Hosting an event is easy. Getting people to attend is otherwise. Customer lifetime value (CLV) is one of the key stats to track as part of a customer experience program. How can you do that? It’s simple. When you provide an improved customer experience, make better use of data, and increase personalization for your customers, your CLV in your events will naturally increase.
New to CLV? Why Is It Important?
Knowing the CLV helps your business develop strategies to obtain new customers and retain existing ones while understanding the financial value.
It helps spot the early signs if you’re losing customers, hence you can prevent it. You can’t leave out customer acquisition costs (CAC) while talking about CLV. It only makes sense when you also take the CAC into account.
How to Measure CLV?
CLV can be measured when you:
- Forecast a customer’s lifecycle with your business
- Identify the touchpoints where the customer creates the value
- Integrate records to create the customer journey
- Calculate the current value of those revenue amounts
- Add together over the lifetime of that customer
Benefits of CLV
Some benefits include:
- Better help your business align and plan for financial goals
- Focus on creating loyalty objectives or refocus your marketing spending on other areas like customer rewards, loyalty programs, etc.
- Identify short-term and long-term marketing goals and demonstrate a better understanding of your ROI.
- Encourage better decision-making when you spend less time acquiring customers with a lower value.
Ways to Increase CLV In Your Events
Learn more about how to build a meaningful and positive relationship with your customers.
Have a Personalized Customer Experience
Now it’s easy to learn more about a customer’s favorite products, activities, brands, and other preferences. In events, this data can include booths where the guests spend more time, their purchases, and what they are interested in the most.
The customer experience consists of all instances of the customer-brand connection, including the number of registration, successful attendees, merchandise purchases, and social media engagement. A personalized customer experience is a process of observing, listening, and taking action. Firstly, figure out who your personas are and what’s their intent. Secondly, understand the sector and the industries they work in. This is fundamental to learn how to speak their language and get them to engage with your events.
Encourage Your Customers to Spend More
If your goal is to increase ticket sales with a new audience, here are some strategies to implement:
- Provide a limited-time discount on advance ticket sales for first-time attendees.
- Host a giveaway for tickets
- Promote a discounted ticket package to encourage guests to bring a plus one.
Tap on Social Media
Social media is increasingly important not only for communicating with customers. But also for them to keep up with any new events. Do a quick poll or share stories and make it engaging by letting your followers answer questions to see what type of content they want to see.
Tip: You can promote a unique hashtag for the event. Something like #EventTitle+Year is a simple but effective hashtag formula.
Consider Subscriptions to Stay In Touch
Give your customers ongoing access to your events while helping your business gain recurring revenue. Create bundles so that customers have the choice and flexibility to choose how they want to support you. Subscriptions can be for virtual access, in-person admission, or both! Some events tend to have tiered subscriptions, with higher levels offering more perks or access.
Learn more about how PouchNATION helps businesses deliver powerful registration and cashless solutions for their events.