Aaaah the million dollar question. How do you get your customers to spend more? More specifically, how do you increase retention, while boosting their customer lifetime value? The answer, while painstakingly complex in most industries, is shockingly simple in today’s video space.
Historically, to grow our businesses we’ve had to test out countless expansion channels. Guessing which channel would be profitable and why was an expensive and time-consuming game. And while today’s “new” market and tech-savvy consumer at first blush make the video commerce business seem more complex than ever, it couldn’t be further from the truth. By collaborating with the right business partner, taking your video business digital to earn more from your existing customers has never been easier. Unfortunately, many businesses are resistant to going digital with their video content. Why? Because they just don’t know how. It’s a new channel, and it’s scary. They’re stuck in the status quo. The way they’ve always done things that has served them well for decades. But businesses resistant to change, evolution and innovation are resigned to spend more (over 5x more in most cases) acquiring new customers than retaining and getting more out of their existing audiences. What most business owners fail to realize is that by operating from a position of fear, they’re making their lives MORE difficult in the long run, and quite possibly jeopardizing the longevity of their business.
Today’s Customer is Different
The customer profiles of today’s video content consumers has changed, and video content creators must realize this and evolve in order to retain the hearts, minds and dollars of their base. Consumers are more tech-savvy than ever and the consumer population has never been more diverse. We’re talking tweens through baby boomers armed with multiple devices and a library of apps designed for the new instant gratification lifestyle. With access to devices 24/7, consumerism has reached a whole new level.
Giving Customers the Video They Want
Ok, so going digital is the answer to increasing your customer LTV and improving customer retention, but what does that mean? By converting your products to digital you open yourself up to infinite revenue possibilities. And with Intelivideo, your digital format is delivered to customers anytime they want it, anywhere they need it. All this through digital video streaming options, download capabilities or an in-app fully branded experience. And you can offer countless video options too. From one-time purchases to subscription options and even rentals. Flexibility and formats that will set you apart from the competition. With Intelivideo it has never been easier to be everywhere, for everyone who wants the great content you’re already creating, of the awesome stuff you’re dreaming up. When you can provide that, customers will invest in you. They’ll spend more for great quality content delivered to them how they want it, when they need it. Not only will they open their wallets, but it will solidify their loyalty in your business too. They’ll have the confidence that you are there for them, and have the ability to grow with them.
The Time is Now
The time is now to make an investment in the future of your business. Choose to innovate and adapt for your own success, and be in for the long haul with your customers. Secure your competitive advantage. Commit yourself to giving customers what they want, and say YES to new revenue opportunities and more money.