Inspired while attending an entrepreneurship bootcamp for the startup I'm working on. Customer lifetime value is how much money a customer will bring your brand throughout their entire time as a paying customer. Getting a new customer is 5-25 times more expensive than retaining a customer or extracting more value from them. It is in this spirir that I've created a template to see all possible strategies which have been used or can be used to retain customers and grow them!
What it does
Helps teams narrow down on what strategies they will use for Customer Acquisition, Customer Retention and Custmer Development. Customers are proud of the rewards they accrue and companies are rewarded with an increase in customer lifetime value. Different companies and companies in different industries use different strategies to acquire, retain and grow their customers. Strategies which work in a B2B will not work in a B2C business. A plan in for a company in the social media space for eg - Facebook, will definitely not use the same strategies that are used by FinTech payment company Stripe. And yet, it is important to be aware of all strategies to not miss out on something that could have worked in your business!
How I built it
I built it by research an exhaustive list of strategies to increase CLTV online. These will obviously change as the user's industry of focus changes. The template is for teams to brainstorm on what possible strategies they can have for acquiring customers, retaining them, or getting more value out of them. The template consists of filler text beforehand to get the team started on thinking. They can divide their task into different sections - for eg strategies specific for websites, specific for social media, for offline and so on. And within each of these categories they can brainstorm ideas to increase customers from that specific category.
Challenges I ran into
Having created one template I was pretty confident I wouldn't have trouble designing this one. The biggest issue was balancing my time between working on my startup with wanting to share the knowledge I'm gaining from my mentors with people through this template.
Accomplishments that I'm proud of
Super proud to have learnt so much about different strategies and have a working template. Hopefully you and your team finds it useful!
What I learned
More strategies than I can count. For real, read a lot of amazing case studies on different strategies used by companies ranging from Microsoft to Snapchat in growing their customers.
What's next for CLTV Template
- A designated timeline for the team from ideation to implementation of strategy, division of work among the team members
- A Customer Discovery section before the Customer Acquisition board which helps users plan their assumptions and interview quesitons, their discovery and show it in one collage.
- A board to measure the success of implemented strategies.
If you have any suggestions for improvement, or simply want to have a conversation - let me know in the comments below!