Lifetime value of a business is a prediction of how long lasting and profitable your relationship with consumers will be in the future. By focusing on these metrics, businesses are essentially encouraged to shift their focus from their short term gains to long term goals.
There are a number of reasons why focusing on increasing the lifetime value of your business may be beneficial for your business. To start with, you will have a better idea of whether you should invest resources into acquiring new consumers or focus on retaining the ones you already have.
This can have an impact on how you build and implement your marketing campaigns and consumer interaction and ultimately have a positive effect on brand image.
If you’re wondering exactly how you can incorporate lifetime value in your marketing campaigns, here are a few ideas to get you started.
1. Make Consumers Feel More Included
A great way to retain customers is to make them feel more included in your business. This goes beyond sending out promotional emails and texts. Thanks to social media, there are a number of ways you can make your customers feel like a part of your brand.
Reposting tweets, or sharing praise and comments from consumers on your business’ social media handles is an effective marketing technique that is used by a number of brands including the likes of cult favorite makeup brand Glossier.
This will not only serve to boost your brand’s popularity by marketing how well received it is, but it will also make your fans feel like they are appreciated by your brand and possibly increase brand loyalty.
2. Personalize Marketing Tactics
While it may not be possible both practically and financially to roll out campaigns that are personalized to your consumers, it is always a good idea to do certain one-off instances of personalized marketing.
You can monitor consumer data for buying patterns and pick up on what interests consumers about your business. Based off of this, you can send something relevant to your brand that lines up with their individual interests.
Not only will this be an element of surprise for the consumer, but it will also position you as a brand that actively pays attention to the explicit interests and desires of consumers.
3. Upgrade Consumer Experiences
Giving consumers access to premium features or products for free or discounted prices may not seem like a profitable move, but if done correctly, it can benefit you greatly in the long run.
Who doesn’t want to feel special? If you offer certain ‘valued consumers’ the option to use features they would have had to pay for otherwise at lower prices or for free, they are more likely to see you as a brand to stick by and will probably be inclined to recommend you to friends and family.
While the aim of marketing for lifetime value of your business is essentially the same as traditional marketing, i.e., to build and promote your brand, adding the element of consumer satisfaction and retention can help your business cement its long term presence in the market.
If you want help polishing and executing your marketing strategy like a pro, contact Print and Web Designer by visiting our website or calling them at 919-891-0545 to schedule a free consultation.