We've been talking about it over and over, but we know what you're probably thinking, "What in the world is CVO, and why doesn’t Blend shut up about it?"
There’s a method to our madness.
Don't worry; we're not going to make you solve a riddle or do a dance to find out. We'll give it to you straight — CVO is the key to maximising customer satisfaction and profits in today's online world. But that's just the tip of the iceberg.
CV what?
CVO. Or, if you want to be fancy, Customer Value Optimisation.
Customer Value Optimisation is a holistic approach to online business that focuses on maximising the value a customer receives from a company's products or services. This involves creating a seamless customer experience from start to finish, from the moment a customer first interacts with a business's website or social media presence to the moment they make a purchase.
Why is CVO Important?
The key to CVO is understanding what your customers want and need and delivering it to them in the most efficient and effective way possible. This requires a deep understanding of your customers, including their goals, pain points, and preferences. With this information, you can optimise every aspect of the customer journey to provide the most value possible.
It is a proven strategy that has been shown to increase customer satisfaction, conversions, and profits. Businesses can create long-term relationships with their customers and build brand loyalty by focusing on the customer rather than just selling a product or service. This leads to increased repeat business and a steady stream of new customers, who will become advocates for your brand.
How Can You Implement CVO?
Implementing CVO can be broken down into four key steps:
Data Collection
In this step, companies gather data on their customers and their behaviour. This data can be collected through various means, including website analytics, customer feedback, and surveys.
Website analytics can provide insights into how customers are using the website, what pages they are visiting, and how long they are spending on the site, while customer feedback can be obtained through surveys, reviews, and support interactions. This data will provide a wealth of information about your customers and their needs, preferences, and pain points.
Customer Segmentation
Using the data collected in the previous step, companies can segment their customers based on their behaviour, preferences, and buying habits. This process helps to group customers with similar characteristics and needs into distinct segments.
For example, customers who frequently purchase products might be grouped together, while those who have only purchased once might be placed in a separate segment. By understanding these customer segments, companies can tailor their offerings and customer experience to meet the specific needs of each group.
Customer Value Analysis
In this step, companies analyse the data collected in the first step to determine the value each customer segment provides to the business. This includes analysing the lifetime value of each customer, their average order value, and their repeat purchase rate. With this information, companies can identify the most valuable customer segments and prioritise their efforts to optimise the customer experience for these groups.
Optimisation
Based on the customer value analysis, companies can optimise their customer experience to provide maximum value to their customers. This can include making changes to the website, product offerings, and customer service.
Companies might personalise the customer experience by displaying personalised recommendations, tailoring promotions based on customer preferences, or providing better customer support. By optimising the customer experience, companies can increase customer satisfaction, conversions, and loyalty, leading to long-term business success.
Why is CVO the Best Approach Today?
Well, why not?
CVO is an obvious force to be reckoned with, in that it helps businesses stay ahead of the competition by providing customers with a personalised, optimised experience. In today’s highly competitive online market, businesses need to stand out from the crowd and provide customers with a unique, valuable experience. CVO is the perfect way to do it, whether you're a small business just starting out or a large enterprise looking to improve your customer experience.
You Don’t Have To Do It Alone
Just like with everything else in your business, Blend is your right-hand man.
We have a team of CVO experts ready and waiting to open your eyes to the wonder of CVO and transform your business! Don't wait any longer to start implementing CVO into your business strategy. Take action now by giving us a call and see the positive impact this approach will have on your bottom line!
Published: February 03 2023
