Vital Steps To Boost Sales And Increase Customer Lifetime Value

Out of all sectors, FinTech seems to be uniquely intertwined with digital marketing. Almost like a familial bond. In my role, the impetus to stay on the cutting-edge is unceasing—you would often see me constantly assessing strategies and discerning effective tactics from those that fall short.

But regardless whether you are in the FinTech sector or not, our responsibilities as digital marketers need not be overly complex. The fundamental tools of digital marketing are readily available to us all. And generally speaking, they are straight forward. These tools, when harnessed correctly, can bolster sales and augment customer lifetime value. However, the key lies in adopting a methodical, step-by-step approach to execution.

In a crowded market where brands compete for widespread influence, the need for customization and precision has transcended from being advantageous to becoming an absolute imperative.
While many of us tend to emphasize strategy and grand schemes—which undeniably hold significant importance—sometimes the true game-changer lies in the nitty-gritty of tactics. It’s in these details that the most profound impact can often be found. So here is my two cents about the overall digital marketing process.

Attract the right leads

Digital marketing is a great tool to help you attract the right leads by serving ads to just those who are most likely interested in your offerings. Did you know that targeted Facebook ads could reach an audience based on their interests and behaviors, resulting in a 10-15% higher click-through rate (CTR) compared to non-targeted ads? It’s also widely recognized that harnessing the potential of email marketing could deliver an astounding 4,400% ROI, solidifying the status of EDMs as an exceptionally potent tool for lead generation.

Nurture leads

Once you have attracted leads, nurturing them is key, and providing valuable content becomes an essential step in the right direction. For instance, blogposts represent a great form of content during this phase. Companies that publish blogposts regularly are able to generate up to 67% more leads than those that don’t. Again, email marketing, when done right, can have an average ROI of $42 for every $1 spent, making it a cost-effective nurturing tool when it comes to leads.

Convert leads into customers

The goal of any sales and marketing process is to convert leads into customers. Digital marketing assists in this process by providing clear calls to action (CTAs). A well-optimized CTA can increase your conversion rate by up to 121%. Data tracking also allows you to monitor the performance of your sales process—about 63% of companies outperform their competitors using data-driven marketing strategies.

Increase customer lifetime value

And here is the punch line—after converting leads into customers, the focus should shift to heightening their lifetime value. Increasing customer retention rates by just 5% can boost profits by 25-95%. Digital marketing has the potential to facilitate this process, delivering excellent customer service, sending personalized marketing messages, and offering rewards and loyalty programs.

Use data to personalize your marketing messages

Personalization and digital marketing have become almost synonymous. 80% of consumers are more likely to make a purchase when brands offer personalized experiences. Utilize data to tailor your digital marketing messages to each individual customer, and you’ll witness increased engagement and loyalty.

Leverage automation

Automation is very useful in saving time and improving efficiency. In fact, 75% of businesses report saving time automating tasks like lead generation and nurturing, which in turn helps them free their schedules to focus on innovation and growth. Today, we have the ability to automate pretty much everything including video production—a very important piece of the digital marketing puzzle. Email campaigns enriched with video yield 49% higher open rate and 65% higher CTR compared to those without video content.

Track and measure your results

Data derived from tracking and measurement provides valuable insights into what’s working and what isn’t, enabling you to refine your strategies for improved outcomes. For instance, A/B testing email campaigns has the potential to significantly increase open rate and CTR.
Achieving success in digital marketing extends beyond the adoption of latest trends and tools; it hinges on grasping the profound influence that a systematic approach can wield over your business. It’s crucial to bear in mind that digital marketing isn’t just a means to an end or a vehicle designed solely for sales enhancement. It’s rather an intricate craft of forging meaningful connections, elevating the customer journey, and safeguarding your brand’s relevance and influence within a competitive and bustling market landscape.