When growing our businesses, we often think of ways to generate more leads and getting more customers.
What we often forget is maximizing our customers’ lifetime value to our business.
Just think about it.
We’ve spent money on marketing to land one customer, and now we are looking to spend more money to get more customers.
There’s nothing wrong with that.
However, what if you can increase the profit you’d get from a customer you already have?
That’s what can happen if you aim to increase your customers’ lifetime value.
And here are just several ways you can do that:
They say first impressions last. And that’s especially true when doing business. If a lead clicks your ad, fills up your form, and calls your number, you should strive to make their onboarding process seamless.
Instead of asking for their information and letting them know you’ll call them back, ask them for a specific time and date when one of your team can visit their property for the initial inspection.
Giving them a timeframe as to when you would be able to visit lets them know that an appointment has been set. This is a lot better than giving them the usual “We’ll get back to you soon” which can lead to the customer looking for another company who can serve them now.
This alone can improve your closing rate, and make sure your advertising budget is not put to waste.
Humans are emotional beings. They act on emotions and justify it through logic.
By providing extraordinary customer service that lets your customers feel valued and prioritized, they’ll remember you and prefer doing business with you over your competitors, even when others have a better offer.
There are thousands of ways you can provide excellent customer service from the moment they call your office to the time you finish your project - and this is something you should master as a business owner.
But the bottom line is, make your customers satisfied, and feel good about working with you and your team.
Asking for referrals is an easy and less expensive way of gaining new customers.
By asking one satisfied customer to refer a new lead to you, you’re essentially increasing the lifetime value of your already satisfied customer, by bringing you new business.
But how can you create an enticing and effective referral program?
With the usual referral programs, contractors pay their existing customers if they can refer them to a new lead and if they are able to close it.
This, however, may not be enticing because it doesn’t provide an immediate reward, the reward depends on your ability to close and not theirs, and for commission-based referral fees, the amount is uncertain.
What you can do instead is to offer a small and fixed referral fee upfront if they can give you a name you can reach out to, regardless if you close the deal or not. This eliminates all the previous objections and rewards them for giving you more prospects.
And when you call those people, you can let them know that you’ve been referred by their friend/neighbor/relative and you’ve helped them with their asphalt needs. This is an instant way to gain credibility and trust.
I know this sounds silly, but having a yard sign visible within your customers’ property, while you’re working on their project, can entice more customers to learn more about what you’re doing, and get the same service done.
If you want to maximize this scenario, reach out to nearby properties and let them know you’ll be working on their neighbor’s property and they might expect some noise. Be courteous and ask them to call you personally if they experience any problems with your ongoing project like getting debris on their property. And of course, while you’re at it, subtly ask them if they might need the same help and offer a free inspection or estimate.
This strategy works because you can come across as courteous and concerned about the community, instead of a sales-y door-to-door salesman.
If you get one more lead simply by letting your customer’s neighbor know about it, your customer’s lifetime value has increased.
This tip is intentionally vague. Simply because there are different ways to become easy to work with.
For example, you can offer flexible scheduling for asphalt projects in commercial areas to avoid interrupting daily operations. Or you can be available on different channels for easier contact. Or maybe you can work fast, without too much noise and mess, and with minimal supervision. The point is to make the whole operation from start to finish effortlessly for the customer, and of course, satisfy the customer’s needs.
By being easy to work with, you won’t be giving your customers a reason to pick anybody else next time they need your service, and more reason to refer you to their friends and family.
By following all the tips I’ve mentioned earlier, your customers’ lifetime value can dramatically increase and can result in getting repeat clients.
But what do you do when you once you get repeat clients?
Reward them by offering exclusive discounted rates or other offers/tokens to show appreciation for their loyalty to your business. This will not only make your customers feel appreciated and valued enough to work with you again for future projects, but it can also lead to them referring you to other people who can turn into new customers.
And this is what it’s all about. Having satisfied clients who wouldn’t work with anyone else but you, and letting other people know about it.
By increasing and maximizing your customers’ lifetime value, you can get more customers and grow your asphalt paving company at fraction of the amount you spend earning new customers through your marketing efforts.
But would you still want to learn how to get new clients and make your marketing efforts worth it?
Get in touch today and see how we can give your asphalt company a boost through online marketing!