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henryatharvk · 3 months

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Recurring Revenue Playbook: Is It Worth To Buy Now?

Introduction Recurring Revenue Playbook Review:

Welcome to my Recurring Revenue Playbook review. I'm Riddhish, an affiliate marketer working in this industry for the last 5 years.

BLACK HUSTLER is the creator of this Recurring Revenue Playbook!

The "Recurring Revenue Playbook" outlines strategies for businesses to generate a steady income through subscription models, memberships, or service contracts. It covers key aspects such as customer retention, pricing strategies, and scalability, offering practical insights for implementing and optimizing recurring revenue streams. This resource is essential for companies seeking to stabilize cash flow and build long-term customer relationships.

Product Overview:

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✅Recommendation: Highly Recommended

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Why is the Recurring Revenue Playbook Recommended?

The Recurring Revenue Playbook is recommended for several compelling reasons:

- Proven Strategies: It offers tried-and-tested methods for generating and sustaining recurring revenue, helping businesses build a stable income stream.

- Comprehensive Guidance: Provides detailed, step-by-step instructions on implementing various recurring revenue models, making it accessible for businesses of all sizes.

- Expert Insights: Includes insights and tips from industry experts, ensuring the strategies are based on real-world success and experience.

- Scalable Solutions: The playbook covers scalable solutions that can grow with your business, allowing for long-term revenue growth and stability.

- Practical Examples: Contains practical examples and case studies that illustrate how different businesses have successfully implemented recurring revenue strategies, providing inspiration and actionable ideas.

These benefits make the Recurring Revenue Playbook a valuable resource for businesses looking to establish and grow a reliable and sustainable revenue stream.

How Does Recurring Revenue Playbook Work?

Overview of how the "Recurring Revenue Playbook" typically works:

Assessment and Opportunity Identification:

- The playbook begins by assessing the current business model and identifying potential opportunities for recurring revenue. This could involve analyzing existing customer data, market trends, and competitive landscape.

Strategy Development:

- Based on the assessment, the playbook helps businesses develop a strategic plan for implementing recurring revenue models. This includes deciding on the type of subscription or membership offering to launch (e.g., software-as-a-service, membership site, product subscriptions) and defining the value proposition for customers.

Customer Segmentation and Targeting:

- It guides in identifying the target audience segments most likely to subscribe or join the membership, considering factors such as demographics, behaviors, and needs.

Pricing and Packaging:

- The playbook provides insights into pricing strategies, helping businesses set competitive yet profitable subscription rates. It also advises on how to package offerings to appeal to different customer segments and maximize perceived value.

Implementation and Launch:

- It outlines a roadmap for implementing the chosen recurring revenue model, including technology requirements, marketing strategies, and operational considerations. This step ensures a smooth launch and integration into existing business operations.

Optimization and Scaling:

- Post-launch, the playbook focuses on optimizing the recurring revenue model. It includes methods for improving customer retention, reducing churn rates, and increasing average revenue per user (ARPU). It also addresses scalability,guidingn how to expand the subscriber base and grow recurring revenue over time.

Continuous Improvement:

- Finally, the playbook emphasizes the importance of continuous monitoring and adaptation. It encourages businesses to gather feedback from subscribers, analyze metrics, and refine strategies to meet evolving market demands and customer expectations.

By following these steps, the "Recurring Revenue Playbook" serves as a practical guide for businesses looking to establish and thrive with recurring revenue models, fostering long-term profitability and customer loyalty.

Recurring Revenue Playbook Benefits:

The "Recurring Revenue Playbook" offers several key benefits for businesses:

Stable Cash Flow: It helps businesses establish predictable revenue streams through subscriptions, memberships, or service contracts, reducing dependency on one-time sales.

Customer Retention: By focusing on recurring revenue models, the playbook emphasizes strategies to enhance customer satisfaction and loyalty, leading to longer-lasting relationships.

Scalability: It provides guidance on scaling recurring revenue streams as the business grows, ensuring that operations can expand efficiently without compromising service quality.

Profitability: Through effective pricing strategies and reduced customer acquisition costs over time, businesses can achieve higher profitability margins.

Adaptability: It equips businesses with insights into adapting to market changes and customer preferences, allowing for agile adjustments to maintain competitiveness.

Operational Efficiency: By streamlining processes related to recurring revenue, such as billing, customer support, and content delivery, the playbook helps improve operational efficiency.

Competitive Advantage: Implementing successful recurring revenue models can differentiate businesses from competitors and attract a loyal customer base.

AND MANY MORE.....

What Will You Get Inside In Recurring Revenue Playbook?

Inside the "Recurring Revenue Playbook," you'll find:

Strategies for Implementation: Step-by-step guidance on how to introduce and optimize recurring revenue models such as subscriptions, memberships, or service contracts.

Customer Retention Tactics: Techniques to enhance customer satisfaction and loyalty, crucial for maintaining long-term revenue streams.

Pricing and Packaging Insights: Advice on setting competitive prices and structuring offerings to maximize value and profitability.

Scalability Considerations: Tips for expanding recurring revenue streams efficiently as your business grows.

Operational Optimization: Methods to streamline processes related to billing, customer support, and content delivery, improving overall efficiency.

Market Adaptation: Insights into adapting strategies to changing market dynamics and customer preferences for sustained competitiveness.

Case Studies and Examples: Real-world examples and case studies illustrating successful implementations of recurring revenue models.

AND MANY MORE.....

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Recurring Revenue Playbook Funnel Information:

The "Recurring Revenue Playbook" funnel provides businesses with a structured approach to generating ongoing income through subscription models, memberships, or service contracts. Beginning with an assessment phase, it helps identify opportunities within existing customer bases or new markets. It then guides businesses through strategy development, emphasizing effective pricing, packaging, and customer segmentation.

Recurring Revenue Playbook Final Opinion:

"Recurring Revenue Playbook" is a valuable resource for businesses aiming to establish and optimize recurring revenue streams. It offers practical insights and step-by-step guidance on implementing subscription-based models, memberships, or service contracts. By emphasizing strategies for customer retention, pricing, scalability, and operational efficiency, the playbook equips businesses with the tools needed to achieve stable and predictable income.

FAQs about Recurring Revenue Playbook:

Here are some FAQs about the "Recurring Revenue Playbook":

Q. What is the Recurring Revenue Playbook?

- It's a comprehensive guide that helps businesses implement and optimize recurring revenue models such as subscriptions and memberships.

Q. Who should use it?

- Businesses of all sizes looking to stabilize cash flow, improve customer retention, and scale their operations through ongoing revenue streams.

Q. What does it cover?

- Strategies for pricing, packaging, customer retention, scalability, and operational efficiency related to recurring revenue models.

>>BUY RECURRING REVENUE PLAYBOOK<<

Affiliate Disclosure: Affiliate links are used in this content. I will receive a little commission if you purchase any product using one of the links in this post. But there are no additional costs for you.

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snachoodubai · 5 months

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Loyalty Programs and Customer Engagement: Driving Growth with Retail POS Software in Dubai

In the bustling retail landscape of Dubai, where competition is fierce and customer expectations are constantly evolving, businesses are turning to innovative strategies to drive growth and foster long-term customer relationships. One such strategy that has gained significant traction is the implementation of retail POS software in Dubai with integrated loyalty programs. These programs not only incentivize repeat purchases but also play a crucial role in enhancing customer engagement and loyalty.

Understanding Loyalty Programs in Retail

Loyalty programs are structured marketing strategies designed to encourage customers to continue shopping at a particular store or brand by offering rewards or incentives for repeat purchases. Traditionally, these programs were managed through physical loyalty cards or stamp cards. However, with the advent of technology, retail POS software has revolutionized the way businesses approach loyalty programs.

Benefits of Loyalty Programs Integrated with Retail POS Software

1.Enhanced Customer Engagement: By integrating loyalty programs directly into the retail POS software, businesses can create personalized experiences for customers. This includes targeted promotions, personalized recommendations based on purchase history, and timely rewards that resonate with individual preferences.

2.Increased Customer Retention: Loyalty programs are proven to increase customer retention rates. When customers feel appreciated and rewarded for their loyalty, they are more likely to continue shopping with the same brand, leading to higher lifetime value and reduced churn rates.

3.Data-Driven Insights: Retail POS software with integrated loyalty programs provides valuable data insights into customer behavior, preferences, and purchasing patterns. This data can be leveraged to segment customers, create targeted marketing campaigns, and optimize inventory management based on demand trends.

4.Boost in Sales and Revenue: Loyalty programs incentivize customers to make additional purchases to unlock rewards or reach higher tiers within the program. This incremental spending contributes directly to increased sales and revenue for the business.

5.Brand Advocacy and Word-of-Mouth Marketing: Satisfied and loyal customers are more likely to become brand advocates, recommending the business to friends and family. Positive word-of-mouth marketing fueled by a robust loyalty program can significantly impact brand reputation and attract new customers.

Successful Implementation in Dubai

Several retail businesses in Dubai have successfully implemented loyalty programs integrated with retail POS software, driving substantial growth and customer engagement. For example, luxury fashion retailers have used loyalty programs to offer exclusive perks such as early access to new collections, VIP events, and personalized styling sessions, creating a sense of exclusivity and strengthening brand affinity.

Conclusion

In conclusion, loyalty programs integrated with retail POS software are instrumental in driving growth, enhancing customer engagement, and fostering long-term loyalty in Dubai's competitive retail market. Businesses that leverage these programs effectively stand to gain not only increased sales and revenue but also a loyal customer base that serves as a cornerstone for sustainable growth and success. For more details and implementation, you can contact us at any time.

#retailpos #retailpossoftware #retailpossoftwaredubai #bestretailpos #posdubai

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dustinwootenne · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate Acquiring new customers may seem like the Holy Grail for most businesses. New customers can be most important for startups with…

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christophermbrantley · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate Acquiring new customers may seem like the Holy Grail for most businesses. New customers can be most important for startups with…

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aracecvliwest · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate Acquiring new customers may seem like the Holy Grail for most businesses. New customers can be most important for startups with…

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jeanshesallenberger · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

Acquiring new customers may seem like the Holy Grail for most businesses. New customers can be most important for startups with tight budgets. When funds are limited, it’s understandable that you may believe only new customers will boost revenue as quickly as by increasing the customer base. The mistake that some businesses make is staying […]

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waltercostellone · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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joannlyfgnch · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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mariaaklnthony · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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pattersondonaldblk5 · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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blogsnippet360-blog · 5 years

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The Importance of Digital Marketing

Top 10 Reasons You Need It

At one point, online marketing was simply a new and different way of marketing. It has opened a new form of media on which to peddle goods and services. But in recent years, the importance of digital marketing has become something else.

It has become an integral part of what a company represents for its customers.

It is no longer enough to have a website or launch an untargeted advertising campaign. Are integrated digital marketing strategies not working for your business? Time works against you because of that.

While the Internet is closely tied to everything we do, the importance of digital marketing becomes crystal clear.

Let's see why your business needs digital marketing to grow and prosper.

Importance of Digital Marketing

1. Reaches People Where They Spend Their Time & Money

In 2019- 2020, the average user has at least 7 social media accounts. That's up from 3 just 5 years ago.

97% of US adults under 65 use social media at least once a month. The vast majority work there every day. Social media is highly preferred as a means of customer support.

Although 89% of customer messages are ignored by businesses.

22% of the world's population is on Facebook. In the United States, 62% are present. 76% of Facebook users and 51% of Instagram users are there daily.

30% of people on social media mention a specific brand by referring to important milestones in their lives. Generation X is slightly more likely to interact with a brand on social media than the millennium.

The current trend is that the average person spends more than 2 hours a day on social media. Adolescents have an average of 9 hours.

Social media is embedded in everything they do, whether it's at school, at work, entertainment or outings with friends.

Social media is where people are. But do people buy things there?

One of the top 10 reasons why people say they are on social networks is to buy them products that are advertised to them. They spend about 37% of their time on social networks interacting with branded content.

57% of Millennials report that social media has made the ads they see more relevant to them. 48% of respondents say they made their last online purchase directly following an announcement on Facebook.

But only 45% of marketers believe that their efforts in social media are paying off. There are certainly winners and losers on social media. Having a profile and sharing content from time to time is not enough. You need a social media marketing strategy.

When you understand how to maximize your return on investment in advertising on social networks, you win big.

Social marketing and advertising is just one element of digital marketing. But it is very important. Throughout this article we will look at many types of online marketing methods. This will show the importance of digital marketing for your business.

2. Levels the Playing Field for Small Business

You have already seen this happen. A big company like Walmart is moving into the city and eliminating hundreds of specialty shops. Starbucks arrives and closes the mom and pop coffee shops and bagels.

We saw the online equivalent of that with Amazon. It's hard to compete with name recognition or the millions invested in marketing and reputation management.

This is where the importance of digital marketing shines as a beacon of hope for small businesses. It's the same for brick and mortar, e-commerce and personal brands. Digital marketing actually allows small businesses to be in a prominent position, as a customer that we have helped to outperform Amazon and Lowe by using our AdWords services.

Digital marketing allows small businesses to compete with a much smaller advertising budget. When managed effectively, it allows them to control, by means of a laser, where and how they spend their money. When you have this type of control and the data you need to make a decision, you make better ones.

Continue to explore the benefits and importance of digital marketing. The way it levels the playing field becomes clearer.

3. More Targeted

When you run an ad in a magazine, for example, you do some targeting. You know if your target audience reads this publication. You have some control over the location and size. You control the message as part of some publisher guidelines.

This announcement can reach more than one million readers.

But what percentage of this million is really your target? A particular fashion magazine could have a population of 59% of women aged 35 to 55 years old. They may have a university education. And you know they are interested in the type of fashion described in the magazine. But it's a huge demographic group.

One of the strengths of digital marketing is the ability to dissect considerable demographic data. Cut them into very targeted groups to focus on a specific type of person.

Who is this person? This is the person most likely to buy what you are selling.

When you target to this level, you create a highly relevant ad for your target market. Because it is so relevant, it connects to a level that more general advertising can not. This connection gives him the ability to influence decisions. You do it without annoying traditional advertising techniques. You do not run the same ad thousands of times over a month. Or interrupt someone's program again and again.

So what kind of targeting is possible with digital marketing? You will probably be surprised.

Let's look at search advertising as an example. This includes AdWords. In this form of digital marketing, you target people doing research in Google. Search results now account for about 64% of website traffic on the Internet.

For companies that focus on SEO (Search Engine Optimization), 80% of the traffic comes from search results.

Search advertising, also called PPC (pay per click), allows you to position yourself at the top of research. It is even if it is not there that your website would appear naturally.

With search advertising, you can target people with a:

Challenge

Goal

Job

Level of education

Buying behavior

And more

Do this by leveraging search queries that represent these specific targets. Create ads and landing pages around them to convert that traffic.

Advertising on social networks also allows you to narrow down your target audience. Use the data collected on their users. Tell Facebook, for example, to show your ad only to people with a very specific behavior, interest, location, or recent ID.

You do not spend thousands in one ad. And you can run ads indefinitely. So, you can easily edit this ad to connect to different groups of people. You do not have the same control over who sees your ad with another form of marketing.

4. Can Be Hyper-Personalized

We have just begun to discuss the importance of digital marketing when it comes to targeting. With email marketing, which is another important aspect of digital marketing, you can target almost to the level of the individual.

We call this "segmentation".

In some cases, you can actually reach the individual level. Marketers call this "personalization".

72% of consumers prefer that businesses use email to communicate with them. This gives people a sense of control that makes them more comfortable signing up for your emails and buying at home. If they do not like what you send them, they can simply unsubscribe.

But when you send them extremely relevant content, they stay on your list and continue to buy again and again. You can see where the importance of digital marketing lies in customer loyalty.

Some basic programs allow you to automatically add a person's name or certain information to an email. But we are talking about a much more advanced approach that has proven its ability to deliver results for our clients, just like the improvements shown in the table below. It's the segmentation, automation and personalization of email.

With segmentation, you collect data on each subscriber to email. You use this data to sub-divide your list according to certain traits or behaviors identified by the analysis. Once divided, send the content of each segment most relevant to that segment.

If it's not relevant, you do not send it to them. And if you can make small changes to one element of the content and make it more relevant to a different segment, you do it to reach more people.

Automation allows you to send this content at the best time to achieve the desired result. This eliminates the repetitiveness of the process.

You learn what time is optimal with your data collection process. This time can be immediately. It can be a certain moment of the day. It may be to send a certain message before another.

Finally, you have the customization. You recognize a person at an individual level. You can recommend the best products because you know their purchase history. You acknowledge that they have just visited your website and abandoned their cart. You refer to them by name. They feel that you respect their individuality.

While these are 3 different things, when they work together they get results.

The Power of Segmentation, Automation & Personalization

According to Mail-chimp's extensive data, subscribers are 14% more likely to open segmented emails. They are 101% more likely to click on a call to action in the email. Segmentation reduces bounce rates by 5%. It's a lot in email marketing. This reduces the churn rate by about 10%.

But what about sales and revenue? Segmentation looks like a lot of work. Does it have a return on investment to justify it?

Aberdeen Research Firm found that conversion rates increased by 10% with segmentation. But not only are the conversion rates higher. People receiving segmented emails spend more. Marketers saw their revenues increase by 760% thanks to segmentation.

Companies that use automation to send e-mails at the best time on average increase their conversion rate by 50%. Automated emails are 70% more likely to open and have a 50% higher clickthrough rate.

A study found that companies that use automation are 133% more likely to send highly relevant content. In a typical email campaign, 75% of revenue comes from the segmented portion of the campaign. The rest comes from general emails.

It is this relevance that gives these kinds of results and proves the importance of digital marketing for a business. 81% of people who receive a personalized email based on previous purchases are buying again.

However, segmentation and automation are not a task that all small businesses can achieve on their own. These require an investment in advanced tools that remove much of the monotonous, repetitive and tedious process.

These programs are essential for effective segmentation. But their cost is often prohibitive for a small business. It's another added benefit of working with a digital marketing company. It can support the costs while allowing you to benefit from these advanced technologies.

Successful companies are increasingly using segmentation, automation and customization.

5. More Advanced Analytics

What do you really know about the performance of a TV commercial? You can determine the best times for ad delivery and the best frequency for testing. You can create a newsgroup to explore the data. But in general, you only know its scope according to the agency and whether it has increased buzz, sales or achieved a similar marketing goal.

Now let's take a look at the importance of digital marketing in comparison.

With digital marketing, you know the following information about your ads and users:

If they really saw it. With TV commercials, you do not even know much. They could have been in the kitchen or have the TV muted.

If they interacted with her

If they liked it

If they lingered over

If they shared it with a friend

If that prompted another action

If this led to a sale on the road (it's important to decide how best to spend money)

You will also learn a lot more about who is interacting with this ad:

Who is most interested in your ads?

what do they like

What makes them more likely to take action?

Who is the easiest to convert

Who spends more

What are they doing online?

What terms do they use to find you online?

What websites do they visit that lead to yours?

All of this is easy enough to follow with free analytics software like Google Analytics. Or you can gain even more insight with paid tools. Use what you have learned to reduce costs where you do not see a return on investment. Increase your spending and effort to get the best results.

Keep streamlining your campaigns to optimize your results.

You can always decide to shell out money for traditional marketing. Many companies prefer to have a varied marketing plan. In this case, the importance of digital marketing is that you learn about who your customers are and about those applied to other marketing methods.

6. Easy to Scale & Adapt

As with any marketing, you need an initial investment to get the traffic flowing. But the importance of digital marketing for small businesses becomes very clear when you see how easy it is to adapt and adapt as your business grows.

For example, with social media campaigns, display ads, and search ads, you can choose a daily budget. You know exactly how much this campaign will cost you.

Now you start to see amazing results. There is no need to enter and renegotiate an advertisement for it to continue to be broadcast. Your ad continues without interruption. As you continue to convert this traffic, you simply increase your daily expenses and income.

If you receive a massive order from a customer and need to save money to avoid having a backlog, it's just as easy.

If something does not work in your marketing, you do not have to wait for the advertising contract to run out. You do not have to start from scratch.

You have the power. Just make this little change and restart the ad.

The importance of digital marketing lies in the fact that you can get instant results. Analyze data and make quick changes to reduce wasted advertising and lost revenue.

This makes us realize how profitable digital marketing is for a small business.

7. Best ROI

Email marketing has the highest ROI of all marketing methods ... period. He can get an impressive return of 3,800%. That's $ 38 in revenue for every dollar spent. About 20% of companies see a return on investment of $ 70 to $ 1 spent.

Email marketing is a conversion machine. But you need a way to build your email list with quality subscribers. Then post the highly relevant content in a subscriber's inbox.

This is most often done through a combination of social media marketing and content marketing. But these marketing methods have an impressive ROI.

Content marketing can generate 3 times more leads than 62% less than traditional marketing. Of course, when we say "lead", we are not just talking about the traffic on the website. They are very likely to buy your product and become loyal customers as you relate to this relationship.

The return on investment of social media can sometimes be indirect. However, a Forbes study found that businesses using social media sold 78% of those who did not use social media. IBM has discovered that a prospect who enters through social media is 7 times more likely to become a paying customer. More chances of converting also means that you spend less money trying to convert people who will never become paying customers.

As a small business, the top priority is profitability. You must be able to make the most of these dollars when you grow your business. Every dollar you spend counts. You must know that this will provide you with a return on investment.

That's the importance of digital marketing for small businesses.

8. Aligns with How People Today Shop

88% of people consider online reviews to be an important part of the buying decision.

23% of people visit your company after reading a good review.

The average American spends more than 24 hours a week online. For Generation Y and Generation Z, 10 hours a day is the norm. This includes time spent working on the Internet and at school.

47% of Generation Y and Generation X women do not watch traditional TV. And 22 million people had canceled their cable at the end of last year. Magazine and newspaper sales continue to decline by about 16% per year.

In addition, more than 1 trillion searches are made online each year. Google holds the monster share with 3.5 billion of these queries. Every day, 8 billion videos are viewed on Facebook, mostly by companies.

Indeed, most consumers now tend to search for products, services or whatever they want online. Most of them are also impatient and do not go beyond the first 5 pages of search results. So you should not just have an online presence. You must be ahead of your competitors. Here's how SEO works for your business. If your website is well optimized, it will be easily detected by users each time they search for a relevant keyword for your brand.

From restaurants to doctors to accounting software and commodities, the modern sales process starts online.

Whether it's a social media friend, the result of a search query, or an email newsletter that he has received in his inbox, it all starts here. The more your business is integrated with the customer's online experience, the easier you can grow your business.

You need a relevant online presence for the vast majority of customers. The importance of digital marketing lies in the fact that it gives you that presence.

How to Be Relevant Online

To be relevant online today, you must:

Have a friendly website.

Invest in SEO so that you appear in search results from certain keywords

Have at least one active social media profile where you interact with customers

Some paid advertising, such as AdWords, Instagram or Sponsored Tweets. It is impossible to be found online without paid media.

Reputation Management. Know what people are saying about you. Request more comments. When asked to comment, most people write positive reviews. When they do not ask, only unhappy people tend to write reviews.

Integrated contact points. All online places must work together. Engage your target customers both online and in your physical store if you are a traditional business.

9. How People Prefer that Businesses Reach Them

People are tired of traditional advertising. They have learned that they have a choice. 20% of 16 to 34 year olds use an online ad blocker. Most of the time, people are fleeing websites that pop up with annoying invitations and announcements when they first access the page.

They choose to consume media that do not require them to advertise.

It seems cliché. But people want respect. They want someone to provide them with information that helps them make informed decisions. They want to buy brands that value what they are worth. They want you to participate in their conversations.

The importance of digital marketing is that it allows you to market to people to show that you respect them and value them as human beings.

10. Integrates Marketing with Mobile Technology

According to research conducted by IBM, mobile transactions are growing at lightning speed by 35% per year. But it's not just buying and selling on mobile.

People are increasingly using their mobile phones as a kind of augmented reality superimposed on a business. They consult reviews and product information in your store. They can order online or contact customer service along the way.

A selfie they take in your store becomes a promotional opportunity for you. They can write a review for you even before leaving your office.

Integrate the mobile experience with the physical experience. As you do, the more your business will take advantage of these opportunities.

Send an alert so that visitors know that something of interest to them is on sale as they walk down that alley. Use the behavior of the physical store as followed by their phone (with permission, of course).

With him, send more relevant offers. Invite someone to visit the store when geolocation indicates it is in the area.

The Importance of Digital Marketing for Your Business

It's clear. Modern economy companies need digital marketing to be competitive. Online is where the customers are. This is where they prefer you to reach them. It is online that begins the modern buying process.

You get the importance of digital marketing. But this does not facilitate the implementation of strategies that allow you to get the return on investment that you are looking for. Find out how we can help you use digital marketing to grow your business. Call us to schedule a consultation: +1 306 994 3090.

#SEO #Search Engine Optimization #Digital Marketing #Online Marketing #Social Media #Social Media Marketing #PPC #SMM #Pay Per Click #PPC Marketing #Web Development #Website #Marketing #Adward #Traditional Advertising #ROI #Email marketing #AdWords services

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dustinwootenne · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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aracecvliwest · 6 years

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5 Proven Strategies to Reduce Customer Churn Rate

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marktayl00r · 4 years

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How to Increase Customer Lifetime Value?

Leaders across industries continue to face the most competitive and unprecedented market conditions in decades. Close scrutiny of these market conditions and growth patterns suggest that business growth is the resultant of two key factors - new customer acquisition and existing client retention with a focus on increasing Customer Lifetime Value.

The probability of selling a product or service to a new customer is about 5 to 20 per cent. However, selling the same item to an existing customer has a probability of roughly 60 to 70 per cent. (Source: Marketing Metrics). This clearly suggests that client retention, with a focus on increasing CLV, is a far more effective strategy for businesses to produce a steady and predictable increase in revenue.

Now the most important question arises as to how to improve lifetime value. Following proven tactics could go a long way in increasing CLV.

Mastering Hyper-personalization Techniques

Customer churn is a major issue plaguing businesses which in turn heavily impacts CLV. Dynamic brand marketers have found a solution to cap the churn. They are segmenting and targeting the wide array of customer data for personalized recommendations, offers and messages to increase conversion, sales and loyalty. Personalization has gone beyond name & offers in the messages; now it is about content, interactions, needs and behaviours of individuals rather than only segments. Businesses should channelize their time and resources mastering modern personalization techniques. It is highly advisable to send hyper-personalized, automated and interactive content to customers by embracing disruptive marketing tools like moLotus ultimately enhancing lifetime value.

Creating Customer Delight

Marketing wisdom says that creating customer delight is a must for improving CLV for all businesses. Research suggests that customers respond positively to surprises like thank notes, birthday greetings, gift coupons and vouchers etc. Therefore, it would be wise for marketers to focus on greeting their customers individually on special occasions and events. For instance, customized birthday greetings will delight them, leading to increased lifetime value. Since ages, businesses have been depending on traditional channels like SMS or printed mailers for this purpose with limited or absolutely no results. Digital transformation has lead to the growth of powerful advertising platforms like moLotus for sending automated, personalized and rich multimedia messages dedicated to special occasions. Interestingly, moLotus offers unique rich-media formats - Videos, Audio, Greeting Cards, Pictures, Vouchers and more.

Offering High-End Customer Support & Collecting Feedback

It is essential to invest in quality support to help businesses enhance customer engagement and retention rate. Poor customer support leads to client defection towards competitors which brands can’t afford. Top-notch support boosts customer retention and increases lifetime value. Choosing the right process automation platform could serve reliability and scalability among other things. Ensure that your team responds to customer requests as fast as possible. Live chat platforms like ZenDesk Chat, LiveChat and acquire.io are convenient for web-browsing customers. Businesses could also rely on new-age marketing platforms like moLotus to engage their customers. It would be prudent to collect real-time customer ratings and feedback using ‘Rate-it’ capability of moLotus. This capability exhibits robust success rates, enabling the brands to analyse and improve upon.

Rewarding Loyalty

High lifetime value comes from loyal customers who should be rewarded for choosing the particular brand over and over again. This makes it essential to design and manage innovative loyalty campaigns. The loyalty campaigns should be directed towards enrolling customers, making them earn and redeem rewards points based on spending behavior. Using modern platforms like moLotus, brands can schedule automated loyalty campaigns rewarding a specific group or segment of customers. This improves their experience with the brand, builds rapport, offers a tangible reason to stay connected, and finally increases lifetime value.

Conclusion

Undoubtedly, you are the best judge of what suits your brand. Right marketing-mix with the right amount of investments on platforms like moLotus will significantly reduce churn rates and ensure satisfied customers with higher lifetime value. Your motto should be higher retention and high margin revenue growth!

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