The new year brings tremendous opportunities that you can use to your advantage and earn more significant revenue without increasing the cost of investment. The secret lies in your customer engagement and retention strategies. Make sure to choose effective strategies to convince the customer to stay around.
If you are looking for ideas to build a new revenue-increasing strategy for a more rewarding 2022, here is a list of 6 tried and tested tactics that can help:
1. Send Targeted Emails
While there are new ways of marketing surfacing every now and then, email still sits at the top as the reigning king. Sending out targeted emails is highly effective in terms of generating revenue.
Many reports confirm that email marketing provides the best ROI. Moreover, consumers consider email as the preferred brand communication and marketing channel ahead of any others. This is why it can be an effective strategy for customer acquisition and retention.
Leveraging email marketing can allow you to reach customers, communicate with them about your new offers and referral programs, and motivate them to endorse your brand to more people.
However, ensure that the layout of your email is clean, user-friendly, and simple enough for customers to pick information easily.
Here are a few email marketing strategies that can have a significant impact on your revenue:
Referral programs can be very successful when communicated via email.
You would have a list of subscribers for past and current customers familiar with your brand. So it's easy to convince them to become a part of the referral program in exchange for a reward.
However, you need to remember that you can't just send mass emails to customers telling them to refer your brand to people in their network. You can only ask and expect them to do so once you establish trust. That's why you need to be sure that these emails target customers who are more likely to respond and give them an irresistible incentive.
For referral emails to work, you need to understand your customer's triggers, wants, and buyer journey stages. Then set up email marketing for referral programs based on specific events or actions such as cart abandonment, completed purchases, positive reviews, etc.
If your campaign turns out successful, then many new customers will come pouring in, giving a boost to your revenue.
Regular Email Newsletter (Daily/Weekly/Monthly)
A more straightforward yet effective way to retain your customers or turn warm leads into loyal buyers is by sending regular email newsletters. The existing customers stay reminded of your brand and visit you more often. While on the other hand, your newsletter will convince the potential ones to buy from you.
Automated Sequential Email Follow-Up
Using email marketing tools, you can send automated yet personalized follow-up emails to your potential customers when they buy from you, leave something in the cart, etc.
You can send out retargeting emails, including offers or discounts, to convince your potential customers to shop from you. This way, you can bring back old leads and previous buyers, which can be a lot easier and more profitable than finding new customers.
2. Use Social Media To Spread Brand Awareness
Social media has become an integral part of marketing in the digital age. And if you aim to capture the attention of Southeast Asians, you need to build a formidable online presence since they are digitally savvy. For example, mobile penetration in Malaysia is 76 percent, and in Vietnam, it is 80 percent, clearly illustrating that the audience here researches products online before buying them.
But to be successful on social media, you need to post content that creates an impact. For instance, since social media highly depends on visuals, you must create content around a strong image, video, or infographics that feature your brand. Generation Z, especially, is consuming video content voraciously.
Also, keep the descriptions short and precise because people are quick to scroll past posts if the caption takes too much reading. Moreover, it is better to design and use a standard template that can instantly, at the very first glance, tell your customers that it's a post from your brand.
You can also hold online contests and giveaways through social media. Ask people to share your post on their feed or tag a certain number of people. This will help bring engagement and new potential customers to your brand.
Moreover, you can also ask your customers to post online reviews and promise them a reward in return. Through this review, you will be able to reach more people, eventually gaining more potential customers.
There are plenty of other social media features that you can use to create engagement, like starting a poll, hosting Q&A sessions, etc.
3. Create A Mobile Application
In 2020, 44% of Southeast Asian digital consumers spent more on packaged online groceries, buying from shopping apps that they already had on their phones.
The fact of the matter is that if you are an online business, your customers expect to have you within reach at all times. This means you need to have mobile-friendly websites, as well as a mobile application that is always on your customers' phones.
Besides this, you can also use the analytics that you receive through your customer's interaction with your application to recommend them more products they would like. This is something you can't do in a physical store. You can't be available for all the customers at all times to keep a check of who was interested in what. Moreover, you won't be able to keep track of customers if they leave without buying.
While using an application, the customers sign in and give you their information which you can further use in email marketing. Moreover, the application may also record their browsing history and use the data to recommend similar products. They can also send the recommendation to a user's mobile notification bar. This means that your brand will always stay on the mind of your customers.
Through the application, you can monitor and analyze customer behavior, which can offer a personalized experience to your users. This will attract more customers towards your brand and help you increase revenue.
But while you're designing your application, make sure that your application is easy to navigate because people are no longer a fan of solving puzzles.
4. Offer Exciting Reward Programs
When your customers like your products and services, they are more likely to refer your business to other people in their network, such as friends and family, without asking. However, this doesn't happen every day. Most of your loyal customers might be happy with your product, but their busy lives don't allow them to spare time to recommend their favorite product to other people.
So, when it isn't happening, you need to either ask your customers to do so or give them a nudge. This means that you need to provide them with something that will motivate them to take action. They will only take those extra steps if there is something in it for them. So you need to associate potential rewards to your referral program.
This is why it is essential to set up a robust rewards program. It will significantly contribute to bringing more revenue to your company.
Your brand can potentially encourage past, existing, and potential customers to support your brand and spread the word about your business through a rewards program.
It is only possible to get referrals and drive conversions if you align your brand goals and customers' needs. Here are a few questions that you need to ask:
- Who are my most valuable or top-spending customers?
- What sort of incentives will convince my customers to endorse my brand?
- How can I convince referred customers to use the referral opportunities?
- Will I offer a reward only to the one who refers or to the referred customer as well?
- What reward will seem convincing enough for them to take action?
- Can I upsell my products through these reward programs?
Many companies have been using this strategy for ages to gain more customers. For instance, take the example of Tesla. This company has set up around nine distinct and successful reward programs over the years.
In one of the versions of these reward programs, Tesla offered $1,000 credits to referring customers, and the referred person was given $1,000 off the purchase price.
5. Automate Business Processes
Automation holds an important place in today's times. It can leave a transformational impact on your business for life. It not only helps in making a lot of tasks more accessible for you but also brings convenience to your customers.
Because of automation, your customers get timely updated with your brand news and offers. Moreover, automating tasks like supply chain, weekly newsletters, logistics, and social media can also help you save manpower, saving your investment. This way, you are able to gain a better ROI.
6. Host Live Events And Webinars
Hosting live events and webinars keeps you fresh in the minds of your customers. If not hold an independent live event, you can sponsor an event where you can have your potential customer's attention. Tell them how your brand can add value to their lives.
Moreover, you can hold 30-60 minute webinars once in a while. These could either be live or pre-recorded, based on your preference. In these webinars, you can let people know about your brand and how they are helping humanity.
Boosting your revenue is not difficult as long as you know what you are doing.
All you need to do is channel your resources in the right direction and use relevant tools for marketing your business. The ones we have mentioned are just a few of the many things that can help boost your business. However, one thing that you need to remember is that success takes time, so be patient.
If you are concerned about finding a reliable source to help you create an online brand that gets sales and profits, Zaapi can help. It is an application that will help you set up an online store for mobile phones. Moreover, it provides the analytics that you need to examine user behavior. You can also share your products on social media through Zaapi and manage your online orders effortlessly.
So, get started with Zaapi today to boost your revenue in 2022. Visit our website for more info.