Posts

How to Foster Employee Creativity to Keep Your Marketing Strategy Innovating

Digital marketing is hard to organize, but it is even harder to innovate.

Once a business discovers a tactic that really works well, it becomes too easy to just focus on that one method and pour all your resources into it.

I’ve seen this happen again and again for a good reason: It is profitable. It is too easy to keep doing what works well, so ultimately your team has no time to invest into learning anything new.

And yet, don’t put all your eggs in one basket, even though it sounds cliche. Yet, it’s still the truth, moreso with digital marketing which keeps evolving and changing at an unprecedented pace. 

We’ve seen multiple well-explored marketing channels cease to exist (remember, Myspace, StumbleUpone and Digg?) And even search engine optimization that traditionally is the focus of most online businesses has long become too unpredictable. We’ve seen too many businesses perform lay-offs once their websites lost organic visibility over yet another update.

Finding Innovation within Your Business

This is why investing into marketing innovation is investing into the future.

The only way to keep your business afloat when your main marketing channel fails is to explore various newer options. Thiswill allow you to discover alternative sources of traffic and conversions.

Generating fresh marketing ideas is not something a single person can master on a continuous basis. Actually, from personal experience, agreat marketer is likely to find a single great marketing idea throughout their whole career. Yes, normally, it’s one idea per a successful career.

This is why picking someone else’s brains is such a good idea. Even experienced marketers should be willing to learn!

Your own team is the first place to look. They already know your business and your product, and many of them likely know your customers as well. They are likely to have lots of marketing ideas, or they may find them if they are given an opportunity. Here’s how:

Let them start independent mini-projects

My first job was in customer service. Less than a year into the job, my boss suggested that I start an SEO blog and learn SEO. This is how my career in SEO started, and this is why I am a big believer in letting employees own projects.

The well-known Google’s 20% policy comes to mind here: Google allowed its employees to spend 20% of their work time working on independent mini projects. Lots of notable projects were born thanks to that policy, including Gmail, AdSense and Google News.

Obviously, only a small percentage of those projects will really benefit your company’s bottom line but if you encourage your team members to align those projects with what your business is doing, that will also be a learning curve that will enrich your marketing strategy with new tools and experiments. 

For example, in my old days as a customer support rep, I set up a free blogspot site to upload our customers’ product demonstration pictures they were sharing with me in exchange for a coupon. I was responsible for designing, updating, promoting, etc. that blog and it became an impressive collection of visual and video reviews for the company I worked for. And it cost my employees nothing apart from my time which I was happy to spend. 

The Cost of Fostering Employee Creativity

Side projects don’t have to be a huge investment. 

  • Your employees can set up mini-sites for free;
  • There are lots of actionable and free resources they can use to educate themselves on marketing projects online: Here’s a pretty comprehensive one on SEO, here’s another one on link building, here’s one on building a social media strategy;
  • New tools often come with free trials or freemium versions they can use until those tools are proved really beneficial to your marketing strategy;
  • Custom domains can be as affordable as $2 per month: Namify can help you find one.
  • Even technical tasks can be handled independently. One can set up a website with no technical skills whatsoever these days. There are lots of free plugins and free tools that can replace paid software. 

To keep these mini-projects organized, consider using some kind of SEO productivity platform that is able to consolidate data for many sites. SE Ranking is a great and affordable option that offers everything from position tracking to traffic monitoring for multiple websites within the same dashboard:

SE Ranking for employee experience

Encourage idea sharing and collaborative brainstorming

Digital marketing is only effective if it is integrated into each and every department of your business. 

  • Employees working in customer service and sales can offer lots of insight into your customers, what they are struggling with, which questions they have and which problems they are solving. All of these insights can make your content strategy better focused on what your target audience is really searching.
  • Teams that are involved in product development can contribute to your marketing strategy by informing everyone of product updates, advantages of your product and unique features they are working on. This will help marketers position your product in the most beneficial way.
  • Dev teams can help you understand your website better, how users interact with it and how to assist them in having a more positive experience with your brand.

In many organizations there’s a disconnect between a marketing team and the rest of the company, even if each team consists of 1-2 employees. In other words, organizational silos are a big problem for any business, big or small.

Hosting regular brainstorming meetings to allow employees to share ideas and insights is a solid first step in fostering collaboration. Cross-company chats will be helpful as well, especially for identifying those quiet talents that don’t speak in public but have lots of ideas to share. Solutions like Slack require no technical set-up and are easy to integrate into any business communication.

Slack for employee engagement

Give ideas spotlight

Not all employee initiatives will turn successful. Lots of marketing tactics provide non-tangible benefits (e.g. branding), many of them become obviously beneficial after some (or a lot of) time (e.g. customer satisfaction). Not everything can be measured.

In fact, there are very few marketing tactics that provide obvious measurable results in a short period of time (the only one that comes to mind is PPC). When it comes to digital marketing, it is often about contributing time and effort for months before one can actually see any results at all.

Therefore I don’t believe in rewarding marketing initiatives, especially when it comes to innovation and experiments.

Instead of rewarding, consider praising.

If your employee discovered a new idea and started implementing it, announce that to the company. Make it clear that you value your employees’ time and effort. Ask them how you can help and which resources or tools they need access to. Feeling valued is often more rewarding than a bonus.

Conclusion

Fostering employee creativity to spark Innovation is definitely an investment that not many businesses think they can afford. But considering the pace at which digital marketing is changing it is also a necessity.

Letting your employees help your marketing strategy innovate is the most affordable and effective way to prevent your business from going stagnant. 

As an additional bonus, through encouraging initiative and collaboration, you are likely to find your team much more motivated and inspired which will inevitably result in better productivity and employee advocacy.

The post How to Foster Employee Creativity to Keep Your Marketing Strategy Innovating appeared first on Convince & Convert.

Maximize Customer Lifetime Value

How much is a customer worth to you? Predict this number and you know how much it is worth to spend on your customers to keep them around.

Customer lifetime value, or CLTV, is one of the most important metrics a business has for making smart decisions.

You also know, by raising your CLTV benchmark by X percent, how much more cash your business stands to earn over the long-term. The more you can influence this number, the more growth you can expect.

Figuring out how to maximize your CLTV is like discovering the philosopher’s stone of marketing. Turn lead into gold, cure illness, and grant immortality to your business – well at least grant it higher long-term profits.

Quick Takeaways

  1. Encourage long-lasting relationships to see recurring revenue.
  2. Make your customers feel heard.
  3. Drive return sales through loyalty programs and cross-selling.
  4. Invest in great customer service training.

What Is CLTV?

When you’re assessing the growth of your business, a simple metric like investment return isn’t gonna be enough. You want to see recurring revenue here – after all, it’s what’ll keep your business going in the long run. To see this recurring revenue, it’s crucial that your customers are standing by you for an extended period of time — A.K.A: customer lifetime value.

To understand how to enhance your customer lifetime value, first look at the three factors that go into it:

  • Average Transaction Value
  • Number of Repeat Sales
  • Average Customer Retention Time

Multiply these three factors together and you get your CLTV. The TLDR here? Increase any one of these metrics and your CLTV goes up. This means that maximizing the lifetime value of each customer really boils down to:

  • Up-selling
  • Encouraging more transactions in each sale, or cross-selling
  • Boosting the frequency of transactions
  • Driving customers towards more meaty purchases
  • Keeping them in the business relationship for more time

The last one here is the most powerful way to maximize customer lifetime value. You can up-sell or cross-sell all you want, but by just focusing on customer retention strategy, you can yield sustainable benefits to your CLTV.

Why? Because when you develop effective strategies for boosting customer loyalty, you encourage long-lasting relationships. Your customers will stick with your brand because they want to. They willingly become a voice for your brand.

This translates to greater long-term profits without having to take a sales-heavy approach to every business transaction. Customer retention means longer business relationships and an easier time acquiring new ones as your existing customers work to further authenticate your business.

As Dale and Ben Midgley write in Golden Circle Secrets, “Do what makes people feel good and they will continue to buy from you and to refer others to you who will also continue to buy from you.”

On the other hand, pushing sales too much can have a negative impact. Once you push your buyers past their threshold, they’re going to turn their attention to holding onto their wallets rather than seeking out the products and services that they need.

To maximize your CLTV, you’ll need to combine all of the formula factors in a way that works for your brand and your industry. Here are the best methods that you can start implementing to get more out of your customers – without pushing them away in the process.

Increasing Your CLTV: The Best Techniques

1. Better Communications

How do you make someone feel special in any relationship? You listen to them. When it comes to marketing, ‘listening’ takes on a more active meaning but it’s essentially the same idea.

Improve your listening and overall communications through well-researched buyer personas and customer segmentation. Learn more about your customers through feedback channels, customer analysis and market research.

Image Source: Digital School of Marketing

Enhance your buyer profiles. Then, figure out your buyer intent by using marketing automation software so that you can deliver targeted, effective communications to your buyers that makes them feel heard.

2. Go All Out

Nurturing your existing customers can be as simple as going out of your way to do something special. It’s amazing how reaching out to people – not to sell, but to just simply connect – can have a positive impact on the relationship.

Send a personal thank you message. Offer a special gift or deal based on a customer’s unique preferences. Be creative. When you’re working with a higher CLTV, investing a few dollars into something special is well worth it to really wow a customer.

3. Inspire Loyalty

More and more businesses have been using loyalty programs as an effective tool for increasing CLTV. In fact, Oracle reported that in 2021, 73% of U.S. adults belonged to at least one loyalty program.

Here’s a couple ‘must-haves’ if you’re looking to polish up your current loyalty program, or just trying to start one.

  • Make sure it’s easy to join, and simple to understand
  • Allow members to accumulate points quickly
  • Provide relevant rewards
  • Encourage engagement

Loyalty programs also help to identify who your most valuable customers are in the first place. These customers will also be more likely to recommend your business to others if you have a great loyalty program. This approach rewards existing customers by giving them something back for staying in the business relationship longer.

4. Drive Value: Cross-Selling and Up-Selling

When you walk into your favorite coffee shop to get your morning coffee, you expect to be asked if you want something to eat with it. It’s part of the ritual between you and your barista. It’s a good thing, too. After all, what’s more perfect than a warm buttery croissant with your coffee to start your day?

Whether it’s wine with cheese, socks with shoes, or a warm croissant with your coffee, these add-ons don’t just pair well—they add value to the consumer and their experience. If a cross-sell will add value to your customer, just mention the option.

When up-selling, make it worth it. Try to put yourself in the shoes of your customers. Think: “what’s in it for me”? If you’re struggling to think of an enticing deal,here’s a couple examples to get your creative juices flowing

  • 30 percent off when you purchase two items
  • A special discount for signing up for a year-long subscription
  • Waived fees

When you increase that average transaction value, you’re maximizing your CLTV. Make it worthwhile for your customers, and you may score some customer loyalty points in the process.

5. Stay relevant with your online presence

Out of sight, out of mind; right? Your business should never be either of these. The more relevant your brand is, the more you’ll be in your customers’ minds the next time they consider making a purchase. Staying relevant consistently online is super effective in boosting that repeated sales number.

Publishing content consistently on your website and staying active on social media will serve as an easy, gentle reminder that your brand is there for your customers when they need you.

6. Level Up Your Customer Service

A recent survey published by Forbes found that businesses end up losing upwards of $75 billion each year simply due to poor customer service.

Every individual who interacts with your customers should be an expert liaison between the customer and your business. This is where programs like Google Reviews or Yelp can really help you. Make sure your customers are given the opportunity to provide feedback about their experience so that you know exactly where improvements are needed.

Take a proactive approach to training and guiding your sales team to ensure that their standards for customer service are through the roof. You want to empower your team so that going the extra mile for loyal customers is a no-brainer and company standard.

Sometimes the best way to really wow your customers just comes naturally and is very ‘in the moment.’ You don’t want your business to miss those golden opportunities to impress your existing buyers because your sales team has to ‘okay’ a decision with another department.

Perfecting Your CLTV Formula

All of these methods will help you to maximize your customer lifetime value – and fortify long-term business growth. To get the most out of your CLTV optimization efforts, try a few different methods and measure their impact to identify your strongest tactics.

The overall strategy you use depends on what works for you. Keep playing with the possibilities until you find your perfect CLTV formula.

Maybe your brand does benefit the most from focusing on transaction value. Some businesses may see the greatest impact from investing in better customer service, while others may benefit the most from improved customer segmentation and personalized communication.

The easiest thing you can do right now to increase CLTV? Start publishing content consistently! Weekly content converts users into paying customers, which will boost that weekly sales number we keep talking about.

If you feel stuck, set up a consultation with us here. Or, check out our SEO Blog Writing Services.

The post 6 Powerful Methods to Maximize Customer Lifetime Value (CLTV) appeared first on Marketing Insider Group.