CLTV University Podcast: Recent Episodes
Casey Hill
The goal of the Customer Lifetime Value University Podcast is to provide listeners with actionable plans and strategies to improve their CLTV.The way we think about growth is changing. It's not all about acquisition. In fact, getting your existing customers to stay longer, spend more, and refer you are keys to creating exponential growth.Episodes will be a concise 15-30 minutes and will stay light on the theory and heavy on specific implementable things brands can do.
Summary:
- Be a guide for customers, and over time that will increasingly improve LTV
- Difference between a community and an audience
- How to allow your community members to connect with each other instead of it just being a megaphone from the company
- Make community members a core part of your company's journey (ask feedback and get inspired by them!)
- Have a goal for your community
- How to set up your questions for success by coordinating with your community
- Do you have a dedicated community point person or is it just another task for marketing
- What community platforms work well
- The challenges with using Social Networking platforms (Like Facebook)
- ROI of community
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Summary:
- Do you know your CLTV at 30, 60, 90, and 180 days?
- LTV starts with the first purchase
- LTV by campaign (vs. Global LTV)
- Most companies have a random customer journey strategy (and why that's a huge hole)
- LTV is not one number
- Understanding front-end vs. back-end revenue
- Look at LTV/AOV
- How to use your LTV data to market more effectively
- How to reduce barriers to entry and minimize friction to maximize CLTV
- Understanding the customer journey (Of people who Buy A, what are they most likely to buy next?)
- LTV in B2B vs. B2C
- LTV by channel
- LTV is not a static number
-Focusing on CSAT (Customer Satisfaction) and NPS (Customer Loyalty) can be powerful leading indicators
-Be proactive and check in with customers
-Have tangible goals around gathering feedback
-Aligning leadership around customer needs as you scale
-Separate and layer customer phase
-Anticipating and responding to customer challenges
-Being an organization led by Voice of the Customer
-What is the MET (Minimum Effective Time) to generate X result
-How to build relationships with intentionality
-Using the “Mom test” to make communication accessible
-Consistency in touchpoints
-Personalization at scale
-What extra things are you doing to build customer love?
-Not B2B. Not B2C. H2H. Human to Human
-Building product associations through relationships
-Psychology of positioning
Things to Learn:
- How to write copy that provides real value
- “Providing Value” doesn’t just mean case studies/bottom of funnel plays
- How to not be disruptive in your client communications
- Setting expectations upfront affects CLTV
- Be transparent about TTV (Time to Value)
- Don’t just “dump information”. Be tactical in how you communicate to maximize adoption
Things you will learn:
- Transitioning from an individual product/course to a membership model
- The reality of retention (how to think about it)
- KRIs (Key Retention Indicators). Things like coming to Office Hours, showing up in member community, visiting education site, are they opening, clicking, and engaging with emails
- How to use Airtable to make your life simple (color coding insights!)
- How to find, and then personally engage with high-risk accounts
- The magic of “Golden Offboarding”
- The importance of community (Kay loves Circle)
- Why advocacy matters
- How to bond with customers
Things you will learn:
- Economics of retaining existing clients vs. acquiring new ones
- How to not get sucked into the “acquisition trap”
- The power of niching down (and it relates to CLTV)
- How events can impact CLTV
- How to get clients that stick around for 10+ years
- How to use experiences to create stickiness
- How to get human with your customers
- Add value in unique ways (like bulk buying licenses from a vendor to give to customers a tool they all need)
- If customers aren’t growing, they are on the path to churn
- Ask for information (like birthday and date of joining a program) so you can deliver special surprises
Dale Beaumont's business program
Things you will learn:
- How things change with the subscription economy
- Where to start when it comes to CLTV
- Benchmarks for retention (enterprise and SMB)
- How do we go on offense (adoption, upsells etc)
- Product to platform discussion
- When to evolve pricing and how to update it (think alignment!)
- How to not overcomplicate things
- How TTV (Time to Value) matters in the CLTV conversation
- How to model CLTV
- Should you always have transparent pricing?
- Why a healthy product release pipeline is vital for CLTV
- If they are not growing, they are on the path to churn
- CS and Sales Alignment
Nick Mehta Bio: Nick Mehta(he/him), is the CEO of Gainsight, the Customer Success Company. He works with a team of over 1000 human beings who together have helped create the Customer Success category that's currently taking over the SaaS business model worldwide. Gainsight is a five-time Forbes Cloud 100 recipient and Nick has been named the #2 CEO by the Software Report, has a 99% approval rating on Glassdoor, and was named Entrepreneur Of The Year for Northern California Award. On top of all that, he was recently rated as the #1 CEO in the world (the award committee was just his mom, but the details are irrelevant). He is a member of the Board of Directors at F5 (NASDAQ:FFIV) and has co-authored two books on Customer Success, Customer Success and The Customer Success Economy. He is passionate about family, football, philosophy, physics, fashion, feminism, parody music videos and SaaS Customer Success. People told him it’s impossible to combine all of those interests, but Nick has made it his life’s mission to try.
Things you will learn:
- How a focus on CLTV can allow you to outspend your competition.
- How to reframe the concept of “upsell”
- How to make your customers your advocates. How do you get people referring?
- How to build a human connection with your leads and customers
- How small gestures can completely change a brand relationship
- How to keep it simple with CLTV (using something anyone can use)
Things you will learn:
- 8 specific tactical things to optimize CLTV (Pricing, Positioning, Features/Upsell, Annual Contracts, Expansion Revenue, Reactivations, Cancellation flows, term optimization, etc.)
- Relationship directly tied to revenue
- Rise of the Subscription economy
- When should you increase pricing?
- Strategic vs. Tactical levers for CLTV
- Importance of advocacy programs and modeling of advocacy
- Importance of building community
- When should I start these initiatives?
Connect with Patrick Campbell
Optimize your Subscription Revenue with Profitwell
Connect with Casey Hill
Things you will learn:
- How to create memorable customer experiences (that refer you business!)
- Customer Success Approach to CLTV (Human-centric)
- How to position “extra” benefits/services
- What does “Going above and beyond” actually mean and how does it affect CLTV
- Consultative approach across departments
- Culture and it’s connection to CLTV
- How to spot your happy customers so you can leverage customer proof
- How good Customer Support impacts CLTV
- How first response time can impact CLTV
- Building a slack community for customers