addition to customer acquisition, customer retention. In that, customer lifetime value emerges as a key metric. 

In an ideal business landscape, you want to drive as much revenue from every customer. After all, again, you spent so much time and resources on that acquisition. To avail higher returns and faster growth, you want the customer to have a longer lifetime value, thereby yielding higher revenue for your business during their entire relationship and engagement with your brand. 

For B2B brands, this may mean a customer renewing their subscription over and again or making another purchase.

Now, even when your average CLV is less, that’s not something to worry about. There are a few things you can do to improve that number. Here are 3 powerful tips to increase your customer lifetime value:

Ace after-sales service

Many business owners are in a bad habit of forgetting about their customers once the conversion has been made. Don’t be one of them!

In order to keep customers hooked to your brand, you must be on your toes with after-sales service.

Provide support to your customers after they have made the purchase in whichever way you possibly can. Assist them in resolving their concerns and queries. Help them in effectively using the product and driving optimal value. 

Be prompt in response.

A good after-sales service can further satisfy the customers, enhancing their lifetime value for your business.

Keep the communication ongoing 

The communication with your customers should be ongoing. Keep them engaged through emails and social media posts.

Continuous engagement brings brand-building opportunities. And if the communication is relevant and resourceful, it also makes your brand more appealing and likable. Collectively, these result in higher customer lifetime value.

So, never let your customers forget about your brand. Keep them engaged throughout.

Define a retention strategy

Customer retention is a whole different subject altogether.

Admittedly, retaining existing customers is cheaper and easier. However, retention is far from guaranteed. 

Customer retention requires a well-defined strategy that’s built based on different data points you accrued during lead capturing and sales. 

For instance, what should be your message when you’re trying to re-sell to the customer or what pricing strategy should you adopt in this scenario… such questions can only be addressed when you have a customer retention strategy. So, in order to increase CLV, you need to have a documented plan and strategy around retaining more customers. 

Final Words

These are three powerful tips for B2B brands to increase their customer lifetime value.

In this whole process, the most fundamental aspect is to acquire customers who are more targeted and relevant to your business. 

Following the acquisition, keep the customers in the marketing pipeline. Focus on enhancing their experience. Such steps, along with the tips above, will help you make the most out of every customer through high LTV.

If you need help with lead generation, nurturing, and retention, connect with the experts at DAT-A-CCURATE. DAT-A-CCURATE is one of the top leads generation companies, playing a go-to for hundreds of B2B brands for demand generation (and business growth). Connect with us today and let’s discuss how we can help your business.