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New customer welcome jordan hatch
1. New Customer Welcome CampaignHow to Increase the Lifetime Value of Each Customer Presented By: Jordan Hatch – Lead Trainer, Infusionsoft
2. First Things First Why do we care about Customer Lifetime Value? Tells us how much we can spend to bring a customer in Setting goals to improve Use it as a benchmark for future performance Measure of how much our customers like us Gets you out of the “I eat what I kill today” mentality Define Customer Value Not just how much each customer has bought Average total value each customer spends with you during their time as your customer Average lifetime value calculated based on all customers
3. How To Calculate Estimated Lifetime Value 3 things you NEED to know Total Number of Customers Total Dollar Amount of Orders Total Number of Orders Average Order Amount Total $ Amount / Total # Average Number of Orders Per Customer Total # Orders / Total # Customers Average Length of Relationship Subscriptions – Total number of billed cycles / Total # of Customers New Customer Acquisition Cost Total $ Amount Spent to Get Customers / Total # of Orders
4. Let’s Look At An Example Landon – Johnson Pools Snapshot of the last 6 months Monthly Pool Cleaning Service $36,000 in revenue 75 customers
5. Don’t you just love word problems? What were the 3 things we needed to know? Total Number of Customers 75 customers Total Number of Orders 75 customers * 6 months = 450 orders Total Dollar Amount of Orders $36,000
7. Now for the fun part – the math Average Order Amount Total $ Amount of Orders / Total # of Orders $36,000 / 450 orders = $80 / Order Average Number of Orders Per Customer Total # of Orders / Total # of Customers 450 orders / 75 customers = 6 orders / customer Average Lifetime Value of Customers Average Order Amount * Average Number of Orders $80 / Order * 6 orders = $480 / customer New Customer Acquisition Cost Total $ Amount Spent to Get Customers / Total # of Orders $10,000 on postcards / 450 orders = $222 per new customer
8. Let’s talk about why we are here Set goals to improve the 3 most important metrics in your business Average Order Amount Average Number of Orders Per Customer New Customer Acquisition Cost Small improvements here have a huge impact on your bottom line A 10% improvement in each category would give Landon a 61.2% increase in bottom line revenue
9. How to improve “Average Order Amount” If you’re not selling stuff online – get out of the stone age “But Jordan I can’t sell my {Insert product you don’t think you can sell online here} online – none of my customers buy it online” Leverage the 5 ways Infusionsoft enables you to sell online Manual entry Order forms Your storefront + Infusionsoft Shopping Cart Buy Now Links Infusionsoft Storefront + Infusionsoft Shopping Cart API Up sells and Cross sells On the “Thank You Page” of order forms Check box on order forms 3 areas in the shopping cart Increase your prices Make sure you test before you do this Less orders at higher prices can mean increased profit
10. How to improve “Average Number of Orders” It’s as easy as following up: Maintain your relationship with regular contact Newsletters Tips and Tricks Product Updates People who bought this also bought… Add coupons / discounts to your emails Let them know when they may be “running out” All About Spelling “Personalized” Follow Up Email Send as plain text “I wanted to thank you for purchasing XYZ. How’s it going?” Cool stuff you can do with the Email Builder
11. How to improve “New Customer Acquisition Costs” Track your “Leadsource” Look for new ways to capture leads from nonperforming leadsources Look at your Bounce Rate in Google Analytics Stop spending money on non-performing leadsources Spend more money on performing leadsources Negotiate better deals with lead providers Ask your customers for referrals Use the Affiliate module in Infusionsoft to track Offer discounts, store credit, or cash Make sure you have the other processes in place Web pages / Landing pages to send traffic to Lead capture forms Follow Up Sequences
12. Review Start calculating, reporting and tracking Average Customer Lifetime Value on a regular basis Set quantifiable goals to improve the 3 most important metrics in your business Average Order Amount Average Number of Orders Per Customer New Customer Acquisition Costs Take specific action to attack those goals