Initial e-commerce customer acquisition is a costly and time-consuming process. Once you have a new buyer, a full service marketing agency can help you implement strategies to retain the customer and maximize their customer lifetime value and contribution to profitability.
Many companies focus lots of time and effort on attracting new customers. The real riches, though, do not come from the first e-commerce purchase. True profitability occurs when you improve customer retention. It’s important to focus on the customer lifetime value (CLV) of each new buyer, and a full service marketing agency can help you turn them into a long-term customer.
How digital marketing can increase customer retention
Improving customer retention can make or break a business. Previous buyers typically account for 65% of a company’s business. Take the time to truly understand your existing customers in order to figure out the best way to get them to buy from you again.
With the help of your full service marketing agency, you can create a digital strategy that appeals to your customer base. Marketing campaigns can be tailored to the needs and desires of your recurring buyers. Focus on building an ongoing, close relationship with your customers. This will help to assure future profitability.
Create a customer loyalty program
Customers like to be recognized and treated well. When you create a great loyalty program, you reward your existing buyer base. You also encourage increased purchasing. If you partner with a full service marketing agency, you can create powerful digital programs that bolster loyalty.
Customers love loyalty programs. Often they get bonuses and rewards for their continued buying. You can also create email special offers tailored to your existing customer base. Loyalty gifts for continued buying create an ongoing bond with your customers.
Using a customer referral program
A top-notch customer referral program is a win-win proposition. Current customers are happy when they get rewarded for referring new buyers to you. Basically, they are compensated for being your brand ambassadors.
New clients love referral programs because they receive an incentive as first-time buyers. They appreciate the special offer they received. Because they were referred by a friend or colleague, they come psychologically prepared to buy. Best of all, when they become customers, they are four times more likely to refer your brand to others.
Increase your focus on corporate responsibility
Customers like to buy from companies that focus on corporate and social responsibility. It’s not enough that the product is good. They want to know that they are purchasing from a firm that is also a good global citizen. This makes them happy with their purchase and makes them feel like they are making a difference.
Your full service marketing agency can highlight the positive steps you are taking to improve the world. They can craft messaging that shows customers that you truly care. Customers like buying a product they love from a company they respect. They will also refer you to others if they like what you are doing in the world.
Leveraging the power of digital content personalization
One of the best ways you can increase customer lifetime value is by getting to know your customers. Everything you learn can be stored in a marketing database. True power comes when you combine your marketing database with digital messaging. This allows you to create personalized group marketing campaigns.
Within your database, you can segment the sets of customers who have like interests. A full service marketing agency can then create custom messages that target each customer group. This allows for near one-to-one communication at a customer grouping level. Customers will feel they are being addressed personally, and you can offer them specials and communications that exactly match their needs.
To reach the next level in customer retention and profitability, contact Tempesta Media today. We can help you create the innovative programs and digital communications you need to maximize CLV and improve the profitability of your business.
