Not all costumers are equal. Good business is a long game, and one of the most important indicators that you’re doing it right is your customer lifetime value (CLV). With it, you can move ahead on short-term profits, and go beyond to focus on the long-term health of your customer relationships.
By knowing this, companies can shift their focus from quarterly profits to the long-term health of their customer relationships.
Customer lifetime value is not an exact science, but it should be part of your tool. You want to increase it over time. You want it to be better and better. But how to do that?
It is not as simple as you thought, but in general, offer more than you expect in return. Become relevant to your customers in their daily lives. Be their experience, not just their partner in business. Give them messages which will make them feel important, on a personal level.
Provide phenomenal customer service to keep your existing customers happy and stay with you for a very long time. Long term customers spend more money and give you loyalty.
Focus on the long-term value of customers instead of investing resources in acquiring "cheap" customers with low total revenue value. It takes time, but it will be worth it.
In business, it is better to play the long game. Do not worry on immediate profits, put focus on cultivating healthy relationships with customers. At the end of the day, profit, satisfaction and loyalty will come side by side.