How to Create Lifetime Clients
If you want to get more clients per marketing dollar, start keeping closer tabs on Customer Lifetime Value (CLTV).
CLTV is a marketing term that measures the investment and effort required to keep your current client base happy, loyal and profitable.
“Customer lifetime value (CLV or customer LTV) is the monetary worth of a customer to your business for the length of their engagement with your company,” according to this article by Darshil Gandhi for Amplitude. “It is an important figure for businesses, as it helps you optimize customer acquisition and retention costs.”
Here are three ways to measure CLV, according to Amplitude:
- CLV = Average Customer Lifespan × Customer Value
- CLV = (Total Customer Revenue × Customer Margin) ÷ Churn Rate
- CLV = Average Value of Sale × Retention Period × Number of Transactions × Profit Margin
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How to Boost Client LTV
Here are some suggestions for turning prospects into lifelong clients, courtesy of The National Law Review and legal writer Jan Hill:
- Make new clients know they are a priority.
- Adjust your client’s expectations.
- Set specific, reasonable and attainable goals.
- Respond promptly to client inquiries and be there when your clients need you.
- Give them personalized service and undivided attention.
- Be prepared for client meetings and show clients you value their time.
- Stay in touch with your client even during slow periods.
- Meet all case deadlines.
- Be a strong advocate – let the client know you are on their side.
- Be honest and encourage the same from your client.
Source: Lawmatics and The National Law Review
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