Repeat Purchases & Lifetime Customer Value Matter
To have a sustainable business, you need to repeat purchases. If everyone only bought one item from you, that business would not make enough money and you’d have to keep marketing to reach a wider and wider audience. The best way to make more money is to encourage repeat purchases – either by offering a product that is consumable or by offering a wide variety of products for the same customer to solve other problems that they have.
To encourage repeat purchases and increase the value of your customer, try these ideas:
Create a Membership or Subscription Service – One sure fire way to increase your income and develop continuity income is to set up a membership or subscription service of some kind that your audience needs. This can happen via an app, or it can be the delivery of the product. Just about everything is on subscription these days, from cat food to toilet paper. [Read more…] about It’s Not Just About That Initial Sale …