According to marketing experts at Optimizely, lifetime value is an estimate of “the average revenue that a customer will generate throughout their lifespan as a customer.” SO here’s the question—what’s the lifetime value of your consumer base? How many times do your customers buy from you throughout their lifetime? As a business owner, you should always be searching for new ways to increase the lifetime value of each customer. Today, customers love shopping from home or a smartphone, but what they won’t get just anywhere is the experience you provide for them: an intimate, in-person party.
What makes parties so valuable? It all comes back to the 5 senses. Going to a party doesn’t just stimulate one sense. It stimulates all of them! Throughout the night, your guests will not just see and hear about our products, but taste and smell and feel them in their hands, too. It’s engaging, personal, and leaves the customer feeling that much more confident in the product they’re thinking about buying, whether it’s a bath and beauty product or a bedroom toy. That’s why hands-on, in person experience with a professional (you!) can make all the difference to your bottom line.
It doesn’t stop there! The party experience will turn buyers into customers, but what you do after the party determines whether or not you’ve added lifetime value to your customer base. How many times do you ask people to repurchase after a party? How do you communicate with your customers, and how often? How are you utilizing the resources provided for you (such as the Media Center) for communication prompts to send to your customers? When you follow up and make personal connections with your customers, you’ll make them want to come back to you again and again. You’ve already done the job of showing the valuable products, services, and experience you can provide—now it’s time to communicate what’s next!
Many people get caught up in the short-term goal of making money right now, and fast! I challenge you to put this short-term goal aside and instead turn your right-now customers into customers for life! Provide an experience people want to come back to and recommend to everyone in their circle. Let your passion shine through as you run your business. The best successes come when you’re having fun and working hard for the cause that you’re passionate about. Build a business that will last, not just a “side hustle.” Bet on yourself each and every day because success takes a lot of grind and effort. You’re the master of your fate.