Finding the lifetime value of a customer, and focusing on that to improve marketing

What is the lifetime value of a customer? Simply put, its that value or values that will keep a customer returning to your business for life. It's the thing that's most important to your customer. Once you know what that thing is, once you've nailed it, once you've got in your pocket and possess it, you can start thinking of ways to market it, to advertise it. But first you've got to find out what it is.
1. Obviously, finding the answer to that crucial question will depend on effective communication with your customers. In order to discover the lifetime value of a customer, you've got to ask the customer what it is. You've got to notice what lifetime values your customers have in common. You need back and forth, conversation, dialogue, action and reaction.

2. How will you start this dialogue and hopefully find the lifetime value of a customer, focus in on it, and improve your marketing strategy overall? Well, there are lots of ways to do it, and some are more effective than others depending on what it is you're trying to sell and who it is you're trying to sell it to. You've got television, you've got radio, you've got magazines and newspapers, you've got telephones, you've got the almighty Internet- which of these inroads to your customers lifetime values will serve you best?
3. Let's say that the Internet is your inroad of choice, and what a great choice that is. The Internet connects far-flung people instantaneously. You can be making running shoes in Nevada and know exactly what they're thinking about those running shoes over in Japan. The Internet is incredibly powerful when it comes to communication, if you use it in the right way.
4. So, you've got your website up and running, and what you want to do is find the lifetime value of your customer, zero in on it, and market it for all it's worth. You'll need to create a space on your website where customers can tell you what they're thinking. You'll need to create a space on your website where customers can share with you their concerns, appreciation, and so forth. You'll need to read about those concerns and appreciations and find a way to appropriately respond to them; you'll probably need a team in place to read and respond appropriately.
5. What do your different customers have in common? What do they complain about most often? What do they praise you for most often? These "most oftens" equal the lifetime values of your customers. They mean continued support for your company, a continued income, a continued feeling of success and expansion. Once you've identified a few of these lifetime values, you'll want to start mentioning them when advertising your product. You don't want to be pushy, overt, obvious. The best approach is a subtle approach. You want to say, essentially, "Look, your lifetime values are my lifetime values. And that means that those values are going to remain consistent for your lifetime and mine. Stick with me, and you'll be taken care of where you yearn for it most."
6. It's not easy to craft a message like this into a quick TV advertisement, radio ad, Internet message, etc. It takes time, sensitivity, patience, and a combination of different views and strengths. Finding the lifetime value of a customer, marketing that lifetime value in the right way-you don't do the job of a lifetime in a few minutes. Again, think about your other relationships, your friends and family. You're not hasty with them, hopefully; hopefully, you listen, and really try to be supportive when needed, where needed, how needed, what needed. Do this same favor for your customers, and plan on a richly rewarded life.

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