5 Ways To Use Marketing To Increase The Lifetime Value Of Customers
You might already have figured out that getting business from existing customers is a whole lot easier than it is to sell to new customers. Existing customers already know about your brand and what the buying experience is like, so less marketing is required to capture new leads.
To be clear, we are all about working hard and finding new ways to grow your customer base. But to maximize your success, you must not forget about your existing customers, as there is a lot of value behind customer retention.
According to research from Smile.io, existing customers are more likely to spend up to 5x more than the normal customer base. If you could enhance brand loyalty and increase sales among existing customers, while still growing your customer base, your business will be soaring.
The problem is, businesses struggle to find ways to increase their lifetime value. Well, we’re here to give you the missing puzzle piece: it’s all about marketing. Here are 5 ways you could use marketing to increase the lifetime value and loyalty among customers:
Use User-Generated Content
Social media is great for many reasons. One of those reasons is your customers have a platform and they are using it to share their thought and experiences about their favorite brands!
Essentially, this is free content for your brand. Customers are sharing their recent purchases on social media, and if you’re not using this content to your advantage, you are missing out.
If you don’t see your customers posting about your brand, encourage them. Many brands send out e-newsletters or direct mail along with their packages asking them to share their new product on social media and tag them.
This content is great to share because it boosts brand awareness. It also makes great user-generated content that can be shared on social media and through e-newsletters. It shows your existing customers that you acknowledge and appreciate their business and it shares a third-party opinion with new customers.
Give Them What Really Interests Them; Not What You Think Will Interest Them
Thanks to several marketing tools, we are able to learn more about what our target audience is interested in. By analyzing data from marketing platforms, we can see what content performs best with our target audience.
However, there is always room for improvement and its good to try new things. Before developing content for your marketing strategy, research your audience. By research, we mean visit their social media pages, take a look at who they are following and what type of content they engage with the most. This way, you send them something new and exciting that you know they will love.
The more interest your audience has in your content, the more likely they are to engage and share it on their social media pages. Existing customers will receive content they love and you’ll benefit from more engagement and shares on social media. It’s a win-win for everyone!
Take Customer Advice AND Implement It
Ah, customer advice. This is something many brands struggle with. The reason being? Thanks to online reviews, customers can share their opinion with everyone! Good or bad.
We are here to tell you that online reviews are GOOD! Even if it’s not the best review. Not every business will receive hundreds of 5-star reviews and that is OK! No business is perfect. If you do receive a negative review, use it as an opportunity to improve.
Customer advice is so important that we actually recommend you ask for it! Sending out monthly newsletters asking for customer advice or recommendations is always a good idea. You could also ask for customer advice via social media by creating polls.
Encourage customer feedback and let your customers know you acknowledge and appreciate their feedback! And if you do receive negative feedback, thank them for their honesty and view it as tough love rather than getting discouraged.
Show Some Appreciation to Customers
Have you ever purchased something online and then immediately after your purchase you received an email with a discount code for your next purchase? Or, maybe you checked out in a store and received a coupon that included a discount for your next purchase. These are some ways to get customers to return back to your store again.
You don’t have to offer a discount to show some appreciation (although it helps.) By sharing the latest news and latest products, your customers get priority to your newest items and latest specials.
Be Available to Your Customers
You might not realize it, but your social media and blog pages are an additional way to provide top-notch customer service. Blogs are a way to share information and show how your product or service can help your customers to solve a problem.
Social media is an excellent way to stay in touch and consistently engage with your audience, even when they are not making a purchase.
Brand loyalty and customer retention all start with building a relationship and that is exactly what marketing is intended to do.
The more active you are on social media, the more active you are with email marketing, and the more active you are with sharing high-quality content, the more likely you are to boost brand awareness and build strong relationships with your customers.
Joseph Studios: Building A Strong Customer Base
We know what you’re thinking: “Where do I start with marketing?” Or, “I don’t have time for marketing.”
The truth is, most people don’t. That’s why our team of marketing experts at Joseph Studios is here to help.
We will handle all of your marketing efforts so we can build strong connections between your customers and your brand, while you focus on other parts of your business that need your attention.
Want to learn more about how we can help? Contact a team member today!
For more marketing tips and tricks, stay tuned for our latest blogs.