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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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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.
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