The basis for creating an online presence is to attract more customers; therefore every internet marketing plan is expected to fit for a long term relationship.
Whether you’re operating a medium, small or large organization, it does not change the fact that all you do is tailored towards customer acquisition. In recent times, everything is online – shoes, groceries, electronics and even used stuff.
This trend has caused a lot of companies to find a spot on this new “hot cake” to make sales. With the number of online stores, businesses and companies these day, new boomers need something out of the ordinary norm to make a lasting impression and maintain loyalty.
Digital marketers monitor things like what is being viewed, how often and for how long, sales conversions, what content works and doesn’t work. Digital media is so pervasive that consumers have access to information any time and any place they want it.
Digital media has evolved overtime that consumers can not only get information about your product or service only directly from you but they can source for any form of information they want on the internet.
People want brands they can trust, companies that know them, communications that are personalized and relevant, and offers tailored to their needs and preferences.
It’s not enough to just know your customers; you must know them better than anybody else so you can communicate with them where, when and how they are most receptive to your message.
To do that, you need a consolidated view of customer preferences and expectations across all channels – Web, social media, mobile, direct mail, point of sale, etc.
Marketers can use this information to create and anticipate consistent, coordinated customer experiences that will move customers along in the buying cycle.
The deeper your insight into customer behavior and preferences, the more likely you are to engage them in lucrative interactions. Knowing your customer refer to understanding they purchase pattern, their preferences, and what prompts them to make certain purchases etc.
Having a glaring perspective will enlighten you on the most suitable internet marketing plan to tailor towards your target audience. It is essential never to neglect your customers because they form the core of your business.
The reality is, people spend twice as much time online as they used to 12 years ago. This means once you understand your customers over period, you will be able to keep re-strategizing and making future plans ahead of time to retain them.
That means you can forecast your budget to fit future plans based on the nature of your customer. One way to analyze acquisition strategy and estimate marketing costs is to calculate the Lifetime Value (“LTV”) of a customer.
This analysis will enable you make adequate internet marketing plans to meet up with the maximum retention period.
This is not to say you won’t have customers that will keep being loyal over the years and beyond but based on the average lifetime value of customers, you can make your internet marketing plan to fit the scope. Let’s face it, not all your customers will be loyal to your brand for as long as forty years (40).
They probably might find another brand that suits them the most, your customers might lose interest in that particular product, it might not be good for their health or that particular customer might meet the inevitable (death).
There are basic life issues that might cause a shift of interest or patronage which means you have to know and make plans to maximize the most of that relationship and boost revenue without exploiting your customer’s – within the best time frame.
This infographic will be sharing with you some necessary truths to guide you through understanding and retaining your customers based on analytical strategies.
Source: How To Calculate Lifetime Value
Latest posts by Daniel Obaike (see all)
- How brands can use internet marketing to reach the older generation - April 2, 2019
- 21 Awesome Facebook Marketing Tools for Growth Hacking - March 28, 2019
- Daniel Obaike’s interview with Nigeria Info (95.1FM) on Digital Marketing - March 18, 2019