Customer Lifetime Value Is A Key Indicator For Top Retailers

One of the biggest indicators to the success of a retailer is the amount of attention the retailer places on customer lifetime value. This includes attracting customers, as well as providing excellent customer help, to keep customers returning. This applies whether business is done in a brick and online or mortar store.

In a store, excellent service starts the minute someone walks into the store. From clean, spacious aisles to excellent care given to these folks by sales staff, all are important in communicating to the customer that he is a valuable asset to the business. Even providing something as simple as a clean restroom can have a big benefit. The more a customer feels valued, they more likely they are to provide return business, as well as telling others about the great service they received. This is one of the least expensive forms of advertising for any retail business, word of mouth referrals made by satisfied customers.

From the sales floor to the cash register, the customer needs to feel that he's valued and appreciated. And this also extends to the guest service counter of the retailer as well. Emphasis should be on long-term retention of a customer rather than on just the short-term immediate sale.

In the case of online retailing, customer lifetime value is also crucial. From the first time the customer visits the website, ease of navigation, ease of checkout, ease of being able to communicate with a live person when necessary are all ways to create great customer lifetime value. The customer needs to know that they are valued and will receive the same excellent customer service that they would receive if they were to visit a store. Many customers these days prefer to shop online, and the better customer assistance a retailer can provide to them online, the higher the level of satisfaction on the part of the customer, and the more likely it is that the retailer will retain that person as a repeat customer.

The top focus of any retailer should be customer service. In today's highly competitive retail market, it is crucial that customer service be the priority. Sales and checkout staff should be well-trained in customer assistance, and make sure that excellent customer service is embedded into the culture of the retailer. This will give any retail establishment an edge over those that don't provide stellar customer assistance.