HEY GO-GETTERS! MIKE FROM FULL CIRCLE AGENCY BRINGS YOUR WEEKLY MARKETING BOOST! 🚀

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Building Loyalty, Cutting Costs: A CEO's Guide to Effective Retention Marketing Strategies

The Art of Keeping Customers: A CEO's Guide to Retention Marketing

Imagine a bustling marketplace, where every stall is vying for the attention of passersby. Now, picture your business as one of these stalls. You've managed to attract a crowd - but how do you keep them coming back without breaking the bank? That's where retention marketing enters the scene, a strategy that's less about the flashy 'hello' and more about the warm 'welcome back'.

Why Retention Beats Acquisition

In the world of business, it's a well-known secret that keeping an existing customer is far more cost-effective than acquiring a new one. Retention marketing is the savvy CEO's tool for reducing the Cost Per Acquisition (CPA) by focusing on the goldmine of existing customers. It's like nurturing a garden you've already planted, rather than sowing new seeds every season.

The Community Touchpoint

Now, let's add a twist to our tale. Imagine your business not just as a stall but as a community hub, where customers are not just buyers, but members of a club. This is the power of community-driven retention marketing. It's about creating experiences, forging connections, and offering value that goes beyond the transaction. It's a handshake that turns into a hug.

Experiential Learning: The CEO's Play

As a CEO, you're the captain of the ship, steering towards the horizon of customer loyalty. By implementing experiential learning programs, such as workshops or insider access events, you're not just selling a product; you're providing a memorable journey. Customers learn, engage, and most importantly, they stick around - reducing your CPA as they become advocates for your brand.

The Bottom Line: CPA Decrease Through Retention

To wrap it up, retention marketing isn't just a strategy; it's an adventure in customer loyalty. By focusing on the people who already love your brand, you're not just saving on marketing costs - you're building a fortress of loyalists. And as the CPA dwindles, your business doesn't just survive; it thrives in the marketplace of tomorrow.

THIS WEEK'S MARKETING BLAZERS :

Generative AI and Transparency in Marketing:

• As generative AI continues to gain traction in content creation, the question of transparency looms large. Currently, there's no legal requirement to label AI-assisted content, but there's a growing call for transparency, especially with the upcoming presidential elections in the U.S. and the potential for deep fakes and misinformation. Experts suggest that regardless of regulations, marketers should consider their audience's preference for transparency and always involve human oversight in AI-generated content​​.

Shift of Search to Social Media Platforms:

• Younger demographics are increasingly turning to social media platforms for search, with platforms like TikTok becoming a preferred search engine for Gen Z. This trend is corroborated by data indicating that about 40% of young people start their searches on TikTok or Instagram. Social platforms are responding by enhancing search-focused features, such as TikTok's Keyword Insights tool and Instagram's robust search and shopping features. Marketers should optimize their social content for discovery, focusing on authenticity and trustworthiness​

Continued Dominance of Video Content:

• The demand for video content across various formats continues to rise. Short-form vertical videos, popularized by platforms like TikTok, remain highly engaging, but there's also a growing appetite for longer video content, especially among Gen Z users on platforms like YouTube. Marketers need to diversify their video content strategies to include both short and long-form videos to cater to these preferences​

Google's Research on Generative AI:

• Google DeepMind has published research on a prompting strategy called "Tree of Thoughts," which enhances the results produced by generative AI. As AI continues to shape SEO and content strategies, such insights and tools from major tech companies are critical for marketers looking to leverage AI for improved outcomes​

Improved Core Web Vitals for WordPress Sites:

• WordPress reports that the mobile Core Web Vitals (CWV) passing rate has increased from 28.3% to 36.4% in 2023, with the desktop rate also seeing an improvement. While there's still room for improvement, these developments are crucial for marketers focusing on SEO and user experience on their websites​

Instagram Reels and Facebook Videos Outperform TikTok Clips:

• A new report indicates that Instagram Reels significantly outperform their TikTok counterparts in driving views, particularly for longer content. Additionally, Facebook Reels also show a higher median view rate compared to regular Facebook videos. This data suggests a shift in video consumption patterns and emphasizes the need for marketers to consider platform-specific strategies for video content

Emergence of Innovative Campaigns and Tools:

• Various brands and platforms are rolling out innovative campaigns and tools. For example, Anomaly's social-first campaign for Android illustrates the creative potential of new foldable devices, showcasing a cross-brand collaboration between Google Pixel and Samsung. Such campaigns highlight the importance of creativity and technology in reaching out to audiences like Gen Z

Cheers to soaring marketing heights! 🚀🚀

Keep crushing it,

Mike

REFERENCED IN THIS STORY

1. “New Customer Acquisition Versus Retention Analysis | Presentation Graphics | Presentation PowerPoint Example | Slide Templates.” SlideTeam, https://www.slideteam.net/new-customer-acquisition-versus-retention-analysis.html. Accessed 4 February 2024.

2. “Decline In Customer Retention Rate Of CNN Ecommerce Company Social Media Ppt Image | Presentation Graphics | Presentation PowerPoint Example | Slide Templates.” SlideTeam, https://www.slideteam.net/decline-in-customer-retention-rate-of-cnn-ecommerce-company-social-media-ppt-image.html. Accessed 4 February 2024.