Increase Your Customer Lifetime Value
There is time, money, and resources that go into bringing in each new customer to your business. This is often referred to as the Customer Acquisition Cost (CAC), or Cost Per Acquisition (CPA). When marketing is well executed, this cost will be substantially less than your Customer Lifetime Value, giving you a solid Return on Investment (ROI) on your marketing efforts.
This means that the longer the customer stays with your brand, the higher your ROI is. Not to mention, retaining an existing customer costs much less than acquiring a new one.
But many digital marketing strategies only focus on the touch points leading up to the point of sale. The truth is, however, that the conversion funnel does not end here. In fact, marketing plays a huge role in the customer journey, even after someone has purchased your product or service.
Customer relationship based marketing can drive loyalty amongst existing customers, and even turn them into advocates of your brand, helping you get even more clients at a lower acquisition cost. One of the best ways to do this is leveraging your Client Relationship Management (CRM) Software. Your CRM is a goldmine of data, where you can gain audience insights, build segments, and create custom digital marketing campaigns. For Ecommerce businesses especially, your CRM is a huge opportunity for up-sells and cross-sells. Ready to make the most of your audience?