Customer Value Optimisation and Your Business
Customer Value Optimisation, or CVO, is a sales and marketing strategy that fits todays growing demand for business. Implementing CVO in your own business strategy ensures a lasting relationship between business and customer. Customer Value Optimisation allows business owners to optimise their own sales and marketing process for higher conversions. Through Customer Value Optimisation you are increasing the number of customers, increasing the average transaction value per customer, and increasing the number or transactions per customer.
Step 1: Know Your Target Market
Who is your demographic? By knowing who you are selling to you are increasing your odds of offering a product they are in desperate need of. Are you selling to both men and women? Is the goal to attract a certain age group? Always know your audience.
Step 2: Choose The Right Traffic Source
When a customer is searching for the latest “It” item the first place they turn to is social media. Instagram, Pinterest, and Facebook and the like are all giant traffic resources and help to keep up with ever changing trends. Have a strong presence on all social media platforms that let’s your customers know who you are as a business, what you offer, and why they need it. Always include a short link to your site. By doing that you will help increase your ratings in search engines such as Google. Having a blog on your site and offering a weekly newsletter can also increase those ratings.
Step 3: Provide A Core Product
What you are selling is what gives your business value, but it also shows your customer that you value them as well by providing a well thought out quality product. Your core product is always your most expensive. Providing options at a lesser value or offering limited time only deals still gives you the ability to turn a profit and gives your customer options instead of being forced into something they are likely to return. Offer your customer something for free. Be it a free download video course, e-book, etc. for their time and business. By doing this you have created a return customer and created more traffic through word of mouth.
Step 4: Maximize Your Product
Bundles and Subscriptions. At the end of the day we want to make a sale, but the end goal is to increase profit over the long term as quickly as possible. One of the best ways to do that is to bundle products or services and adding subscriptions. For example, there are companies that sell their products on Amazon and offer a discount to those who subscribe monthly to their services using auto-pay.
Statistically new businesses fail within the first 18 months, but by utilising Customer Value Optimisations and following these simple steps you are guaranteed a recipe for an unstoppable business. There are many ways to increase traffic but to ensure constant growth implementing CVO in your daily business strategy is smart, simple, and good business.