#207 How to Increase Customer Lifetime Value to Scale Online and Off with Austin Brauwner
Have you felt like you’re ready to scale your business for a while – but every time you think of getting started you just freeze up??
This is all too common…
It can feel daunting! Where are you supposed to start?
Consider this…
You don’t actually need a million customers, you just need to keep your loyal customers happy.
“Customer lifetime value” is fancy business lingo for how much revenue each customer brings to your business over their lifetime.
This isn’t usually the first thing people associate with scaling, but it’s actually a huge deal! It’s WAY easier to sell to someone who already loves your brand than it is to acquire new customers.
The goal is to maximize the impact you have on your existing customers…
To keep them always coming back for more.
This is what thinking like a business owner is all about.
Austin shared some awesome tips on how you can increase your average customer lifetime value…
KEEP IT FRESH
The more frequently you roll out new, quality products, the better. People need more stuff to buy! It sounds simple, right? Well, it’s so simple that it’s often overlooked.
Small, consistent releases keep people excited about your brand. Best case scenario, you introduce a new product on a monthly basis. Once you get good at it, you’ll find it’s less stressful than a big annual collection, and it leads to steadier growth.
If you were only going to do just ONE thing to increase your customer lifetime value, this would be it.
KEEP IN TOUCH
You can’t sell products if nobody knows they exist…
Capture emails and tell people about your new products. It’s super effective, and cheaper than buying ads!
The fastest growing brands are the ones launching products consistently and emailing their customers regularly. Austin shared that this is the biggest missed opportunity among newer companies.
You should be sending out an email at least twice a month, if not more!
KEEP ‘EM COMING BACK
Thinking like an artist has gotten you this far, but to keep growing you have to shift your mindset to that of a business owner. Prioritize the customers you already have and focus on what will generate consistent revenue for your company.
Like Austin said, there’s a huge difference between a company that’s able to scale and grow, and an artist who’s always stuck in a grind. It all comes down to thinking like a business owner.
If you want to learn more about customer lifetime value, listen to the full podcast. We talk about strategies other companies are implementing to scale their business and retain loyal customers.
If you want to hear more of Austin’s brilliance, you can listen to his podcast E-Commerce Influence.
xo, Tracy
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