Customer Lifetime Value

July 9, 2018

Customer Lifetime Value

In a purely practical sense many people often forget about the relationship between up front project fees and then ongoing support fees.

When I first set up a design agency 10+ years ago we were told to focus on 5 figure and up projects.

During one specific week we launched a £10k project with £50/mth support fee and several smaller £1k projects with the same value support.

I realised if we launched 1 x £10k project over 3 years it would generate £11,800 total revenue.

However, and this is the real kicker:

If we launched 10 x £1k projects they would generate £28,000 total revenue over 3 years for not a huge amount more work.

How to Build Customer Lifetime Value

So, we focused on smaller projects...and for the larger projects charged fixed percentage of the site build fees as support fees, roughly 5%.

It totally changed our business.

JFDI people!

Warm regards

Robin Waite

The Fearless Business Coach

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