As the marketing manager, how do you make a marketing plan to grow customer lifetime value ?
Here is my suggestions for you. Example you are working in the retail industry, your goal is increasing customer lifetime value (CLV) to drive business growth. Here are some potential marketing strategies and tactics that can be used to achieve this objective:
1. Collecting Data:
The first step towards building a successful marketing plan in the retail industry is to collect customer data. The data can be in the form of customer feedback, purchase history, customer preferences, demographics, and more. This information helps retailers understand the needs of their customers and how to meet their expectations.
In the LEO CDP system, you can collect all data in customer journey.
2. Customer segmentation:
Identify different customer segments based on demographics, behavior, and preferences.
In LEO CDP, you can create any segments you want, just go to Segment Management,
3. Personalization:
Offer personalized experiences to customers based on their past purchase history, browsing behavior, and preferences. This can include customized recommendations, targeted promotions, and personalized communication across channels.
In every segment of LEO CDP, you can create personalized product recommendation.
4. Loyalty Programs:
Implement a loyalty program that incentivizes customers to make repeat purchases. This can include exclusive discounts, early access to new products, and rewards points that can be redeemed for future purchases.
5. Retargeting and Remarketing:
Use retargeting and remarketing strategies to reach customers who have shown interest in your products but haven't made a purchase yet. This can include display ads, email campaigns, social media promotions, and targeted search engine results pages.
6. Customer Service:
Provide exceptional customer service to ensure that customers have positive experiences with your brand. This can include prompt responses to inquiries, easy returns and exchanges, and personalized assistance during the buying process.
7. Social Media:
Engage with customers on social media platforms to build brand loyalty and increase engagement. This can include creating engaging content, running contests and giveaways, and responding to customer comments and inquiries in a timely and professional manner.
8. Cross-selling and Upselling:
Offer complementary products and services to customers, encouraging them to upgrade or add to their existing purchase. This can include product recommendations, bundle deals, and special offers.
9. Email Marketing:
Use email marketing to keep customers engaged with your brand and promote new products, special offers, and exclusive content. This can include personalized newsletters, exclusive promotions, and targeted email campaigns.
By implementing these strategies and tactics, you can increase customer lifetime value and drive business growth in the retail industry.