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The Lifetime Value of a Customer

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Customers come and go. This is just one of the ups and downs of owning a business. You are aware that you may not always keep the same customers for years. However, as a small business, you will …

Customers come and go. This is just one of the ups and downs of owning a business. You are aware that you may not always keep the same customers for years. However, as a small business, you will usually have a strong base of loyal customers who continue to visit your business for years.

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  • 1. The Lifetime Value of a Customer
  • 2. Customers come and go. This is just one of the ups and downs of owning a business. You are aware that you may not always keep the same customers for years. However, as a small business, you will usually have a strong base of loyal customers who continue to visit your business for years. These people are often called lifetime customers, and they are extremely vital to the health of a business.
  • 3. Why are lifetime customers so important when my actual customer base changes year to year? The reason that these loyal customers are so important is actually twofold. First of all, think about the time when your liquid customer base has been at its lowest point. What supported your business during those times? Yes, it was your lifetime customers.The great thing about loyal customers is that they will stick with you.
  • 4. The second part of this answer has to do with reputation. One thing about people is that they will tell other people about their experiences. Your loyal customers are most likely very happy to tell other people about what a good experience they had with your business. This can lead to many new customers for you.
  • 5. How can I sustain a good base of lifetime customers? The answer is very simple. Provide them with an experience that makes them want to continually come back to your business. Your customers should be able to walk away from your business each and every time, happy with their experience.
  • 6. You can achieve such an experience for your customers by making sure that your employees treat everyone who walks through the door with respect and with a professional attitude. In addition, your employees should be thoroughly knowledgeable of any product or service you sell.
  • 7. Is there anything extra I can do to keep customers? Loyalty programs can be a great way to give a little extra to your lifetime customers. You can provide them with a discount after a certain number of years as your customer. You could provide special promotions if the customer refers knew customer to you. There are any number of things you can do to let your lifetime customers know that you appreciate them.
  • 8. There is a major lifetime value to your customers. While you have to expect some customers to come and go, you can still make sure to take care of your lifetime customers by providing them with excellent service and an amount of appreciation.

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