Customer Lifecycle Marketing is an approach that provides companies with the ability to retain their customers for longer periods of time. It is a strategy that can help companies reduce churn rates and improve the lifetime value of their customers.
In addition, it can also help companies build stronger relationships with their customers by giving them the opportunity to interact with them on a regular basis. This type of marketing strategy helps companies understand what their customers want and need and it gives them the opportunity to make changes to their products and services to better meet those needs.
5 Stages of Customer Lifecycle Marketing.
Every touchpoint in the customer lifecycle is just as important as the one before it. Use these five customer lifecycle stages as a basic template for understanding the benefits of lifecycle marketing:
The first stage is Awareness:
In addition to this, it is also important to get in front of the decision-makers within the company.
This is where you will have to get creative and figure out how to market to them. You can use a variety of tools to find out who these people are, what their needs are, and what they are looking for. This will help you in your marketing strategy.
In this stage, you need to build credibility and trust with the potential customers. This is where you need to convince them that your product or service is worth their time and money. You need to prove to them that your business is trustworthy and that they can rely on you.
The Second Stage is Engaging the customer:
Conversely, if your goal is to sell more products or services, you can use CTAs to encourage desired behaviors. For example, if you want to encourage someone to download an app, you could offer a free trial or a limited-time discount.
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The third stage is Finalizing purchases:
In this phase, the goal is to turn a potential customer into a new customer. For an e-commerce company, that means selling a product from your online store; for an app, it might mean getting someone to download what you’ve put online. Similarly, for a brick-and-mortar shop, the goal would be to get a customer to move from seeing advertising to entering and shopping at one of your locations.
The fourth stage is Fostering loyalty:
Post-purchase, do your best to turn your new customers into loyal customers. Customer lifetime value is generated far more through repeat purchases than one-time deals. Use loyalty programs and useful notifications to foster customer retention. These repeat customers will likely become the lifeblood of your business.
Incentivizing referrals:
There’s no end to the customer journey in this methodology, as the ultimate goal is for your marketing to encourage brand advocacy. Once someone proves to be a particularly loyal consumer, use incentives to encourage them to spread the word about your business. Word-of-mouth testimonials will create awareness for new potential customers, and then they can begin their own lifecycles with your company.
Tips for Customer Lifecycle Marketing Strategy
Effective lifecycle marketing means cultivating customer relationships for a lifetime. Keep these tips in mind when reaching that goal:
The key to successful customer relationship management is understanding the customer. While you can certainly get away with just doing what you think is best for the business, it’s important to have a solid understanding of who your customers are, what they want, and how you can help them. This will make it easier to build and maintain relationships, as well as create content that is more likely to resonate with them.
While we all want to think that we are running our own successful business, in reality, we are only running our own little piece of a much larger business. This means that we need to be able to look beyond ourselves and see how our actions impact the bigger picture.
Besides being a database for storing contact information, CRM software helps you organize your sales process by providing lead-management features, such as lead scoring and prioritizing leads based on their interests.
The new digital era has enabled brands to selectively target their customers that may potentially be interested in their brand or based on previous browsing interests. Businesses can now use social media to select the age range, location, gender, and interests of whom they would like their targeted post to be seen by.
Although this may be true for the long term, it’s also important to offer incentives at every stage of the customer journey.
For example, if you sell products online, you can reward people who make purchases by offering them a discount or a free product. Or, if you run an e-commerce website, you can offer customers a free trial period, a free product, or a free service. These are just some examples of how you can give people incentives to engage with your business.