Track other metrics
Posted: Sat Jan 18, 2025 6:06 am
Monitoring indicators in general proves to be an excellent strategy for increasing LTV, which is a metric in itself.
By looking at SaaS metrics , for example, it is possible to analyze the company's development and what adjustments are necessary , in this case, to increase customer retention and increase LTV.
Some of the main metrics for you to track along with LTV are:
Churn Rate : number of customers who cancel their bahrain phone number resource purchases/active accounts, common in SaaS services and products;
Average ticket : this is the average amount spent by your customers on your company's offers;
Customer Acquisition Cost (CAC) : indicator that estimates the investment required to acquire a new customer;
Monthly Recurring Revenue (MRR) : Metric that analyzes predictable monthly revenue for businesses that work with subscriptions and recurrence.
4. Improve customer service and experience
Providing quality customer service and an unforgettable experience are essential investments to help your company grow and improve retention, and consequently also a strategy to increase LTV.
If your support is below average, customers will go to your competitors, even if your product is above average.
But how do you deliver top-notch customer service that increases customer retention and increases LTV? Here are some suggestions:
offer omnichannel service ;
provide 24/7 support with offline service;
invest in chatbots with artificial intelligence;
create a help center and knowledge base.
5. Collect customer feedback
Who better to tell you what your business needs to improve than your own customers? If you want to see them happy and continuing as customers, then listen to what they have to say about your service, product or support and what it would take to keep them.
Expanding and growing in the corporate world without knowing what your customers think is challenging. On the other hand, collecting detailed and actionable feedback is a simple process .
Feedback prioritizes identifying which aspects of your business fuel customer satisfaction and revenue growth. It also provides real data on how likely your existing customers are to recommend your product or service .
Therefore, look into conducting customer satisfaction surveys , such as NPS. Net Promoter Score (NPS) is about the likelihood of a consumer recommending your brand to friends or colleagues on a scale of 0 to 10.
Based on the answers, respondents are divided into three categories: Promoter customers (9 or 10), Neutral customers (7 and 8) or Detractor customers (between 0 and 6).
By looking at SaaS metrics , for example, it is possible to analyze the company's development and what adjustments are necessary , in this case, to increase customer retention and increase LTV.
Some of the main metrics for you to track along with LTV are:
Churn Rate : number of customers who cancel their bahrain phone number resource purchases/active accounts, common in SaaS services and products;
Average ticket : this is the average amount spent by your customers on your company's offers;
Customer Acquisition Cost (CAC) : indicator that estimates the investment required to acquire a new customer;
Monthly Recurring Revenue (MRR) : Metric that analyzes predictable monthly revenue for businesses that work with subscriptions and recurrence.
4. Improve customer service and experience
Providing quality customer service and an unforgettable experience are essential investments to help your company grow and improve retention, and consequently also a strategy to increase LTV.
If your support is below average, customers will go to your competitors, even if your product is above average.
But how do you deliver top-notch customer service that increases customer retention and increases LTV? Here are some suggestions:
offer omnichannel service ;
provide 24/7 support with offline service;
invest in chatbots with artificial intelligence;
create a help center and knowledge base.
5. Collect customer feedback
Who better to tell you what your business needs to improve than your own customers? If you want to see them happy and continuing as customers, then listen to what they have to say about your service, product or support and what it would take to keep them.
Expanding and growing in the corporate world without knowing what your customers think is challenging. On the other hand, collecting detailed and actionable feedback is a simple process .
Feedback prioritizes identifying which aspects of your business fuel customer satisfaction and revenue growth. It also provides real data on how likely your existing customers are to recommend your product or service .
Therefore, look into conducting customer satisfaction surveys , such as NPS. Net Promoter Score (NPS) is about the likelihood of a consumer recommending your brand to friends or colleagues on a scale of 0 to 10.
Based on the answers, respondents are divided into three categories: Promoter customers (9 or 10), Neutral customers (7 and 8) or Detractor customers (between 0 and 6).