The importance of a great Customer Lifetime Value is known to every business house and company. The overall Customer LTV can be improved through a lot of methods. Among them, Customer Advocacy is the most effective way to improve the overall Customer LTV. To understand how Customer Advocacy could improve Customer LTV, let’s first try to understand Customer Advocacy.
Customer Advocacy is the mouth-of-the-world referrals done by the regular customers of a brand or a company. Basically, it is what it sounds like, customers advocating a particular brand or company’s products. It shows the eagerness of the company or the brand as a satisfactory service provider.
However, it is not easy to make one’s customers advocate about the products. Customer Advocacy demands a lot of trust of customers in the brand or the product. Only then do they advocate about it among their peers, family, and friends.
For someone to advocate for a particular business house or a band, the most important thing is for them to know about the product in detail. So a brand could educate their customers about their products by creating interesting and informative videos and by socializing with them on various social media platforms. The company should create platforms through which the customers can easily share their experience with the brand or the product.
Customer Advocacy is even more effective than Advertisement Marketing in generating more revenue and attracting new customers. A referral from coworkers, friends and peers can increase the chances for a person buying the product, rather than coming across it through the advertisements. By providing proper satisfaction and building trust, a company could turn the new customers into advocates for its products.
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