• Customer Segmentation
  • WiFi Analytics

Using The Customer Lifetime Value To Improve Your Business

by: Ron Zvagelsky On: November 9, 2017
3 min read

The more you know about your customers, the better experience you can provide for them and ensure repeat business. You don’t have to be a fortune teller to predict customer behavior when owning or managing a restaurant. The Analytics Dashboard provided by Bloom Intelligence can collect several business metrics while offering free Wi-Fi for guests. One important component to understand is the customer lifetime value.

Customer Lifetime Value

Customer Lifetime Value (CLV) refers to how much time and money a customer is projected to spend at your business. A formula analyzes the Projected Customer Lifetime Visits and the Average Value of a Customer to get a CLV number, and the Bloom dashboard generates this number for you.

How can you use this value? Several ways.

 1. Identify Best Customers

Instead of guessing at the demographics you connect with most, this metric assesses more customers and finds those that typically spend the most time and money at your business. Knowing this helps focus your marketing efforts so that when you do offer surveys and loyalty programs, you know who to target.

 2. Connect With Customers

The CLV can also help you adapt to your customer’s preferences to connect with them. If a restaurant finds that senior citizens have the highest CLV among their customers, this shapes marketing and feedback efforts differently than with younger clients, as older generations are less likely to use social media. You might still collect emails but place more focus on face to face interactions instead of trying to create a large social media presence.

 3. Get More Benefits From Customers

Knowing your best clients not only allows you to cater to them better but gives you the opportunity to improve your business by capitalizing on the benefits of high CLV clients. These customers are most likely to try new products, tell others about a company and offer reviews and feedback.

Those with high CLVs are the ones you want your email promotions going to and whose feedback will provide the most benefit. For example, the Bloom Analytics Dashboard gauges averages for daily traffic and dwell time along with identifying popular visit times. When noticing a drop in visitors at certain days or times, or a short dwell time compared to other periods, you can use your clients with high CLVs to improve these slow periods. Instead of sending promotions or offers to everyone, you can focus on those who already like and frequent your business. Plus, doing this is made easier with Bloom’s automated marketing services.

 4. Boost Loyal Customers

There are several ways to improve CLV numbers, including running promotions, providing perks and loyalty programs and creating a bigger presence online. What if you’re already doing some of these things but your CLV scores are still low? You may need to target your efforts towards one group. Family friendly restaurants, for example, cater to a broad range of people, and other traffic analytic tools could indicate the kinds of families to target.

Bloom Intelligence captures data from electronic devices when they stay in your establishment for a certain amount of time. You can track customer age, gender, new and repeat customers and more, but these four metrics give you a general idea of who visits your establishment. Tracking the demographics of return customers identifies the people to target when building loyalty and boosting your CLV.

 5. Planning New Ventures

When generating new business, you want to reach those who will turn into repeat customers. You already know who to target as you want more people like your high CLV clients. The CLV metric also helps estimate the success of future endeavors like expanding or adding new products. As you can see, the customer lifetime value ties into many areas of your business.

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Restaurant Marketing FAQs

What is Restaurant Marketing?

Restaurant marketing is the process of getting people to visit your restaurants. Restaurant marketing creates loyalty, provides data to research, analytics, and allows restaurants to gain a better understanding of their ideal customer profile. It utilizes all customer channels: guest WiFi, website, social, rating sites, mobile apps, email, text, and advertising.

Learn More About Restaurant Marketing Here

What is WiFi Marketing?

WiFi marketing is a marketing technique that uses guest WiFi to collect & clean customer data such as names, emails, phone numbers, customer behavior, and demographics. This data is used to personalize marketing campaigns to increase customer loyalty, build online reviews, and save at-risk customers. The performance of every campaign can be tracked down to the tangible ROI of a customer walking back in your door.

Learn More About WiFi Marketing Here

What is Restaurant Reputation Management?

Restaurant reputation management is the process for restaurants to manage customer feedback and creating systems to improve customer experiences, passively build positive online reviews, and save at-risk customers. It is a very important aspect of running a successful restaurant business.

Learn More About Restaurant Reputation Management Here

How Does Bloom Identify and Bring Back Lost Customers?

Bloom Intelligence uses machine learning to identify at-risk customers. When one is recognized, the system will send them a message with an incentive to get them to return and re-establish their visit pattern. Bloom users are seeing up to 37% of churning customers return.

Learn More About Saving At-Risk Customers Here

SAVE TIME, INCREASE CUSTOMER LIFETIME VALUES, CREATE NEW CUSTOMERS

What our happy customers
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Austin Eggleston
Bob Cross, Vice President of Operations
Ron Murray
Matt Thompson, Managing Partner
Jacqueline Martin

“I highly recommend restaurants, dental/medical offices, and other businesses look into Bloom Intelligence as 1) their marketing technology is very powerful and 2) their team is AWESOME. As a marketing agency, Bloom has helped several of our clients grow their businesses via building their database and re-targeting them at the right time. Thanks Again!”

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Atlanta Bread Company

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Atlanta Bread Company

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They go above and beyond to make sure our team and customers stay connected while helping us with our marketing efforts.”

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Madison Social

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Jacqueline Martin

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