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Greet from the deep,

Quick question:

Do you want to make more money?

That’s what this deep dive will be all about.

And we won’t talk about sales, marketing, or Goulash…

…but about a simple, 3-minute way to find monetization opportunities for you to make more money per customer.

You will learn:

• What Customer Lifetime Value (CLV) is, why it’s important and how to track it

• How to use the “Ligma Lifetime” prompt to find new monetization opportunities for your business

• The one metric that’s more important than Customer Lifetime Value (and how to increase it)

Let’s dive into this!

What Customer Lifetime Value (CLV) is, why it’s important and how to track it

Ever wondered how much each customer is worth to you in the long run?

$1,000? $2,000? $5,000? 514 Big Macs? (or whatever you measure your sales in)

That's what Customer Lifetime Value (CLV) is all about.

It's like knowing the future worth of your relationship with each customer.

And guess what?

The higher the CLV, the more dinero in your pocket.

You calculate CLV like this:

Customer Lifetime Value = Average monthly earnings per customer * average lifespan of your customer

For example:

Say you run a web design agency, and you charge your clients $1,000 every month, and you keep your clients for an average of 5 months.

Then, your Customer Lifetime Value would be: $1000 (earnings every month) × 5 (customer lifespan) = $5000

Sounds cool.

But here’s the catch about Customer Lifetime Value:

Most solopreneurs overlook this golden metric.

They're so focused on acquiring new customers that they forget about the goldmine they already have.

The problem with this approach is that it takes more money and time to get new customers than to earn more from your existing ones.

To increase your profits, increase your customer lifetime value.

There are 3 main ways to do this:

1. Increase your current products’ value

2. Sell your existing customers on more products

3. Increase your customer experience to make customers stay longer

Today, I’ll focus on 1 & 2.

Let’s apply ChatGPT to this problem:

How to use the “Ligma Lifetime” prompt to find new monetization opportunities for your business

The “Ligma Lifetime” prompt comes up with:

• 10 ways to increase your product's value

• 10 ideas for new products you can up- or cross-sell without much extra effort

Here’s the prompt:

I need your advice with coming up with unconventional ways to increase my customer lifetime value.
  

For context, [INSERT CONTEXT]


My product is: [TELL IT ABOUT YOUR PRODUCT]
  

My customers are [INSERT CONTEXT ABOUT YOUR CUSTOMERS]

  

I want to go in a more unconventional direction and increase my customer lifetime value.

Based on my context, come up with:


10 ways to increase my product's value
10 ideas for new products I can up- or cross-sell without much extra effort. 

Constraints:

- The ideas should be in the same domain as my primary product (to minimize context switching)
- Prioritize ideas with a very high value

Here are some ideas Ligma Lifetime had for me to improve the AI Solopreneurs’ lifetime value - which one do you like the most?

Continue my Chat

The one metric that’s more important than Customer Lifetime Value (and how to increase it)

There are many tactics you can use to increase Customer Lifetime Value.

But the very best way to earn more money isn’t to increase your products worth…

…but to build IMMENSE trust with your customers.

Because trust is scarcer than money - and it pays off thousandfold.

3 simple rules for increasing customer trust:

1) Over-communicate. Everything

In the world of business…

…silence isn't golden; it's suspicious.

Customers appreciate being in the know.

Keep. Them. In. The. Loop.

2) Underpromise, overdeliver

The oldest trick in the book.

Setting realistic expectations and then exceeding them is a timeless way to impress your customers.

If you promise a 7-day delivery, aim to get it to them in 5.

If you offer a basic service, throw in an extra feature or two.

3) Personalize the Experience

Everyone loves feeling special, and customers are no exception.

Address them by their first name, remember their preferences, or even sending them a birthday discount can make them feel valued and appreciated.

(you can use ChatGPT for this as well 😉 )

Wrap up

We talked about how to increase your CLV.

That’s cool.

But sometimes you have to think about how to increase your LIFE value.

For me, it’s a simple beach walk in the morning and a swim in the ocean.

Perfect start to the day.

Keep diving,

Ole

P.S. Whenever you are ready, here’s how I can help you:

The AI Audience Accelerator

This comprehensive course will teach you how I grew from 0 to 123.000 followers using AI.

Join 1500 students inside the AAA.

You will learn:

• How to create a week’s worth of content in 1 hour

• How to use ChatGPT to create content that sounds like YOU

• The AI systems that skyrocketed my growth to 120k followers

Get it here.