The $100 MBA Show

MBA1318 Guest Teacher: Mark Thompson- 8 Ways to Increase Your Customer Lifetime Value

Jul 29, 2019

Mark Thompson, co-founder of PayKickstart and a revenue expert, shares his insights on increasing Customer Lifetime Value (CLTV). He reveals eight clever strategies, including upselling and subscription models, to enhance revenue from existing customers. Mark emphasizes the importance of customer engagement and effective sales techniques, such as order bumps and personalized offers. He also discusses the role of email marketing and customer service in reducing churn. Perfect for entrepreneurs eager to maximize their ROI and delight their customers!

20:02

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Episode guests

Mark Thompson

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Episode notes

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Quick takeaways

Implementing upsells and downsells effectively can significantly boost revenue by maximizing customer potential right after initial purchases.

Utilizing automated email marketing strategies is essential for nurturing customer relationships and enhancing overall customer lifetime value.

Deep dives

Maximizing Revenue Through Upsells and Downsells

Implementing upsells and downsells in the sales funnel is a key strategy to increase revenue significantly. An upsell offers customers a higher-end version of a product they just purchased or a complementary product, while a downsell is offered when they decline the upsell. Data shows that top customers can generate as much as half of their total revenue from these tactics alone, creating potential for doubling initial revenue. Businesses can optimize their offerings by ensuring that upsells are closely aligned with the main product to enhance customer satisfaction and drive additional sales.

Intro

3min

Maximizing Customer Lifetime Value Through Strategic Upselling

5min

Maximizing Revenue Through Order Bumps and Subscriptions

2min

Strategies for Amplifying Customer Lifetime Value

5min

Maximizing Customer Value through Upselling

6min

Are you getting the most from your customers?

Don’t be shy: when your product delivers, customers have no problem rewarding you. If they can invest in even more value from your business, that’s a win-win. But as the business owner, you can’t just expect customers to offer you more revenue.

You’ve got to make a proposition.

Today, special guest Mark Thompson stops by to explain exactly how to get more overall CLTV (Customer Lifetime Value) from each and every customer. With a few smart pitches or pricing structure changes, you can maximize the ROI on every conversion, while delighting your customers even more.

We met Thompson at a recent conference, and his expertise left us no choice but to ask him on the show. He’s the co-founder of PayKickstart, and a revenue expert who’s helped scores of entrepreneurs get the most out of every happy customer. Along with his lesson, Thompson has a revenue-accelerating gift for our listeners!

Your existing customers have just as much (or much more) potential to increase your revenue than newly acquired customers. Don’t leave money on the table — Click play at the top of the page!