CMOs spend 56% of their budgets on acquisition. But is it giving enough ROI?
Lets learn how to improve our marketing strategy to increase ROI
Marketing isn’t always about a customer’s individual significance — it also deals with the value of their networks. According to a recent research by Forbes, verbal recommendations influence 80% of purchases and people referred by customers are 3–5 times more likely to convert to customers. So it’s the most crucial to know which customer engagement strategy works best. It majorly depends on a brand’s capacity to build fruitful relationships with current customers by capturing their time, and attention.
A rock solid customer engagement strategy helps a brand in both acquisition and retention.
CMOs who organize their marketing team around customers are likely to receive a better response than those who invest only in their channels. It is very important that a customer has a seamless experience of the band, regardless of what channel they’re engaging with. But in reality, most marketing strategies are built around channels, where different teams cater to different channels like, managing emails, mobile marketing, display ads etc. Such diversion makes it challenging to synchronise the marketing efforts leading to a difficult customer analysis. Hence, the marketing team needs to work on one vision for acquisition and retention across channels enabling an effortless customer behavioural study. A CMO who firmly believes in, “Customer is the King”, will always find ways to promote his brand and achieve commendable ROI by engaging with the right customer at the right time. But the question here is how to profile the customers?
Know the Customer
A brand needs to have a unified view before developing a comprehensive profile of its customers. CMOs need to study their customers’ demographics and preferences before profiling them under any category. With this, CMOs need to study the customers’ initial engagement preference, which will help them to plan a strategy accordingly. CMOs should be able to automate and personalize their campaign based on where their customer relationship starts, and where they want it to go.
As the image suggests, there are 5 types of customers in every industry, primarily divided by their preference of purchase and post-purchase service expectations. With this, a CMO needs to understand the consumer behavior that the brand is seeking to drive, identify its end goal and follow strategies that result in an enhanced ROI. It’s been proven that personalized interactions with customers can deliver between five and eight times the ROI on the marketing spend and can lift sales 10% or more.
The most productive strategy to fascinate new customers is by creatively engaging them so that they develop an urge to spend on the brand. Productive engagement through accessible channels can get the customers talk about the brand and develop interest. However, customer engagement strategy should target all the new and current customers by providing them a refined message based on their behaviour. In general, superior customer experience drives superior ROI in all industries.
Here are a few facts that enhance customer engagement.
Effective engagement should follow basic understanding that each customer is different and the campaigns should be strategised accordingly. It should aim to get better ROI by turning one-time buyers into repeat customers and keep them, rather than focusing on acquiring additional new customers. Once it is understood that engagement is the key to acquisition and retention of customers, the CMOs then need to establish a platform that is the most accessible and ensures to keep the customer contented with the brand. Though there are plenty of channels that address to the need but among them is SMS integrated Marketing.
It serves as the most important tool of multichannel marketing for all industries. Let’s discuss the possibilities of Customer Engagement through SMS integrated marketing that can help to improve ROI.
How ROI can be improved through SMS Integration
As seen in the image above, SMS is one of the most powerful customer communication tool that doesn’t depend on internet unlike other prominent promotional tools.
All a brand needs is a mobile number to connect with the customer.
Major researches also claim that 90% of SMS messages are read within three minutes of delivery.
Whereas, no other customer communication method matches this incredibly high and fast read rate.
For brands, using SMS integrated marketing can turn out to be more beneficial to send more targeted messages and include time-sensitive offers.
According to a famous Digital Marketing Magazine, people read 98% of text messages and usually respond to them within 90 seconds. That means, a brand can communicate with the customer, influence a response and gain relatable higher ROI by simply integrating SMS in their marketing automation campaigns.
SMS integrated marketing is a brilliant way to achieve persistent customer engagement with the brand, through apps, website, or other channels.
The use of SMS in an omni-channel approach can help drive engagement on other channels. For example, a regular SMS can provide shipping and delivery notifications, offer updates and reminders, capture short surveys and provide timely help & support. On the other hand, a link based SMS can help the brand to reach out to other channels for purchase or process. In both ways, SMS triggers an action to the linked platform in a seamless manner ensuring an improved ROI in the long run.
SMS integrated marketing is considered as an essential and easy part of a brand’s marketing toolbox. A simple yet interactive approach using this tool can increase a customer’s online and offline response.
As SMS is the most widely used platform of communication, any brand that fails to use it, will eventually fail to engage its customers and largely fail on attaining a reasonable ROI. Hence, big brands today rely majorly on their SMS integration to gain an improved ROI in return.
Infact, 79% brands actually measure the success of their SMS integrated marketing directly against increased ROI and improved customer experience.
Last, but perhaps most importantly, SMS enhances the customer experience, possible only through personalisation of the campaign by sending direct messages to the right person, at the right time with specific, using tailor-made content.
These ways the marketers can definitely improve their ROI. If this article was helpful for your strategy, please do like our content. We can help you get an access to SMS Marketing in the most cost effective manner or you could connect with us to improve your SMS Marketing for Higher ROI by connecting @ +91 83 83 83 83 99
