From the course: Retail Sales Foundations
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Understanding the true value of the customer
From the course: Retail Sales Foundations
Understanding the true value of the customer
- The key to retail success is understanding the true value of every customer that comes in to your business, whether offline or online, and how to maximize the value of that customer. Some of the questions that often come to mind are, what is my customer lifetime value? And how do I increase it? As a business owner, these considerations are imperative. As an employee, the more you keep these in mind, the more you are ensuring the success of the business. You may be interacting with one of the company's most valuable customers. Think about yourself as a customer. You make buying decisions every single day. For example, you visit Starbucks, you're making a decision to stop there and give them some of your money. Customers make these decisions all the time. Who is going to get their money? And once you have a customer, how much money are they going to give you over the lifetime of being a customer? What is a lifetime? Is it an actual lifetime? For example, if you sell maternity clothing…
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