You may have already realized that it is much easier to do business with existing customers than it is to sell to new customers. Existing customers already know your brand and the shopping experience, so less marketing is needed to capture new leads.
To be clear, we all strive to work hard and find new ways to grow our customer base. But to maximize your success, you shouldn't forget about your existing customers, because customer retention is very valuable.
According to research from Smile.io, existing customers are more likely to spend up to 5 times more than regular customers. If you could improve brand loyalty and increase sales among existing customers, while growing your customer base, your business would soar.
The problem is, companies struggle to find ways to increase their lifetime value. Well, we're here to give you the missing piece of the puzzle: it's all about marketing. Here are 5 ways to use marketing to increase lifetime value and customer loyalty:
Use user-generated content for lifetime customer value
Social media is great for many reasons. One of those reasons is that your customers have a platform and they use it to share their thoughts and experiences on their favorite brands!
It is basically free content for your brand. Customers are sharing their recent purchases on social media, and if you don't use that content to your advantage, you're missing out.
If you don't see your customers posting to your brand, encourage them. Many brands send out e-newsletters or direct mail with their packages asking them to share their new product on social media and tag them.
This content is great to share as it boosts brand awareness. It also creates great user-generated content that can be shared on social media and through email newsletters. It shows your existing customers that you recognize and value their business and shares a third-party opinion with new customers.
Give them what really interests them; what you think won't interest them
Through several marketing tools, we can find out more about what interests our target audience. By analyzing data from marketing platforms, we can see which content works best with our target audience.
However, there is always room for improvement and it is good to try new things. Before developing content for your marketing strategy, research your audience. By search we mean visiting their social media pages, seeing who they follow, and what type of content they interact with the most. This way you send them something new and exciting that you know they are going to love.
The more your audience is interested in your in fine, the more likely they are to engage and share it on their social media pages. Existing customers will receive content they like, and you will benefit from more engagement and shares on social media. It's a win-win for everyone!
Take advice from clients and implement them
Ah, customer advice. This is a problem for many brands. The reason is? Thanks to online reviews, customers can share their opinion with everyone! Good or bad.
We're here to tell you that online reviews are GOOD! Even if it's not the best review. Not all businesses will receive hundreds of 5-star reviews and that's OK! No business is perfect. If you receive a negative review, take the opportunity to improve yourself.
Customer advice is so important that we recommend that you ask for it! Sending monthly newsletters asking for advice or recommendations from customers is always a good idea. You can also seek advice from customers through social media by creating surveys.
Encourage customer feedback and let your customers know that you recognize and value their feedback! And if you do get negative feedback, thank them for their honesty and treat it as hard love rather than discourage you.
Show some appreciation to customers
Have you ever bought something online and immediately after your purchase received an email with a discount code for your next purchase? Or, you might have checked into a store and received a coupon that included a discount for your next purchase. These are ways to keep customers coming back to your store.
You don't have to offer a discount to show some appreciation (although that helps.) By sharing the latest news and the latest products, your customers get priority over your new items and the latest specials.
Be available to your customers
You might not realize it, but your social media and blog pages are one more 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 solve a problem.
Social media is a great way to stay in touch and consistently engage with your audience, even when they're not making a purchase.
Brand loyalty and customer retention all start with building a relationship and that's exactly what marketing is supposed to do.
The more active you are on social media, the more active you are in email marketing, and the more active you are in sharing high-quality content, the more likely you are to build brand awareness and build relationships. Solid with your customers.