Every retailer knows the thrill of making a sale, but what if you could turn that one-time shopper into a lifelong customer? Cathy chats with Josh Orr, founder of Capital Commerce, to reveal the #1 tip that can grow your the lifetime customer value by 30%.
If you’re ready to boost customer loyalty and maximize profits, keep reading, watch or listen to uncover actionable retail strategies that will transform your business.
Why Lifetime Customer Value Matters
The more value each customer brings over time, the more sustainable and profitable your business becomes. But here’s the thing: you don’t need to chase new customers constantly. Instead, focus on growing customer value by nurturing the relationships you already have.
Josh Orr shares that adding just one more shopping channel can increase your lifetime customer value by 30%. Sounds simple, right? But it’s not just about being everywhere – it’s about creating a seamless, engaging experience across all touch points.
3 Strategies to Grow Your Lifetime Customer Value
- Consistent Communication Builds Customer Loyalty
Regular, meaningful communication keeps your brand top-of-mind. Whether it’s a personalized email or a thoughtful social media post, staying connected fosters trust and loyalty. As Josh explains, the key is to engage without overwhelming think quality over quantity. - Strategic Discounts to Re-Engage
Discounts aren’t just for attracting new customers. Used strategically, they can re-engage past shoppers and entice them back. Consider offering exclusive deals to your loyal customers to make them feel valued and appreciated. - Multi-Channel Engagement for a 30% Boost
Here’s the golden nugget: adding an additional shopping channel—whether it’s online, in-store, or through social media—can significantly boost LCV. Multi-channel engagement offers convenience and flexibility, meeting your customers wherever they are and enhancing your marketing strategy.
Your Millie Moment: Take Action Today!
- Capture Every Customer’s Email: Make it a priority to collect emails in-store starting this week. Email marketing is a cornerstone of any effective retail strategy.
- Set Up a Thank-You Automation: A simple “thank you” email can go a long way in re-engaging customers.
- Track Multi-Channel Engagement: Monitor how engaging customers through multiple channels impacts your repeat sales and online sales over the next 30 days.
Ready to Dive Deeper?
- Explore Capital Commerce: Learn more about Josh Orr’s agency and how they help retailers bridge the in-store and online sales gap.
- Listen to Episode 11: Need more tips on growing your email list? Check out Episode 11 of The Richer Retailer podcast.
Let’s Build Loyal, Life-Long Customers
Your customers are more than just transactions, they’re relationships waiting to be nurtured. By implementing these retail strategies, you’ll not only increase your customer’s lifetime value but also build a sustainable, thriving business.
If you loved this blog, share it with a fellow retailer who needs to hear it! And don’t forget to subscribe to The Richer Retailer podcast for more tips and strategies.
Join the Conversation: Connect with ambitious store owners in our Richer Retailer Facebook Group. Let’s grow together!
Let’s go make magic happen by building loyal customer relationships and driving sustainable online sales!
Ready to join the Millie Club? If you’re already at multiple 6 figures and ready to scale up past 7 figures, watch our free class: 3 Steps to Maximize Profit & Reduce Overwhelm.