Key Tactics for Businesses to Increase Customer Lifetime Value in 2022

by Buana Sari Digital Marketer

When it comes to global businesses, customers are not seen as simple once-off sales. Rather, they form the biggest investment! Customer lifetime value (CLV) is a metric that tells businesses approximately how much revenue they can make from a customer over the course of their relationship with their business. It represents the total amount spent by a single customer on products or services over a lifespan.

Experts have done systematic evaluation of growth patterns of businesses in 2022 and suggest that business growth is the resultant of increase and decrease of customer lifetime value (CLV).

This year more brands are using this metric in managing various customer journey stages – reach, acquisition, conversion, retention, loyalty, etc. and expanding their customer base. It is serving as a barometer of their success in digital marketing - the way for continuous increase in business revenues and profits.

Earlier customer lifetime value management (CLVM) was done some way or the other using various digital marketing tools like HubSpot, including the social media platforms like Facebook. After all, digital engagement with customers via these tools provided brands with valuable customer data, allowing them to optimize marketing campaigns and align product development with the derived insights. However, these tools could not manage all the stages of the customer lifecycle resulting in overall low marketing ROI.

Brands are increasingly realizing that there are superior way-outs for them. AI-enabled mobile advertising tools are now being used by brands to better manage their customer interactions for a successful customer lifecycle management. They meet the requirements and goals of businesses via automation and machine learning.

Brand marketers have found a unique way of enhancing customer lifetime value in the form of moLotus mobile video customer interaction platform which manages and spearheads all the stages of customer lifetime value management process including customer acquisition, customer education, business support, customer loyalty and customer advocacy.

Here are the key tactics for businesses to increase customer lifetime value in 2022 :

1. Generate Quality Leads & Convert Them

For businesses, lead generation needs unique attention at the initial stage of the buyer’s journey. Businesses need to constantly fine-tune their lead generation campaigns to get more leads at a low cost per lead. The critical question arises : how can advertisers manage to capture leads with speed, accuracy and scale? The answer lies in marketing automation technologies.

In 2022 brand marketing teams are automating critical lead generation processes by fully automating and transforming via innovating tools and technologies. Examples of such tools include Leadpages, moLotus, Leadfeeder, OptinMonster, HubSpot, etc. Some brands are using social media platforms like Facebook to generate leads.

A breakthrough technology like moLotus has digitally transformed lead generation. moLotus attracts customer attention quickly and captures leads in the form of detailed customer information including name, address, mobile number and more. The mar-tech goes to the extent of converting the leads via a gamut of illustrative product videos up to 40 sec duration, building a new customer base.

2. Improve the Customer Onboarding Process

Customer onboarding is a vital step of the buyer’s journey covering the entire customer lifecycle. Over 90 percent of customers are of the opinion that the brands they associate with could do better in terms of onboarding new customers. (Source : Wyzowl)

Businesses need to instill a strategic customer onboarding process to induce new customers to come back for more, increasing their lifetime value to the business. Depending upon the industry the brand operates together with customer needs and expected outcomes, the brand should fine-tune the onboarding process.

To guarantee this process to run smoothly, brands in 2022 should make intelligent usage of marketing & transformation tools like moLotus that can automate the process yielding superior outcomes. For instance, brands can run welcome campaigns targeting new customers; sending them personalized and rich media mobile messages with appropriate call-to-actions. They can further take that personalized experience to the next level, spreading it across all products via mobile sign-ups.

3. Offer Targeted, Personalized Recommendations

A survey by Salesforce has pointed out that fifty-seven percent of seven thousand customers surveyed prefer personalized product recommendations, targeted offers, or shopping experiences. Therefore, businesses should focus on creating personalized ad campaigns to enhance customer lifetime value.

In 2022 customers mostly expect personalized offers. More and more advertisers are embracing marketing tools like moLotus for creating personalized recommendations ensuring better customer lifetime value.

moLotus offered multiple hyper-personalization options including name, unique customer Id, greetings, and offers can engage more customers in a better way using huge customer data & intelligence. The personalized ads go directly to the customers’ mobile inbox and remain there until deleted by the customers.

4. Enhance Customer Interaction

Marketing experts performing industry-wise customer lifetime value assessments have come out with fresh insights in 2022 pointing out to the fact that better customer interaction favorably impacts customer lifetime value. Customer communication has improved 360 degrees with the inflow of new tools offering multiple call-to-action options improving brand-customer conversations.

Social media platforms and email marketing tools are still being used by a few brands for interacting with their customer base adding little to the lifetime value management. Experts these days recommend alluring customers via technologies like moLotus, offering easy customer interaction options including USSD, Web Link, SMS, and Call rather than shooting spam emails to them with low level of interaction. moLotus is the only platform with almost zero cost of interaction!

5. Create Content to Educate & Engage Customers

The way that brands inform customers about their products - how they can properly use them - has a near seismic impact on customer lifetime value management. For managing a better customer lifetime value brands need to educate and engage customers. A recent survey by research firm Forrester found that 74 percent of respondents saw customer education as extremely important to their business' revenue and lifetime value.

With mobile videos gaining popularity among customers, storytelling has emerged as a key way for brands to educate and engage customers. Businesses have initiated educating their customers about their offerings via real mobile advertising platforms like moLotus. More and more brands in 2022 are educating, inspiring and entertaining their customers via moLotus storytelling capabilities. Consequently, there has been a phenomenal growth in customer lifetime value despite the dismal economic conditions prevailing.

6. Give Occasional Surprises to Customers

It is essential for businesses to delight customers to ensure retention and high customer lifetime value. Latest research highlights that customers respond positively to tokens of appreciation like birthday coupons, anniversary wishes, thank you notes, etc.

To surprise and delight customers, brands are relying on mobile advertising campaigns during the festive season, greeting customers with personalized messages via moLotus. Skillfully and consistently applied, moLotus video ads create a unique brand voice, humanizes the brand, encourages loyalty and pulls the customers into the message content, rather than repelling them. This cost-effective communication platform has proved to be more efficacious for brands than other marketing channels like emails, cold calls, SMS, and printed mailers.

7. Offer Exemplary Customer Service

In order to enhance customer lifetime value more brands are moving from traditional customer support to digital support. In 2022, mobile support is being seen as a key driver for business transformation. Reports say that switching to mobile support reduces the contact center operating expenses. Mobile customer support leads to improved customer experience. Customers have expressed their full satisfaction with their mobile-only journeys.

moLotus has revolutionized the way businesses support and serve their customers via mobile.

The mobile video customer support with easy interactions, product & tech support, and real time rating capabilities of moLotus come handy for businesses striving for customer satisfaction. The technology guarantees real time customer ratings and feedback for different service issues enabling businesses to analyze and improve upon.

moLotus mobile automation has reduced the contact center headcounts lowering overheads and at the same time improving customer support. It is preferred by brands over customer service chatbots.

8. Benefit from Cross-Selling and Upselling

Upselling and cross-selling campaigns generate more revenues; engage more customers than generic forms of campaigns leading to better lifetime value. Upselling campaigns entice existing customers to buy higher-end products than the ones bought by them earlier, while cross-selling campaigns encourage buyers to purchase complementary products. Both types of campaigns should be used by brands more often to push demand generation and sales.

Several digital marketing tools like moLotus, HubSpot, Facebook, Instagram, etc. are being used for creating both upselling and cross-selling campaigns. However, it is essential for brands to choose the right tool for getting better customer lifetime value through upselling and cross-selling.

Big brands are quick enough to embrace moLotus platform via which they can easily create unique upselling and cross-selling mobile ad campaigns. The campaigns can target massive customer databases to boost customer engagement and revenue per customer.

9. Make Customers Brand Advocates

Brand advocacy is one of the most popular, effective marketing strategies in 2022. Brands are constantly innovating new ways to engage customers to spread the good news about their business. The Promoters become quick brand advocates, while the Passives and Detractors are hesitant. Brands need the right incentive and nurturing strategy to turn them into advocates.

Marketing effectiveness increases by around fifty-four percent when advocacy is used, making advocacy marketing one of the most economical ways to get more customers at a low cost resulting in increase in lifetime value (Source : SocialToaster).

Customer’s testimonials about a brand carry much more weight than what the brand says for itself. Businesses should use new technologies like moLotus for generating customer references & testimonials via personalized & interactive mobile video campaigns. Running an advocacy mobile marketing campaign for generating instant customer feedback via moLotus helps identify brand advocates easily. It can be an incredibly powerful tool for generating brand recognition, long-term customer loyalty and advocacy.

Conclusion

Brands are experiencing rapid scaling of digital initiatives globally to improve customer lifetime value. They can acquire, engage and retain more customers cost-effectively and know various customer queries, concerns, and requirements that further help businesses to market their products and services.

In 2022 breakthrough platforms like moLotus are helping businesses to boost CLVM being more responsive to customer demands with innovation, agility and speed. Time to improve the revenue per customer, lower cost to acquire and serve, and increase overall customer retention rate!