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Selling internationally can be complicated, even when you have a good digital marketing team to support you. The creation of a digital marketing strategy requires a deep analysis of the pain points and challenges of your business… How do we expand globally? Why are customers not completing their purchases? Why are customers canceling their subscriptions?
Digital marketing gives you the tools to focus on the key areas that can positively impact your sales funnel and customer retention rates.
Let’s take a closer look at the different stages of the customer lifecycle. In this blog post, we have shortened down the stages to look into three core elements.
1. Acquire 2. Retain 3. Grow
ACQUIRE
Acquisition is the process of introducing new customers to your brand. Targeted customer acquisition strategies not only help companies succeed, but they enable businesses to acquire the right customers in the most cost-effective way.
For most B2B companies, the high-value accounts are owned by the sales team, but what about diversifying your sales funnel and capture more small to medium-size accounts, and boost your customer acquisition through digital campaigns such as Display Ads, Performance Marketing, Trial Automation, Cart Abandonment, Lead Generation, and automating the payment to your resellers or channel partners for their sales. This will help allow your sales team to focus their efforts on building relationships with top accounts.
On average, cleverbridge has seen performance marketing account for up to 15% of online sales revenue (if executed and managed correctly). Optimizing your cart experience can improve your conversion rates by up to 10% depending on your type of business.
RETAIN
Retaining your existing customer base is essential to increasing your revenue. However, due to limited resources, sales teams and channel partners have to prioritize renewing high value accounts. As a result, lower value, offline renewals frequently fall by the wayside.
Creating a digital experience can take this burden off your sales team by focusing on renewing this part of your revenue stream. To do so, develop strategies and automated campaigns to ensure that smaller customers renew their subscriptions. Provide lower-value subscribers with timely communication to reduce involuntarily churn.
GROW
In the customer lifecycle, growth means optimizing current funnels, testing new user journeys, and winning back lost customers. With an automated experience, you have data to look back on where you can identify the gaps and improvements for growth in the future. A/B testing should be a constant activity to ensure your buyers have the best experience. This helps to eliminate any unnecessary steps that could irritate or confuse the buyer during the purchase process.
Empowering your company to automate what would normally be a manual process saves time and resources. It also builds up essential data. By maintaining old-school ways like phone calls and signed documents, you slow down your ability to thrive. Automating manual processes allows your team to focus on what matters most – growing revenue.
Want to learn more? Check out our video. Contact our Digital Marketing Team to learn how we can help you.