Video moves

LOYALTY

Getting customers to convert once is a great starting point, but from there your attention should shift to maximizing the lifetime value of each customer. Providing value after conversion pays off: the success rate of selling to a customer you already have is 60-70%, whereas the success rate of selling to a new customer is 5-20%.

Continuously offering value after conversion is the key. And this can take a variety of forms.

Your customers may come back looking for inspiration on how to get the most out of the products they just purchased through videos, interviews or live sessions. Also, you can become the source of entertainment that ties to the product offer and isn't overly sales-oriented and turn your brand into a captivating destination where your customers can always find something new on top of additional products to purchase.

This strategy applies to customers who have converted for the first time, are returning or dormant. With impeccable care, you can turn them all into regularly converting clients or brand advocates.

Consider the following steps to help increase your customer lifetime value.

EXPLORE CHAPTERS

Keep Building The Relationship And Providing Value

Boost CX And Encourage Repeat Transactions

1.

Keep building the relationship and providing value

Enjoyment of video ads increases purchase intent by 97% and brand association by 139%. If you keep effectively distributing and delivering video content that pulls viewers in, even after completing a purchase, you will notice brand association (the mental and emotional connection between customers and brands) rising.

Let's delve into the strategies of using video to build strong and enduring relationships with your audience and provide value in this stage of the customer journey.

Key Tactics For Success

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Create educational content with additional value

Video content in this stage should go beyond explaining the basics about your product. Create informative video content, bringing current industry trends to your customers, position your brand as a trusted source of knowledge and make customers become your brand advocates. What type of content should you focus on?

Onboarding and how-to-use videos: make the phase of getting used to using your new product as seamless as possible, guide your customers through set up of their new speakers via video
Expert insights: collaborate with experts in your industry and create unique video content like interviews about emerging topics and trends
Testimonials: deepen positive associations with your brand and encourage further engagement

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Give users access to exclusive content

Create branded galleries of content in your streaming platform that will only be accessible to a specific segment of your audience. Utilize your marketing automation platform to send out timely notifications to your customers that they are eligible for access to non-public content.

For example, as a sneaker company, you can reward your most loyal customers with a behind the scenes video series or uncover your planned designs to which they will have exclusive access before officially being released to the market.

Or, after purchase, you can give customers videos with exclusive insights. For instance, if you sell gardening equipment, that video content could be advanced gardening tips to get the most out of their recent purchase.

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Show customers you care with further personalization

Instead of showing your customers mostly product videos based on their product preferences to make them buy, now you want to personalize to show that you care even after they convert. These are the types of video content that will work towards achieving this goal:

Personalized recommendations: recommend new products or experiences based on customers' previous purchases and behavior
Customized greetings and messages: personalized video messages to send out thank yous and express gratitude (using dynamic overlays and data import, e.g. customer names)
Anniversary and milestone celebrations: let your CRM and MAP cooperate to send out automatic videos celebrating your customers and their loyalty
Advanced product demonstrations and tutorials: based on customers' purchase history, deliver video content that helps them get the most out of their new products
Feedback/ Surveys: utilize interactive elements, call your customers by name and ask about their experience directly in videos following conversion

2.

Boost CX And Encourage Repeat Transactions

During the previous stages of the customer journey, you collected vast data as your customers progressed to conversion. Now you have a good picture of their preferences and behavior. You may also want to consider investing in tailored dashboards to provide an aggregated view of all the data from different data sources to answering questions like:

What video content do customers watch most often?
What topics are popular?
What are the commonalities or patterns across audiences that can be grouped into segments?
What devices do they use?
What videos led them to your website?
What video made them convert?

Diving into data helps you design and target future campaigns more effectively, boost customer experience and create opportunities for upsell and follow-up conversions.

Now, you want to use these insights to keep users engaged and turn first-time buyers, returning customers, and even reawaken those who are dormant into regularly converting customers and brand advocates.

Find concrete tactics to do this below, amongst other talking about finding customers with similar profiles to your current ones.

Key Tactics For Success

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Monitor analytics, refine your strategy

The quality of video viewing experience will determine if users stay engaged with your videos or drop off. However, getting insights from various sources and concluding the status of viewing experience quality is not easy. Therefore, video streaming platforms offer advanced metrics, tracking factors that used to sit on the more intangible end of the spectrum. The Quality of Experience metric, for example, shows how viewers perceive the viewing experience and where there is room for improvement, and what the common abandonment factors might be. This can help you make data-driven content-related decisions and refine video strategies.

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Retarget customers

Embed tracking codes on your website to gather data about what videos your customers watched in what product sections. Segment customers according to their field of interests (e.g. viewers interested in running apparel or equipment) and retarget them with video content related to products they watched.

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Create lookalike audiences

Most current marketing platforms (social media, Google Ads, e-commerce platforms, programmatic advertising platforms, CRM or e-mail marketing tools) enable the creation of lookalike audiences.

You can generate audiences with similar profiles to your current ones that resonate with your content by letting the platform replicate your best-performing audiences or the ones that engage the most. Or you can manually import data sheets for the platform to pair data and have new audiences generated.

For example, you can create a lookalike audience from people who converted on your e-shop and target people who are most likely to purchase the same products.