Value of One Customer | Golden One

Monthly Mash and the Value of One Customer

Welcome to the Monthly Mash, a mashup of tools, tales and tips on customer service and the customer experience from around the blogosphere.

Volume 23: September 2013

Thoughts on the Customer: The Value of One Customer

Value of One Customer | Golden OneWhat does one customer really mean to your business?

When we took a look at the concept of Customer Lifetime Value here and here, we looked at what the value of an average customer is over the customer’s lifetime with an organization.

CLV measures the tangible economic value of a customer, but customers actually add value in numerous ways, both tangible and intangible.

What are the ways in which a single customer can add value to your organization?

  • Initial Purchase
  • Repeat Purchases
  • Public/Online Ratings
  • Staff Motivation and Inspiration
  • Word of Mouth Marketing
  • Direct Referrals
  • Feedback that improves…
    • Systems
    • Product/Service Quality
    • Staff Performance

Of course, not every customer will provide value in all of these ways, but each customer has the potential to do so.

Understanding your customer’s lifetime value is an important exercise; however, it is also important to understand some of the softer, less tangible ways customers add value to your organization and to keep those in mind when providing an experience to them.

The Month in Customer Service Blogging

A collection of the best posts about customer service and the customer experience we read this past month.

We ended up with quite a few personal customer service stories this month:

Someone Was Listening

Sometimes the most popular post from the previous month; sometimes just the one I liked best.

In For Your #CustServ Front Lines: Remember One Thing, we discuss how easy it is to forget that we can provide great customer service just by how we treat our customers.

Remembering one thing about a customer can go a long way in creating a memorable experience for them. By remembering and applying that one thing to the interaction, chances are you will sell them something and they’ll come back again. It’s that simple!

About 

By Adam Toporek. Adam Toporek is a Customer Experience Strategist, franchise developer, and small business owner who runs the popular blog Customers That Stick. He is a customer experience speaker and the author of a forthcoming book on frontline customer service (AMACOM, Spring 2015). Adam’s ebook 7 Secret Customer Service Techniques Every Expert Knows has been downloaded in over 100 countries.

    Find more about me on:
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