Nurturing lifetime value goes beyond short-term conversions and requires marketers to visualise the bigger, long-term picture. Encouraging customer relationships and fostering loyalty is the key to unlocking your business’s online ads and CRM potential and is achievable with the right strategy. Read on for a taste of some of the valuable insights that the Hackney Ecommerce Event offers as we delve into the strategies that will help you see the full potential of online marketing.
Personalisation and Recommendations
Understanding and catering to specific interests, preferences and behaviours provides a more relevant and engaging experience, making customers feel valued and understood. Fostering a strong emotional connection between customer and brand is undeniably valuable, turning leads into advocates, who are loyal, repurchase and recommend the brand to others.
And the number one way to do this is through first-party data. By understanding customer segments and their unique characteristics, you can identify growth opportunities and tailor your strategy accordingly using personalisation. The cherry on top of the cake will give your brand that competitive edge and leave users returning for more. This is also becoming increasingly relevant as we enter a cookie-less future, leaving behind the prominence of third-party data and encouraging a customer-oriented approach in today’s privacy-first era.
Email Marketing
Nurturing customers through email marketing is another key strategy in enhancing customer lifetime value. By consistently delivering relevant and valuable content, you can build trust and brand affinity in a relationship way beyond the first purchase stage of the funnel. The power of segmentation of first-party data means offering highly personal messaging to very specific needs. This becomes even more valuable from an upselling perspective. A customer’s purchase history provides extremely useful insights into what products or services they may be interested in in the future, which can be used to a marketer's advantage to shape an individual's lifetime value strategy.
Another huge advantage to email marketing is maximising the customer lifestyle to increase the likelihood of customer retention. By sending targeted emails at different stages, such as welcome emails, onboarding sequences, milestone celebrations and re-engagement campaigns, businesses can guide users through their journey, nurture their relationships and encourage brand loyalty.
Remarket and Retarget
Wherever they are on their purchase journey, retargeting to those who have already shown interest in your brand encourages re-engagement, particularly when the messaging is highly personalised. It allows marketers to reinforce brand awareness, reintroduce products and services or encourage further purchases. The information about the customer’s previous interactions with the brand can be utilised to deliver highly relevant retargeting ads to motivate purchases and build that customer's lifetime value.
As with the first purchase, a second purchase can still require a multitude of touchpoints across different marketing platforms, whether online, in-store or out and about. Retargeting ads can be crucial in the purchase journey, particularly if what they are seeing is based solely on their purchase history.
Social Media Engagement
How a brand presents itself is as important in organic activity as paid ads. Customers are becoming increasingly more conscious of a brand's image, both aesthetically and in their ethics and values. By maintaining a well-thought-out feed consistent with a brand’s look, feel and morals, customers will be more engaged and gain more trust in their credibility. Every touchpoint is important in nurturing lifetime value, so making the most out of organic activity is essential to amplifying brand awareness, loyalty and commitment. In summary, nurturing customer lifetime value requires a holistic approach beyond short-term conversions. Personalisation and recommendations based on first-party data are crucial in creating a solid emotional connection with customers and turning them into advocates. With its segmentation and targeted messaging power, email marketing helps build trust, enhance brand affinity, and maximise customer lifetime value. Remarketing and retargeting allow marketers to re-engage customers at different stages of their journey, reinforcing brand awareness and driving further purchases. Lastly, social media engagement that aligns with a brand's image and values amplifies brand awareness, loyalty, and commitment. By implementing these strategies, businesses can unlock the full potential of online marketing and nurture long-lasting customer relationships.
If you found this blog post valuable or would like to delve deeper into these strategies, we invite you to join us at the Hackney Ecommerce Event. This event will take place on June 29th at 6 pm and will provide further insights and practical tips to help you harness the power of customer lifetime value. We would love to see you there.
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