As the digital landscape continues to evolve, organizations must capitalize on increasing customer lifetime value (CLV) by analyzing the customer lifecycle to identify marketing automation opportunities.

One solution that organizations can adopt to increase customer lifetime value is an automated multichannel strategy. Studies show that organizations with strong multichannel customer engagement strategies retain 89% of their customers on average.

Given the importance of CLV and how automating multichannel engagement helps drive retention and sales, it’s imperative that these elements form the basis of your online marketing. In this article, we’ll discuss how automated multichannel engagement helps organizations increase sales revenue and customer lifetime value. Let’s dive in!

Increased Personalization

According to a recent Econsultancy report, 94% of businesses believe personalization is critical to their success.

Businesses leveraging personalization are seeing the benefits in the form of increased revenue and customer retention. Take Netflix, for example. Netflix’s AI recommendation engine saves the company $1 billion in revenue each year.

Amazon is another company that has taken personalization to the next level through automation. It’s unlikely that any two people will see the same Amazon page as the company tailors content based on customer buyer behavior.

When you personalize your message (according to the channel and customer needs), you improve the buyer experience with your brand. This ultimately leads to higher revenue. Econsultancy found that 93% of companies see a rise in conversion rates after personalizing their search engine marketing.

Improves Customer Retention

According to research, 25% of users who install an app uninstall it after using it once.

This experience points to poor customer retention. Poor retention could contribute up to 80% of your acquisition spend, which can harm your organization.

The good news is that there’s a way to improve customer retention without spending much. From the moment a customer comes into contact with your brand, they expect a consistent and personalized experience. Designing an integrated campaign focused on the customer’s needs can help your brand stay on top of their minds.

Simply put, be present and make yourself visible on all platforms. Adapt an automated multichannel strategy to boost retention.

To improve your site’s/app’s onboarding process and increase retention rates, try the following:

• Constantly improve the online user experience to maximize conversions
• Integrate real-time messaging or any other push notifications software
• Improve engagement through email

Increasing customer retention also increases their lifetime value.

Customer lifetime value (CLV) measures the total income a business can expect to earn from a customer over the period of their relationship. It’s a critical metric to track as it costs less to retain existing customers than to acquire new ones.

Wrapping Up

Automated multichannel engagement can help organizations increase sales revenue and customer lifetime value.

Through personalization and automation, brands adopting a multichannel engagement strategy can increase personalization, resulting in higher conversions, better customer experience, and higher retention rates.