Doesn’t every profession have its sayings and unique lingo that mean’s something to that profession. So when the marketers talk about LTV or Lifetime Value of a customer … what do they actually mean? Well my understanding of LTV is … how much a customer or opportunity may be worth to you over their lifetime. What relevance is that to me … Sure most brides get married just once or maybe a second time? … I hear you say … and I agree.. but what LTV means is what other opportunities might arise and how do you place yourself so that you can get further business from each opportunity you create and therefore maximise the LTV from your customer base…  and ensure a bigger pay packet from each of your customers.

OK before we start on these possible opportunities to maximise the LTV …just one thing… The hardest and most costly part of getting a new customer is acquiring them in the first place … so we should absolutely do everything in the most professional way we can to ensure we get repeat business from them … another reason to maximise the LTV… OK but how? … Well here are a few ideas and I am sure you will have many more … If you do please add them as a comment on this blog so everyone can benefit from them.

Idea 1 – How many of you give each Bride and Groom a voucher of a sitting for their first child? OK not everyone have Children but allot do. At what stage in a person’s like is spent most on Photography and by whom? … Have you guessed yet? … After the birth of the first child and by the new proud Mother … It might take a few years for this to come to fruition but I bet the Bride/New Mother will remember she has the voucher you gave her when they collected their album and that she uses this voucher as the reason why … in her negotiation with her husband … that there should be professional photography done.

Idea 2 – Leading on from Idea 1… when they partake of this ‘first child’ sitting and order loads of framed pictures … bet they do … what do you do … Well depending on their religion or practises is there anything there you could give a voucher for? You know your culture and religious practise best so think about that one… and yes of course you give another voucher for the possibility of another new child sitting… or family portrait … or first birthday … or anything else you think is worth a try.

Idea 3 – What is likely to be another major event and not trying to be morbid or anything but probably death of someone close to your past customer. In fact I know a Photographer who at every wedding takes a very good shot of any grandparents at the wedding … What I hear you say … well yes it makes perfect sense after he explained it to me as follows … Who on the law of averages will be the next one to pass on? … Yeah the grand parents … and when they need a good photo for the memorial cards guess where they come … in fact guess who supplies them the memorial cards? Right the photographer who took the quality shots of the grandparents at the wedding and he sells lots of them… now that photographer really understands LTV. I suggested to him that they may in fact like to have a memorial book on the life of their dearly loved one and he could offer them the additional service of producing this for them from old photographs etc. I believe he has plans for this in 2010.             

There are hundreds of other things you could do and the best person to come up with these is you. You know your customers best … you know your culture … your market … your countries customs way better than me. So take some time to think about the concept of LTV for you and come up with ways to maximise the LTV opportunity of all your customers.

Go for it … and in so doing create a bigger pay packet with more money for yourself rather than the poor guy in the cartoon above.  

For those of you who are attending SWPP 2010 in London next week, come along and see the wide range of photographic slip in folders and strut mounts, traditional I Nobili wedding albums, modern digital I Nobili albums and our range of memories photo book albums including the Rubens & Da Vinci. I may not be there in person myself … us superhero’s can never plan anything as you never know when someone needs to be rescued but my colleagues Hannah Radhi & Ronan Ryle will look after you well.  

 Happy Snapping everyone

 PV Photoman