To help your business achieve double digit customer growth and drive incremental revenue (5-20%) during tough trading conditions, outlined below are 4 critical steps to undertake as part of your marketing planning approach.
Step 1: Customer Insights & Analysis
Analyse your customer data to identify ideal customer segments such as recency, frequency and monetary value and potentially overlay this with behavioural and attitudinal data. Identify trends and behaviours of your customer’s path to purchase as well as retention and churn rates over a 3-year horizon. Also understand YoY growth rates of your new and existing customers over at least 3 years to ascertain if you have a leaky bucket issue eg. You are losing existing customers as quickly as gaining new customers!!
A clever idea is to also get an overall view of the composite of your customer database by splitting into active, recently lapsed, inactive and gone customers. The final stage is to then develop actionable insights for customer growth strategies.
Step 2: Marketing Strategy
This stage involves undertaking a marketing planning session with your team to identify gaps, opportunities and actionable data insights based on Step 1 (above) to then formulate a Strategic Marketing Plan. It is important you have clear identifiable strategic marketing pillars across brand, customer acquisition and retention.
Step 3: Customer Activation
This is the fun stage for your lower-level staff in the marketing team which involves the execution of the Marketing Plan to acquire new customers, retain existing customers and increase brand awareness and reputation. This could involve data driven marketing strategies such as development of a customer lifecycle loyalty program by assessing every customer journey touch point. Also consider digital marketing initiatives such as programmatic, paid search, SEO and social media/content building to turbo charge new customer acquisition and creation of brand awareness strategies to target customers at the top of the conversion funnel.
Step 4: Improving Outcomes
Improving outcomes is all about ensuring you have a test, learn & refine approach for all your customer growth campaigns. This will ensure you continually optimise and improve overall conversion and ROI rates. Finally, always be on top of your marketing results and metrics by developing real-time dashboards using visual reporting tools such as Power BI or Data Studio for digital performance.
If your business does not have the internal senior strategic marketing capability to deliver the above-mentioned customer growth strategies; contact Leeann Ellison, Founder/CMO of DataClique Marketing. I guarantee if implementing all of the above and the right marketing investment, you have the potential to achieve double digit customer growth!
Author: Leeann Ellison, Founder/Director, DataClique Marketing, July 2022