There are a lot of different numbers out there that business leaders pay attention to – with the most obvious being the bottom line. But let’s be real here: we don’t always look at the data we should. One perfect example is your overall LTV – Customer Lifetime Value. It’s a metric that can impact a lot about your profit levels and your overall strategy, but is somehow frequently overlooked by many business professionals.
Do you know your LTV? If not, this link can help you figure out just how to calculate it effectively using some basic information. But once you have the info, it’s time to actually use it. Increasing your LTV is something that many people don’t fully understand.
Email marketing and remarketing are the keys to boosting your LTV in a significant way, and using personalized email marketing software will help with this. But there are a few more specific ways to go about achieving results with your email remarketing plan. Here are seven excellent options.
Gather The Data
Above all else, you need to know more about your customers. As you’ll see in the rest of the steps below, information will help give you the edge you need to succeed in improving customer lifetime value. Info on everything from names to birthdays to income levels to gender to interests can help you create better email campaigns. Surveys or account creation forms can give you much of this info, and you can also monitor a customer’s spending or shopping habits with your company to identify additional interests. Once you know what they like, suggesting new products or services is much easier. Simply put, knowledge is truly power.
Segment For Success
That mention of knowledge above? Here’s where you start using it. Odds are, not all of your customers are interested in the same things. So why would you send them all the same marketing email? Instead, segment your users based on their activity with you, and send them a more unique, customized email. You’ll get better results.
Make Your Customers Feel Appreciated
This is where remarketing can really add a personal touch. Just making a customer feel like you really appreciate their business is important. Some companies will use rewards programs, but often you just need to set up your personalized email marketing software so that it sends out a simple thank you email after an order, or make them a special offer as their birthday approaches. This personalization helps a customer feel like you really care about them and what they do with your company.
Have you noticed major online retailers using things like flash deals or daily deals? Those special offers really do work, because of one thing: urgency. Urgency works on the psychology of your customers and makes them feel like they only have a limited time to take advantage of an offer. From daily sales to a coupon code that expires in 24 hours and beyond, there are plenty of different ways to generate a feeling of urgency. Using an email remarketing campaign focused on this can help you get better profits and sales.
Know Your Product or Service Lifecycles
One of the secrets to driving up repeat business is to know when a product or service will be needed again. For example, shorts and tank top shirts will sell more briskly in the spring than in the fall or winter, right? If a customer orders a one-month supply of a product, you know they’ll likely need to replace it within about 30 days, correct?
Using that kind of information to your advantage lets you target marketing campaigns based on your product lifecycles. You can even use analytical data to identify how frequently a particular product is repurchased on average and then capitalize on the pattern. The key is knowing when the right time to send that email is.
Go for The Long Term
It doesn’t make sense when we say ‘ask your customers to pay more’, but the reality is that a lot of companies are able to use that very strategy for success. In particular, this works for recurring purchases and revenue streams. Monthly payments, for example, can be upgraded to an annual plan. Offering a month or two for free is a perfect way to get them to agree to this, but in doing so you’re increasing their overall lifespan with your company. Instead of constantly having to try to land their business for another month, you can sign them up for a year and know that they’ll stay with you.
Then, as the lifecycle end approaches, you can start directing new email remarketing efforts towards them with additional offers to help keep them as part of your team. They’ll pay a higher initial purchase price for the annual plan, but will still save themselves money in the long run – and be your customer for longer as well.
Make Sure They Know Why You Matter To Them
You know that your customers are important to you – but do they really know what you can do for them? No matter the overall type of business you’re operating, there’s a good chance you can provide a reminder every week or month as to what you’re doing for your customers. For instance, an email telling them how much they saved off suggested retail price or compared to a competitor can show them big savings. An email reminding them of why your products are better choices or how much they saved with your low-cost shipping could be enough as well.
The key here is making sure that they know what you do for them beyond just the initial purchase. It can make a big difference in how they see you – and your relationship to them.
All in all, the key is designing solid email remarketing strategies that really appeal to customers and their psychology. If you can do this, you’ll be able to improve the LTV of customers you have, build brand awareness, and keep them coming back for more time and time again. Our personalized email marketing software can help in a big way. Contact us to learn more.