Hit by the Covid-19 slump followed by social distancing and a nationwide lockdown, businesses are experiencing major impacts. It has become challenging for most businesses to keep their financial wheels turning during the lockdown period due to less revenue churn and the general uncertainty in the global financial environment. Since it is difficult to ascertain how long this pandemic will last, it is important to be prepared for all scenarios. They need to re-look at their revenue management strategies in order to gain momentum. Following are a few key steps vital for driving revenue :
Reduce Cost and not just by reducing head-counts
During this COVID season, it is of primary importance for businesses to cut costs by reducing headcounts in call centers and similar processes and improving revenue figures. This however is not a very effective method to control cost. Try using Digital tools for cost minimization opportunities by adopting automated and “low touch” processes. Studies show that platforms like moLotus are significantly cutting down costs by discarding printing, distribution & customer-communication expenditure for top brands.
Monetize Customer Data
Data monetization is no longer a future option but a present necessity to enhance revenue during the Covid-19 pandemic. Modern businesses have access to the deepest and richest insights into the customers’ behaviors and usages. The data and the derived insights should be put to diverse uses, leading to the maximization of top-line and bottom-line revenues. Adopt marketing platforms to transform data into meaningful decisions. Advanced data curating and analytics features of platforms like Hubspot, Marketo, moLotus, etc. make data mining, management, and analysis an easy go for you. You can compile campaign data in the form of crisp and comprehensive reports, enabling you to decide upon and strategize further.
Enhance Customer Loyalty
Loyal customers, drive sales revenue drastically. Maintaining customer loyalty and trust during times of uncertainty is one of the biggest challenges for businesses to address. To encourage loyalty, businesses need to address customers’ most pressing pain points and frustrations. Businesses should reward loyal customers with unique offers, discounts, coupons during this season, and in return request them to leave reviews. Tools like Yotpo, LiveEngage, etc. play a special role in improving customer loyalty by generating product reviews. As a marketer, you would be delighted to know about the moLotus platform which possesses unique capabilities for creating specialized loyalty campaigns like Milestone, mContest, mCard, etc.
Personalize Communication
Resilient businesses have found a great solution to the plaguing issue of customer churn during this pandemic. They are using customer data to target personalized recommendations, offers, and messages to generate high margin revenues. Personalization software options like OptinMonster, Segment, Evergage, BrightInfo, etc. can identify the current trends in a company's consumer behavior and then use that data to display content in a more personalized manner. An alternative to these software solutions lies in the moLotus platform. Its hyper-personalization feature enables you to deliver tailor-made messages according to customer name, location, interests, etc. without depending on any app download or active internet connection.
Upsell and Cross-sell
The innovators and early adopters have perceived opportunity in uncertainty and are fast adopting customer engagement tools like Prospect.io, moLotus, Leadfeeder, Act-On, and LeadSquared to analyze and interpret customer data. These platforms are helping businesses in maximizing the customer lifetime value via upselling and cross-selling campaigns attuned to the current context and needs. Some businesses already have additional services or products that they can readily upsell and cross-sell while others may need to innovate new ones that their customers need during this pandemic. The efforts bound to result in an increase in average revenue per customer.
Intrigue & Interact more with customers
This is a good time to interest and interacts with customers about not only products and services, but also innovative uses of them in the context of current situations to help build trust and confidence. Instilling customer confidence is expected to improve revenue generation manifolds. Brands should create informative and interactive campaigns with multiple response options like SMS, Callback, Click URL using an innovative platform like moLotus. Also, a variety of rich media formats including video, dynamic greetings, brochure, slideshow, and showcase are supported by this platform. You can add product pictures, voice-over, and music, creating attractive storyboards and video messages for interacting with customers.
The Big Picture
The shift to remote marketing is born of necessity as lockdowns, shelter-in-place orders, and quarantining have forced people to stay at home. For remote marketing, it has become imperative for businesses to build strong customer relationships and be more pliable and adaptive to digital platforms. The importance of digital transformation for revenue enhancement has grown radically since the Covid-19 crisis began. As a dynamic marketer, including innovative mobile advertising tools like moLotus into your strategy, could be the best way to earn high margin revenues.