But it\u2019s easy to get lost in the finer details of cumulative retention rates, inventory analysis, and acquisition costs<\/a>. Of course it\u2019s important to focus on the KPIs that can zero-in on your business goals, but what about the bigger picture? What are some broad, reliable strategies for increasing customer lifetime value?<\/p>\n It can be tough to know where to start, so we\u2019ve laid out a few rock-solid strategies for tackling customer lifetime value. If you\u2019re looking to boost customer satisfaction, retention, and purchase frequency, these tactics will point you in the right direction. <\/p>\n No matter what your strategy to increase customer lifetime value looks like, your first step needs to be unifying your customer data.<\/p>\n That\u2019s because to truly understand your CLV \u2014 and subsequently increase it \u2014 you need to understand your customers on an individual level. And that starts with bringing all your customer data together in a single source of truth.<\/p>\n Having your customer data scattered across multiple platforms in different siloes makes it impossible to create a consistent experience for customers. You need to be able to access each customer\u2019s data in a single customer view<\/a> to fully comprehend their lifetime value and build on their relationship with your brand. <\/p>\n If you don\u2019t know basic customer attributes, like whether they\u2019re a first-time shopper or a long-time customer, you can\u2019t cater to their unique needs. And consistently meeting the individual needs of your customers is your best bet at a long and prosperous relationship. 75% of customers<\/a> agreed that experience was an important factor in their decision to purchase a product.<\/p>\n If you have multiple platforms collecting data without connecting all the interactions your customers have with your brand, you can\u2019t grasp the full scope of your customer\u2019s journey, let alone their customer lifetime value.<\/p>\n You need access to that granular data to get a bird\u2019s eye view of your ideal customer. That\u2019s why a CDP is a critical component to any strategy for increasing CLV.<\/p>\n A CDP provides that single customer view<\/a> \u2014 a foundation that your strategy can build on, giving you a complete understanding of each customer, their interactions with your brand, and their preferences. When all this data is unified in a single source of truth, you can segment your audience and paint a clear picture of what your ideal customer journey looks like.<\/p>\n We\u2019ve covered segmentation and all the game-changing ways it can impact your marketing efforts<\/a> before, but when it comes to calculating and increasing customer lifetime value, it really is your ace in the hole. <\/p>\n When you have access to data in a comprehensive platform, you can create value-tier segmentation and clearly define characteristics of your most valuable and loyal customers. <\/p>\n Which customers are VIPs? Which haven\u2019t engaged with your brand in a while? Which are in danger of churning? Once you have these questions answered, you can tailor your messaging to reach your audience no matter where they are in the customer lifecycle<\/a>. And that proper grouping, backed by comprehensive data, is step one for any brand trying to increase customer lifetime value.<\/p>\n Reaching your customers where it counts is an essential part of building a healthy CLV. Today\u2019s consumer is hyper-connected and engaging with multiple channels on a daily basis, and your brand needs to create an enticing and consistent experience for each touchpoint \u2014 whether it\u2019s a social ad, an email, an SMS campaign, or an in-store purchase.<\/p>\n Variety is now the reality of modern commerce, and the numbers back it up. Consumers shopping across multiple channels have a 30% higher lifetime value.<\/a> They expect companies to come to them with deals, sales, and incentives, and to reach them where it\u2019s most convenient.<\/p>\n And this makes sense in the long game that is customer lifetime value. When you break down barriers between channels and integrate all these touchpoints, you empower the consumer to interact with your brand on their own terms, wherever and whenever it\u2019s best for them. It makes it easier to engage, repeat a purchase, and become a loyal customer.<\/p>\n But if you don\u2019t focus on that integration, your efforts are bound to fall short. Having multiple channels isn\u2019t enough \u2014 connecting them is the key to next-level customer relationships. <\/p>\n Unity across channels is the difference between multichannel and omnichannel<\/a> marketing. Omnichannel operations focus on the entire customer experience \u2014 not the customer\u2019s individual experiences on different channels. <\/p>\n The fact is, omnichannel is much more than a marketing buzzword<\/a>. It\u2019s the new standard for success in modern ecommerce, especially when it comes to retaining your customers. Adopting an omnichannel strategy is essential for building long-lasting customer connections.<\/p>\n Personalization has quickly gone from a trending talking point to an essential ecommerce tactic in just a few short years. <\/p>\n It\u2019s no longer enough to input a customer\u2019s name into a promo email and call it a job well done. Today, consumers expect brands to collect information about their preferences and shopping behavior. And if you\u2019re not translating that valuable data into truly personalized experiences, your audience will see that as a shortcoming of your brand experience. <\/p>\n More than half (60%) of consumers<\/a> say they will likely become repeat buyers after a personalized shopping experience with a retailer, which means you need to add a personal touch to your business efforts to keep customer lifetime value high.<\/p>\n Product recommendations, targeted campaigns, inspirational content, location-based services \u2014 there are a myriad of ways to incorporate personalization into your marketing campaign strategy. It all depends on how your customers interact with your business. <\/p>\n First, you need to identify the ideal customer journey: What is your audience trying to achieve? What does an optimal customer experience look like? How does engagement change from channel to channel? If you\u2019re wondering how to answer these questions and design personalization experiences for your business, our ecommerce personalization guide<\/a> is a great place to start. <\/p>\n Once you\u2019ve mapped out all the touchpoints that could benefit from a more contextual experience, you can weave personalization into your strategy. The personalization puzzle<\/a> is not an easy one to solve \u2014 the technology you employ and the tactics you use will vary depending on your business goals and customer needs. But the fact remains that the more personal you make your customer experience, the more engaged your customers will be. <\/p>\n It\u2019s all about sending the right message to the right person at the right time. As long as you keep that idea in mind, your personalization strategy can hit all the KPIs that your customer lifetime value counts on.<\/p>\n A unified data platform. Omnichannel marketing orchestration. Real-time personalization. All of these can move the needle when it comes to boosting your CLV, and they\u2019re all built-in features of Bloomreach Engagement<\/a>. <\/p>\n Our marketing automation and personalization solution combines the power of a customer data platform with native artificial intelligence, an email service provider, marketing automation, and web personalization<\/a>, so you can seamlessly create marketing campaigns across channels. <\/p>\n It\u2019s a powerful platform that can impact every phase of your customer journey, from acquisition to long-term retention \u2014 exactly the kind of tool you need to set your business up for success.<\/p>\n Interested in learning more? Watch our short video<\/a> to learn exactly how Bloomreach Engagement functions and how it is specifically designed to help digital commerce<\/a> companies thrive.<\/p>\n","protected":false},"excerpt":{"rendered":" Customer lifetime value (CLV) is a metric that doesn\u2019t get enough attention in modern business strategies, but it can be an eye-opening method of measuring your business\u2019 success. If you\u2019re unfamiliar with the term, customer lifetime value is a customer\u2019s value to a company over a period of time. Basically, it\u2019s a measurement of the […]<\/p>\n","protected":false},"author":14,"featured_media":17825,"template":"","ew-regions":[],"ew-solutions":[],"library_type":[513],"library_blog_tag":[362,365],"industry":[],"channel":[],"topic":[],"class_list":["post-22653","library","type-library","status-publish","has-post-thumbnail","hentry","library_type-blog","library_blog_tag-ai-and-innovation","library_blog_tag-marketing-automation"],"acf":{"library_blog_banner_content":"","library_blog_banner_cta1_text":"","library_blog_banner_cta1_href":"","library_blog_banner_cta1_new_tab":false,"library_blog_banner_cta2_text":"","library_blog_banner_cta2_href":"","library_blog_banner_cta2_new_tab":false,"library_blog_banner_bg_color":"#EAF7FE","library_blog_banner_cta_text_color":"#FFF","library_blog_banner_cta_bg_color":"#019ACE","library_blog_banner_cta2_text_color":"#000","library_blog_banner_cta2_bg_color":"#FFF","library_blog_chatgpt_content":"","library_blog_chatgpt_cta_href":"","library_blog_chatgpt_cta_text":"Ask ChatGPT"},"_links":{"self":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library\/22653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library"}],"about":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/types\/library"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/users\/14"}],"version-history":[{"count":0,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library\/22653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/media\/17825"}],"wp:attachment":[{"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/media?parent=22653"}],"wp:term":[{"taxonomy":"ew_regions","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/ew-regions?post=22653"},{"taxonomy":"ew_solutions","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/ew-solutions?post=22653"},{"taxonomy":"library_type","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library_type?post=22653"},{"taxonomy":"library_blog_tag","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/library_blog_tag?post=22653"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/industry?post=22653"},{"taxonomy":"channel","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/channel?post=22653"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.bloomreach.com\/en\/wp-json\/wp\/v2\/topic?post=22653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Get Rid of Customer Data Silos<\/h2>\n
![](\"https:\/\/www.bloomreach.com\/wp-content\/uploads\/2024\/05\/conquer-the-customer-journey-in-article.png\")
<\/a><\/p>\n![](\"https:\/\/www.bloomreach.com\/wp-content\/uploads\/2024\/05\/clv-cdp-1-1.jpg\")
<\/p>\nExpand Your Touchpoints With Omnichannel Marketing<\/h2>\n
![](\"https:\/\/www.bloomreach.com\/wp-content\/uploads\/2024\/05\/clv-omnichannel-1-1.jpg\")
<\/p>\nAdd a Personal Touch to Your Customer Experience<\/h2>\n
![](\"https:\/\/www.bloomreach.com\/wp-content\/uploads\/2024\/05\/clv-personalized-shopping-1-1.jpg\")
<\/p>\nRaise Your Customer Lifetime Value With Bloomreach Engagement<\/h2>\n