Increasing Customer Lifetime Value and Retention with Paid Social
Paid social is one of the most popular ways of engaging with your customer. But to build a great strategy, you need a great foundation. Learn more about customer retention strategies through paid social marketing with part two of our three-part series with Mutesix and Attentive
What is Paid Social?
Paid social marketing can be an effective tool to segment and reach specific audiences across multiple channels. It is considered to be 37% more effective than most marketing efforts for customer retention and a go-to strategy for marketers.
Paid social marketing displays sponsored content or messaging on social media platforms to targeted audiences. Brands utilize paid social to target, convert, and retain users to boost acquisition, retention, and customer lifetime value, or LTV.
Types of Data You Can Collect
Data is at the heart of a strong paid social strategy, with lead generation being an efficient way to collect first-party data and boost retention. Promoting high-value offers like coupon codes or exclusive events often encourages users to submit their email address or phone number.
With Apple’s iOS 14+ App Tracking Transparency (ATT) and the demise of third-party cookies by major browsers, important performance metrics are becoming harder to inform, like Return on Ad Spend (ROAS). Try using the below data methods to optimize your paid social strategy:
The frequency at which you change your content varies depending on the platforms you decide to use. As a general rule, run your ads for a minimum of seven days before switching up your content. A/B test and optimize to know what works best for your brand.
Your content will vary depending on which social platforms you decide to use. Twitter is ordinarily short-form content, while LinkedIn and Facebook can be long-form. At its core, paid social content should use the following best practices:
Gain inspiration for creative copy and imagery from brands in your industry and from competitors with resources like Visme, Canva, Meta Ad Library, and TikTok Ad library. These can all be great resources for staying ahead of the curve.
MuteSix recommends a diversified Paid Media mix for brands looking to maximize their targeting, reach, and retention. The agency found omnichannel success with Little Words Project, a sharable and stackable bracelet company looking to grow its business during one of the most competitive shopping quarters, H2 2021.MuteSix quickly identified the need to refill the brand’s funnel, with a strong focus on brand awareness and customer acquisition, using Paid Social and Google. They also leaned on Email and SMS for customer-nurturing strategies to retain customers beyond the Black Friday / Cyber Monday (BFCM) rush.
By using social platforms to give your brand life, you provide another way for your customers to interact with you. And, with rising costs of customer acquisition, having a customer retention strategy using paid social marketing can give you an edge over your competitors who may not understand its effectiveness. Want some help creating a customer retention strategy? Mutesix and Attentive have you covered!