MARKETING STRATEGIES TO ACHIEVE CUSTOMER LIFETIME VALUE
No matter how much things change and technology evolves, the goal of “profit maximization” is consistent for businesses. In the 21st century, companies are integrating technology, leveraging digital marketing, and keeping up with all the new wrinkles – only to bag higher profits. Brands are significantly investing money in marketing to acquire more customers.
Surprisingly, there are two ways to grow a business: either chase new customers or retain existing ones. There is nothing wrong with increasing your customer base but always remember the value behind customer retention and brand loyalty. After all, the probability of selling to an existing customer is far higher than promoting your services to a new customer.
Therefore, bear this in mind as you plan your marketing strategy. Shift your budget into retention initiatives and devise strategies that drive positive results for your business. Initiate marketing strategies that focus on customer lifetime value – CLV rather than spending on conventional promotion campaigns. A high CLV would bring more revenue as each client becomes more valuable.
Ready to retain customers? Here are five strategies to achieve customer lifetime value.
1. Provide Value-Packed eBooks
Content marketing is one of the most incredible ways to retain customers, but brands end up running automated drip campaigns without offering any value. Customers are actively looking for solutions to their problems, which are beyond promotional campaigns. For instance, some might be struggling to lose weight, while others may want genuine fashion advice. Why not help out these people?
If you own an apparel brand, consider creating an eBook online to hand down some fashion tips. It could be “Dresses for different body shapes,” or if you have a restaurant, don’t mind dishing out some recipes. In short, offer value to customers while delivering your brand message. Alongside boosting sales, they would developa connection with your brand, establishing customer loyalty.
2. Give Delightful Surprises
Usually, businesses think they have done their job by providing excellent customer service, but it is one aspect of customer retention. When it comes to achieving CLV, you have to think outside the box and surprise customers with something delightful. Feel free to keep it low-key by offering free shipping, thank you notes, birthday gift vouchers, and even postcards.
Likewise, if you are craving some publicity – host a giveaway on your social media profiles. You can ask your customers to invite their friends to your page, share your post, and get a freebie in return. Otherwise, if you want to offer something entertaining and fun, conduct online quizzes, keep it customer-centric because people love to know about themselves online. It puts the impression that you genuinely care and value your customers.
3. Offer Superior Value
When we talk about offering superior value, it is beyond discounts and gift vouchers. It is about features, services, resources, or anything worthwhile in the customer’s eyes. If you notice, Sharpie provides value through its superior product, while Buffer stands out with its daily blog. Thus, instead of giving equal importance to all customers, offer something extra to loyal ones.
If you think it won’t be possible with product or service offerings, you can do it through marketing or collaborations. For instance, if you manufacture snacks like chips, biscuits, etc. You can collaborate with grocery stores to have a separate section for your products. Similarly, use social media forums and offer some entertaining videos and visuals to keep the customers hooked.
4. Personalize Shopping Experience
These days, customers look for something more than conventional advertisements. If you want customers to be happy, spend more on your business in the long run. Provide a personalized shopping experience to deliver your brand message to the right people at the right time. Start crafting in-app messages for each customer segment.
For instance, if someone closes the app with items in a shopping bag – send a message “order is ready to go.” Likewise, if you have an email list – send out personalized emails. Inform them about special offers or send birthday discount vouchers. You can show them “hot-selling” items or recommend some products based on their purchases. Customers love it when you treat them as individuals rather than everyone else.
5. Top-Notch Customer Service with Artificial Intelligence
At times, businesses have to invest money to seize long-term returns. Quality customer service doesn’t only help your business grow, but significantly increases retention rate. If your service is below par, customers won’t take a minute to switch to your competitors. Stats suggest 1/3rd of customers change brands after experiencing poor customer service once. So, how can you do it correctly?
The answer to every problem and question is – technology. Artificial intelligence is doing wonders for businesses as it integrates machine learning and chatbots. It gives human-like responses, providing customer support round the clock without any coffee breaks. Customers enjoy quick answers as they offer solutions to queries on the spot, eliminating all the hassle of filing complaints.
Final Thoughts,
Loyal customers are nothing less than a treasure for businesses. Haven’t you seen Apple become a market leader all because of its customers? Therefore, instead of making your marketing campaigns look like a sales pitch, focus on customer lifetime value. Alongside giving top-notch customer support, keep up with their changing tastes and fashion. After all, when you put your customers first, revenue grows.