Proof of Concept: What It is and How to Do It Right
Before developing an idea into a product, there’s a crucial step that every business must take: executing a successful proof of concept. Learn more.
If marketing is king, it should treat customers like its queen. After all, they are your primary source of revenue, and when they’re happy, they can be your brand’s biggest advocate.
When customers aren’t pleased? Oooh boy. Research shows unhappy customers typically tell nine to 15 people about a bad brand experience — not to mention, they probably won’t shop with you again, either. There’s a reason Amazon prides itself on being the most customer-centric company in the world.
This speaks to the importance of maintaining positive customer experiences for all and retaining the customers you’ve worked so hard to acquire. Customer acquisition costs range from about $7 if you’re lucky to nearly $400 depending on industry, channels, and strategy. For example, increasing your customer retention rate by just 5%, and your brand might boost profits by 25 to 95%. Suffice to say, it’s certainly worth investing in customer lifetime value.
The trick is once again creating meaningful, personalized experiences that keep consumers connected. To do this, you need to understand your customers and anticipate their needs before your competitors do. That means finding a solution that helps identify your most ideal future customers, followed by thoughtful, tactful personalized engagement by nudging through retargeting and email and creating the best online shopping store experiences, and measuring the impact these strategies have on your bottom line.
AdRoll turns customer retention into your brand’s secret weapon, and that can lead to some impression revenue growth. After all, selling to existing customers has a success rate of 60-70%, compared to the 5 to 20% rate for new conversions. Our AI-driven tools can help you:
If you already have happy customers, congratulations, you have a head start. The problem for many brands is they’re simply not tapping into the marketing power of those happy customers who are willing to provide recommendations and reviews. That’s why leveraging AdRoll to understand and amplify those audiences is key, giving you all the resources needed to encourage customers to share their experiences with friends and family through online and social reviews.
Another powerful tactic to build lifetime value is to harness the first-party customer data you already have to stay top of mind with intelligent strategies that combine ads, email, and personalized online store experiences.
With the number of options out there today, it’s easy for even seemingly loyal customers to be lured away by a competitor. However, by customizing your website to each customer with AI-driven product recommendations, you help cement loyalty by making it easy to repurchase, find items related to prior purchases, try a top new product, or discover new products as their needs change.
Hospitality brands excel at rewarding loyalty. Whenever you check into a hotel as a member of their rewards program, they thank you for your dedication, and sometimes even know your room preferences.
AdRoll helps you convey the same kind of white glove treatment in your email marketing. To do that, you’ll need customer emails and consent. AdRoll’s customizable email functionality helps brands capture customer email addresses or import the email addresses of customers you already have and then build effective messages with hundreds of professional templates and automated tools. AdRoll Email delivers personalized messages after a purchase or site interaction and can be used to request shopper feedback. Email marketing is also a great tactic to help increase abandoned cart recovery.
Customer growth is a rewarding endeavor, but never let that overshadow customer retention. Ready to deepen your relationships? Let AdRoll help.
Last updated on December 21st, 2022.