Every business – service provider, coach, speaker, shop and agency – strives to constantly grow in the market. To do so, they need to make their value proposition more effective and appealing. By delivering customers more value, they get more revenue both in the short and the long term, until they reach optimum profits. To achieve this kind of customer value proposition, you need knowledge and digital marketing.
Customer Value Optimization
Simply put, Customer Value Optimization or CVO, is your business' ability to grow the bottom line in a systematic way. It is the accumulative result of your best business strategy, marketing efforts, sales initiatives and customer support. It is how some business brands have become household names in consumer product industries and many others have quietly become giants in theirs.
How did they do that?
How can I integrate customer value optimization successfully into my business?
These are the questions you should be asking (And we will answer them on this page), but there is another question that you need to focus on first.
How does it work?
CVO is all about growing your business to its optimum. To do that, according to the famous marketing expert, Jay Abraham, there are only three ways:
- You increase your revenues by increasing your number of customers in the market,
- You do not deal with more customers but increase the average value of your business transactions with them, i.e., every customer pays more for your product/service, or
- You do not change your prices or number of customers but increase the frequency of sales with every customer.
Of course, if you are smart, you can use these in combinations to profit even more.
Digital Marketer Customer Value Optimization
Digital Marketer happens to have nailed the customer value optimization knowledge game. The company has employed this knowledge to uncover a solid business process that has evidently been used by huge brands across the world in their journey to becoming industry leaders. As a Digital Marketer Certified Partner, we are honoured to be able to guide our clients through this journey so they, too can create a predictable sales machine.
The process can be put into effect in your sales copy (And other literature) to create what we call the Digital Marketer CVO effect.
The process has the following steps:
- Determine your Product/Market Fit: Deeply understand your customer and then communicate directly to them acknowledging their needs, problems, wants and desires.
- Pick your Traffic Source: Knowing your customers, being able to accurately target where they are to reach more of your ideal market.
- Offer an effective Lead Magnet: This is when you create a landing page and offer your prospects something so valuable that they are willing to exchange their contact details for.
- Then offer a Tripwire/Entry Point Offer: This value offer allows the prospect to pay a small price for something of value OR commit some time – whether it's watching a demo, attending a discovery/strategy/sales call or attending a webinar.
- Then we focus on Excite: This is where the first transaction is made and they become a customer and we focus on creating a delightful customer experience.
- Then offer a Core Product/Service: After an initial paid transaction, it's now time to offer the main product/service that your brand is known for – this is called the core offer.
- Then offer a Profit Maximiser: This is where you offer upsell, downsells or other paid opportunities to add additional value on top of the core offer to your customer.
- Create a Return Path: Lastly, at any stage when a prospect doesn't take the next desired step along this journey, we must provide further communication with those contacts to help re-engage them. This can also be done for customers who do not ascend.
What Is CVO Marketing
Customer value optimization, or CVO, is the ultimate process for growing your business. The best thing about the process is that it not only helps you understand the ONLY three ways you can grow your business, it also gives you a proven plan on how to combine all three of them to get highest profits possible and continue to grow without any end to it.