How Much Is One Client Worth To You?

It’s no secret that a happy customer is likely to refer your business to other people. But what’s the value of that one referral? If you’re not sure, you need tostart thinking about it.A single sale may not be worth a lot to you individually, but when you considerthe lifetime value of that client, it’s a different story. In fact, research shows that forevery customer who refers to your business, you can expect an average of fiveor more sales.That means if your coaching program costs $5000k a year and 20 0f yourclients are overjoyed with their results, they WILL refer you to family and friends.And that could mean big profits for your business!With that information in hand, you can work towards increasing sales andexpanding your customer base! In this blog post, you will discover 7 ways toincrease the lifetime value of each customer. What makes a customer valuable toyour business?There are a few key factors that make a customer valuable to yourbusiness.The first is the amount of revenue they will generate for you. Obviously, clients whospend more money investing in your programs are going to be more valuablethan those who don’t at all.Another factor to consider is the frequency of their purchases. Clients/ customers who buyfrom you on a regular basis are going to be worth more than those who onlypurchase from you once in a while.Finally, you” ll also want to take into account the lifetime value of each customer. Thisincludes not only the revenue they generate, but also any referrals they bring inand the income generated from referral business.By understanding the lifetime value of each client/customer, you can betterallocate your resources and time accordingly. What is the lifetime value of aclient/customer?The lifetime value of a client/customer is the total amount of money they willspend with your company over the course of their relationship with you. LifetimeValue = revenue + referrals + income from Referral Business – cost to Service.

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