Video marketing is an excellent strategy to keep current customers and find new ones. Companies who focus on the lifetime value of their customers tend to use modern marketing tactics to engage them, and they usually know how to retain them as well.
Understanding the lifetime value of a customer
Ideally, a customer relationship consists of multiple happy experiences between a customer and a specific brand. The brand becomes their regular go-to for buying specific products or services, and both parties feel somewhat loyal to each other.
The opposite of an ideal customer relationship consists of a one-time buying experience in which there is no follow-up marketing or interaction. In some industries, this may be acceptable. In others, it isn’t.
By analyzing each customer interaction beyond the initial purchase, companies allow themselves to better understand the purchasing cycle of those who buy from them. The knowledge gained from this can be powerful, especially when making future business decisions, and it will give them a better chance to enjoy longterm prosperity.
By definition, the lifetime value of a customer is defined by how much revenue they bring to a business throughout their entire relationship. Determining this requires speculation and maybe even some extensive research, but it can be done fairly accurately.
As a side note, wise companies understand they never know who someone else might introduce to them to provide future revenue. As a result, they look at every customer as a potential gold mine and treat them accordingly.
After looking at their customers this way, companies who identify those they believe will provide the highest revenue over time enable themselves to strategize their marketing and business practices accordingly.
Marketing to customers with a high lifetime value
Identifying customers who are most likely to provide the highest lifetime value can help companies set ideal targets for marketing. This will help them maintain a better perspective of the tactics they should use to keep current customers coming back as well as incentivize those customers to give them referrals.
At this point, MediaFast video marketing products are outstanding. They help companies engage customers in all stages, and they’re excellent for helping companies stand out from competitors. Since recipients have a tendency to share them, they’re also effective at helping convert referrals into paying customers.
Universally, consumers have come to expect videos to be part of marketing and purchasing experiences. The companies who truly understand their customers, including their personalities and needs, give themselves a better chance to create loyalty when videos are included in their marketing tactics.
When companies use video marketing products, they present themselves as modern, caring, and innovative. They tend to do a better job of connecting with their most likely customers, and they give themselves a better chance to establish longterm relationships with those they believe have a high lifetime value.
Here are some strategies that have proven to turn first time buyers into customers for life:
- Give customers a reason to come back by offering discounts or loyalty programs
- Give customers recognition for coming back
- Treat customers fairly and honestly at all times
- Offer perks for buying certain volumes
- Provide friendly customer service at all times
- Acknowledge customer’s needs as they see them
- Be great at listening
- Help customers feel important
From video brochures and video mailers, to USB flash drives and innovative POP displays, we can custom-make just about anything with a video screen to help our customers take advantage of the power of videos. By using this power, they enable themselves to stand out from competitors and better engage current customers and prospects.