The greater the customer lifetime value, CLV or CLTV, for a given app, the healthier the business around it will be. One of the primary ways to grow an app-based business is to increase that CLV. However, this is easier said than done and not every CLV growth approach will work well for every company. Below are seven ways app CLV can be grown.
Retain the customers you have. If you manage to increase retention by just five percent, research suggests that profitability will increase by a minimum of 25%. If a company is focused too much on acquiring new customers rather than retaining the ones it has, there's even the chance that the company or app will develop a negative CLV. Over time, that develops into a worst-case scenario. To reduce churn, the first step should be to identify why customers are leaving.
If you offer a good enough deal, a customer may decide to go for a year-long subscription over a 3-month subscription even if they haven't planned that far ahead. You just have to make that longer subscription or “premium” option as appealing as possible- using something like the “decoy” method, aka “asymmetrically dominated alternatives," to nudge customer behavior in the direction you want it to go.
People like new things, even if they don't add too much. Continuing android app development or product development even after it's initial release can appeal to your customers, especially if you begin to implement their feedback and suggestions.
How easy is it for your app's users to contact you or receive support? Do you offer multiple contact options or channels? Increasing the availability of support agents or adding new pathways can help reduce churn and improve overall customer relations.
Paid user tests can help point out issues you didn't even think you had. If your only testers right now are people that work for your company or are already on your team, you may want to broaden the scope of this process. It doesn't take much, and it can lead to many key insights.
Customers like to know that you care about them, as individuals. In a recent survey, nearly half of all respondents admitted to committing to an “impulse” purchase after receiving a personalized offer after expressing interest in a product or service. Half of these people also spent more than they originally intended.
Not everyone is the type to contact customer service if they have a few questions. Many people will want to learn as much as they can on their own and make a decision that way. These people want as much content and as many details to look over as possible. Provide. Also, make “onboarding” and getting started with your app as easy as possible. Don't skip steps, don't assume your customer knows exactly how to use your product.
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