Kiefer Hazaz | THE RiCH
How to Reduce Churn Rate & Improve Retention with Marketing Automation ?
Marketing is not just a process, one can’t describe it with just promotional and advertising concepts. Companies focus on building their brand reputation, engaging the audience, increasing productivity, growing brand expertise, and combining all is what makes marketing a term worth a definition professionally.
In today’s era, technology has become so flexible that marketing concepts are being integrated, resulting in marketing automation. Since there are various objectives behind utilizing marketing procedures, it is necessary to use the trending and advanced methods.
Marketing automation can be a perfect way-out for your business in today’s world. Whether you want to convert your leads into sales or increase your retention rate, you need to know its significance.
Marketing Automation Purpose
Marketing automation refers to the utilization of tools and technologies such as mobile frameworks, software applications, cloud platforms and so on to automate your marketing campaigns across multiple channels.
You just need to set up these resources according to your marketing objectives, and these applications will work automatically to help you achieve quick outcomes.
Marketing automation has the capability to serve various purposes for companies - from creating content, optimizing strategies, and aligning schedules to generating leads, managing sales, and allocating resources. It will help you sustain and increase your Monthly Revenue Rate (MRR) as well as your Anual Revenue Rate (ARR).
The main Key Elements of Marketing Automation
1. Building Action-based Models
Marketing automation can be empowered or integrated with other advanced technologies like Artificial Intelligence (AI). To monitor the actions of the users and their interests, this can help present the recommendations.
2. Automation of Business Development
Businesses are looking to generate more revenue for the steep growth and development of the brand. For this, marketing automation helps generate and monitor leads, resulting in conversions and providing more opportunities for business profits.
This includes the use of various platforms like social media analytics, finance management tools, audience follow-up platforms, and many more all at one place in a marketing automation platform. They can determine the journey of leads and buyer’s interest in every phase.
3. Workflow Automation
Another significant element of marketing automation is automated workflow management. You can align several tasks according to a particular schedule, such as sending emails or newsletter at the right time to get profitable leads.
The tasks will include:
Personalizing the content of the emails/newsletters
Pitch relevant services or products
Following up buyer’s or interested people
Propose the latest offers that can drive leads
The fundamental purpose of every element here is to ease the process of marketing through automated means.
Three Keys to Reduce Churn Rate using the Marketing Automation Platform?
1. Bring Attention to Monthly Churn Rate
A churn rate describes the loss percentage of a company regarding unsubscribed customers or clients in a given time frame. The monthly churn rate will be equal to the number of customers lost divided by the total customers present at the start of the month.
It would be best if you analyzed this rate at the end of each month to know how your business is progressing. The result will help you to build marketing automation strategies that can lead to profitable outcomes.
2. Create & Implement Drip Campaigns
In general, setting up a drip campaign includes sending marketing content to your target audience at a specific period. For this purpose, emails, SMS, and newsletters are the critical resources for automating the processes.
Drip campaigns help to reduce the churn rate by keeping the audiences engaged with your brand. Also, there will be more opportunities for generating leads that can further result in conversions.
3. Keep a Customers’ Point-of-View
You can’t predict what a customer thinks of your business. But you can analyze them closely and determine when they start taking an interest in your services or products.
One good example is customers who wishlist their favorite products in their account.
This will give you an idea to optimize your strategies that can make these customers put products in cart and not wishlist.
And yes, marketing automation here plays a significant role in monitoring the customers’ behavior and giving you real-time updates of their actions. Make sure you analyze their point-of-view well enough to keep them engaged with your brand and turn them into leads.
How to Utilize the SharpSpring- Marketing Automation ti Increase Retention and Reduce Churn Rate?
The average customer churn rate ranges between 16% to 40%. AND 63% of the companies who are winning over their competitors use the marketing automation platform.
SharpSpring's marketing automation platform comes with features that allow you to generate, manage, and convert leads along with supporting your buyer's journey at every step. Integrated MAP, CRM, and Analytics tools all at once place gives you a panoramic picture of what is happening with your sales strategies, how your marketing campaigns are performing, and how to support your buyer's journey.
Let's take a look at some of the features that can help reduce your leads churn and increase retention rate -
Smart Mails - With SharpSpring Smart Mails, your sales team can quickly schedule follow-up emails efficiently and with ease.
Third-Party Integrations - SharpSpring support all popular third-party integrations such as Zoho, PipeDrive, Nimble, and so on to give your sales team an unparalleled power to support and engage with customers.
Pipeline Visualization - You can create visual sales and lead pipelines to quickly grasp the progress and make sales decisions right away from dashboards.
Customer Lifecycle - SharpSpring gives you a bird's eye view of your customer's entire history in his life cycle that you can use for engagement to increase retention rate.
Reporting - SharpSpring's CRM reports provide you with measurable and actionable reports for Pipeline, Conversion, Activity, Projections, and such to help you focus on areas of improvement.
Improving retention and reducing churn rate are two major factors that drive your business towards success with the help of marketing automation. If you utilize the right MAP, you can see some enticing results from your campaigns and increase your MRR and ARR.
Kiefer Hazaz, Managing Director,
SharpSpring is a comprehensive, easy to use, and powerful marketing automation platform with robust features, performance, and functionality. It is one of the most flexible platforms in the market, offering a stable behavior-based marketing, blog builders and landing page, social media management, dynamic forms, and many more. SharpSpring is the easiest company to work with, and it’s usually 1/3 less than the costs of other companies.