Did you know that the average lifetime value of a Starbucks customer is $14,099?
Crazy, right?
We’re talking about heated bean water here!
But seriously, this just goes to show how important it is to keep your existing customers happy and engaged.
The fact that a simple cup of coffee can result in such a high lifetime value demonstrates the impact of building strong relationships with customers and creating a loyal following.
As a business owner or entrepreneur, it’s important to recognize the value of your existing customers and to make efforts to keep them happy and engaged.
Here are some tips to help you do just that:
- Check in with them regularly: One of the best ways to show your customers that you care about them is to check in with them regularly. Whether it’s through a quick email or a phone call, taking the time to ask how they’re doing and if they need any help goes a long way towards building a strong relationship.
- Offer continuity products: Continuity products, like subscriptions or memberships, are a great way to create recurring revenue and keep your customers engaged. By offering a product or service that provides ongoing value, you’ll be more likely to keep your customers coming back for more.
- Refer them to other businesses: If you don’t have your own continuity product, consider referring your customers to another business that does. This not only helps your customers find a product they love, but it can also help you make some extra cash through referral commissions.
Ultimately, the key to building a successful business is to focus on your existing customers and to create an environment where they feel valued and appreciated.
By implementing these simple tips, you can create a loyal following that will not only increase your revenue but also provide a foundation for long-term success.