When you read about marketing and business development, you’ll read a lot of acronyms. One that’s not as common but that is perhaps the most important is LTV. LTV stands for “lifetime value.” By offering your customers lifetime value for your products, you can earn their loyalty and repeat business. In the process, you earn a reputation for quality products and service, helping you to gain the business of other customers.
Adding lifetime value to your software or application can help you increase downloads of that product and increase your sales. Here are a few things you can do to increase downloads with LTV:
Solve a Problem
The success of your software begins and ends with one thing: quality. If you create a great piece of software, you will have what you need to be successful. However, terms like “great” and “quality” are somewhat subjective. So what makes a great piece of software?
The best way for you to give your customers lifetime value and drive downloads of your software is to create a product that solves a problem. Clearly define your target audience and then think about what problems they have. Next, think of a solution. You might create a piece of software that makes it easier for small business owners to manage their receipts. You might create an application that helps website owners perform keyword research or track website analytics.
The more specific you are in identifying and solving a problem, the more valuable your software will be and the greater the likelihood that people who use it will have a high LTV. If you aren’t sure where to start, perform thorough market research, including focus groups with your target demographic. Ask them directly what problems they have and what they need to solve them.
Provide Updates and Support
Your customers need to know that downloading your software is not going to be the equivalent of finding fool’s gold. They need to know that you’re software doesn’t just look great on the outside, it’s also great on the inside. You can provide this assurance by offering ongoing updates and support. You’ll increase the product’s lifetime value and ensure that it continues to run smoothly and provide the solution your customers need.
Make sure that potential customers know about the updates and support you are offering to motivate them to download your software. You can include the information in software marketing materials, as well as the introduction when they are on the download page. Of course, providing this value will also strengthen your reputation, and this ultimately help drive downloads.
Use a Smart Installer
The first impression your customers have of your software is usually the correct one. By using a smart installer, you will make the installation process fast and easy, which will make customers believe – and rightly so, we hope! – that their future experience with your software will be just as smooth. Make sure you back up the goods by creating a piece of software that runs effortlessly and consistently.
If you create a great experience for your customers right from their very first interaction with your software, their approval can be secured from the start, and this bodes well in the long-term for a good LTV.
Create a Software Bundle
Software bundles are an excellent way to help you promote your software and drive downloads. If the products you bundle with are chosen well, they can also increase your customers LTV.
With a software bundle, you partner with another company to promote your software together. You offer your customers two (or more) pieces of software that hopefully help them solve problems or enhance areas of their lives. You may even consider creating a bundle with several pieces of software. The key is to make them all relevant and useful to your customers.
When customers get two or more pieces of software in the bundle, it is ideal if they get pieces of software that are related or complement each other. If they do, they will use those software packages time and time again over the years, and they will think positively of both brands. This, of course, could lead to a high LTV.
Creating LTV, or lifetime value, should be a goal for all of your company’s products and services. Though it sounds straightforward, it can actually be quite elusive.
For software, you can create lifetime value by developing a program that provides real solutions to pressing problems that your target demographic is having. You can add to that value by providing ongoing updates and support. By offering value, you can increase your downloads and extend the time that people use your product, ultimately improving your profits.
You can sweeten the deal by creating a software bundle and using a smart installer to manage downloads. Both will provide additional value for your customers and help you maximize your downloads. Use these tips for each and every piece of software you develop, and you will meet your business goals.