This is our second part on customer value optimization to give you essential basis to build a successful business or nonprofit. In our previous article, we talked about determining your product and market, choosing a traffic source and building your lead magnet.
In this article, we have lined up the last 4 simple steps to follow to set up your CVO strategy:
4- Offer a Tripwire
- It is a low cost offer to up sell your customers once they are in the sales funnel
- A tripwire is usually set from $1 to $20
- Make a tripwire offer your leads are unable to resist
- Tripwire offers are an amazing way to turn a lead into a customer
- Offer your tripwire to users who have shown interest in your lead magnets.
- Acquire buyers! It is the most powerful addition to a business
- Your goal with tripwire is to acquire a customer that will be profitable in your sales funnel further on.
5- Offer a core product
- Offer a core after your lead magnet and tripwire
- It is the product you offer to customers of tripwire to entice them to keep on buying
- Use a similar product or service your customers will be interested in
- This product should increase in pricing but also include special promotions or offers
6- Profit maximizer
- Your goal here is to increase the average transaction per customer
- Offer other products with the core product
- Always think maximize and maximize your order value per costumer!
- Every time you have a lead or a customer maximize it by offering something else
- This works great on a thank you page!
7- Create the return path
- Return path increases the amount and frequency customers buy from you.
- It is a strategy to push prospects and buyers to buy again
- It can be in the form of information on similar products customers receive leading to purchase again
- Building a return path will make customers buy frequently or donate more
- Different ways to build your return path strategy: exit offers, social media, SEM, CRM, loyalty progress, loyalty card, outbound sales and retargeting.
- Referral programs are also amazing at this stage and build customer acquisition
Thank you for reading our second part on customer value optimization! If you need help with your nonprofit customer value optimization contact us today!