Firstly I need to define CLV as I have heard it called many things, but in principal this is where your organisation builds a loyal relationship between your customer and your brand.
I will take a look at a couple of key points and explain why the customer and CRM experience is so important. Research has proven that once a customer enjoys the experience of owning a product or working with a brand, a loyalty is formed and customer will return to make further purchases.
Customer lifetime value (CLV) is the term that we all use to measure a customer's satisfaction with a product; if their CLV is good, the customer will be loyal to the brand. Here's how a good CLV level be maintained.
Learning and acting on customer tendencies
One of the things that is evidently important is being able to have the ability to monitor and gauge how a customer will typically act regarding sales and this is a key part of the CRM process.
This is where a solution like Microsoft Dynamics CRM provided as a fully managed service from MyCRM can help. CLV can be increased by accurately gauging how customers will react and responding in a way that meets their needs. For example, if a customer always buys a product in the lead up to Christmas, he or she should be presented with the most promotion around that time of year. It is best to make a customer's experience as individualised as possible.
Tailoring, offers around previous buying patterns, will help highlight the right offers to returning customers and by using Microsoft Dynamics you can easily do this by recording all orders previously made.
A strong call to action and relevant information
One key thing to understand and do well is the ability to remain relevant to customers in the modern age. After all, they are constantly bombarded with messages from competitors. Surveys indicate that customers simply want their overall shopping experience to be improved. Customers should always know exactly where they need to go in order to complete the transaction. It is wise to maintain regular communication until the customer takes action, either to end the communication or moves to re-purchase.
Cross-selling and upselling are not as prevalent as they once were, but they remain key ways to increase CLV. By upselling and cross-selling, the sales staff are able to remind customers just how many more options they have when purchasing from the company.
These methods are still considered a great asset in sales approach for bringing awareness to new service lines and new products.
Source: Business 2 Community
More and more social media is becoming a centre point strategy within marketing and sales positioning. Customer will be looking for your brand on platform like Twitter and Facebook and by having a strong presence will increase CLV in the digital world we live.
To find out more about MyCRM please visit http://www.mycrmgroup.com/ and if you are already using Microsoft Dynamics then see the latest support offering here http://www.mycrmsupported.com
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MyCRM don’t only provide a managed service but also off a range of product solutions which are off-the-shelf extensions to enhance CRM productivity, along with dedicated support packages to meet business requirements.
We offer from our own fully managed datacentre a licence per user Microsoft Dynamics CRM platform, you can see more about using MyCRM as a managed service here: http://hosted.mycrmgroup.com/
As an Independent Software Vendor (ISV) we offer a range of pre-built application extensions for your Microsoft CRM Solution. You can get access to a range of products for Microsoft Dynamics CRM from the MyCRM download centre here: http://downloads.mycrmgroup.com after registering for an account.