Increased customer engagement, monetization, retention, and loyalty are just a few advantages that customer-centric businesses can gain from using lifecycle marketing and it is an integral part of digital marketing services these days.
Lifecycle marketing: What is it?
Lifecycle marketing is a sophisticated method of personalizing customer communications that are based on the understanding that different marketing communications and approaches are most effective for customers at various stages of their relationship with a brand.
Understanding the various stages of the customer lifecycle and offering the greatest value at each stage will help you build stronger relationships with your customers and achieve the highest levels of customer engagement, revenue growth, and looooong term loyalty.
What Are the Stages of the Customer Lifecycle?
A customer goes through a number of progressive steps (or stages), from conducting research to purchasing, from casual interaction to devoted use.
Although there are many ways to name these stages, the six-stage customer lifecycle is so far one of the most useful.
1. Awareness
At this point, you’ve succeeded in connecting with your target audience through one of the channels, and they are now finally aware of you. They are aware of your brand and product because your marketing message managed to stand out from the plethora of others they encounter every day.
This might have happened as a result of a variety of touchpoints, including online reviews, targeted google ads management services, or Google searches. Your attempt to attract customers’ attention has been successful, but you still need to work on persuading them to buy from you since mere knowledge of your offering is an insufficient incentive.
2. Engagement
The time has come to start engaging and establishing communication with your potential customers now that they are aware of your presence. Educate them on how you can satisfy their needs. Most customers will seek information about you by going through your website, contacting a representative, go through content like blog articles.
You should strike while the iron is hot and send out customer engagement campaigns. The majority of consumer purchasing decisions are influenced by customer service. Customers are more likely to trust you and continue their relationship with your brand if you engage them in conversation. Additionally, this is a great chance for you to comprehend and move prospects further along the sales pipeline by gathering more information about their needs.
3. Evaluation
The prospect is comparing you against a few other rivals at this point in their lifecycle. Based on their defined requirements, they will thoroughly assess and evaluate the various possibilities before choosing a suitable solution. Understanding your prospect’s thought process at this stage will help you make their choice in your favor by making sure you have ready responses to all of their inquiries.
One thing to remember is to have a consistent message throughout all of your channels, including your website and sales representatives. Customer TheyCust will also do background checks on you during this stage. They will discover you on social media or read online reviews to assist them in their purchasing decision.
4. Purchase
Congratulations! Anyone who gets through this point is a customer. Your goal here isn’t to promote your business but to make it as easy as possible for customers to click “Buy.” One encounters a variety of issues and questions when making purchases. The cart abandonment rate is around 69.57%. (Statista). There are issues with high abandonment rates that need to be addressed. By offering online support through live chat services and FAQs that address the majority of the prospects’ questions, you can move them through the funnel.
5. Customer Support
To ensure customers are happy and optimize the value of their purchase, the support stage focuses on follow-up. Contrary to popular belief, a customer’s journey doesn’t end with a sale. The true test of how well you converted customers is how they feel after making a purchase. You may gain consumers for life by offering them excellent products and experiences and encouraging active customer participation.
You can create enduring customer connections by communicating with customers on a regular basis, even after they have made a purchase, and by providing excellent experiences.
6. Loyalty
Customers reach this level when they are so ecstatic with your company that they spread the word to everyone. In order to attract new clients, you need to cultivate that advocacy.
Developing relationships with your consumers shows them that you appreciate and care about them on a deeper level than just the money they bring in. You maintain your relationship with them at this level by making sure they are happy. The greatest approach to keep consumers is to remain customer-obsessed. Run loyalty programs to maintain customer interest and increase conversion. Customers will become brand advocates as a result.
Why should you use lifecycle marketing?
Lifecycle marketing is a multidisciplinary method that combines planning, imagination, and many marketing-related elements (content, digital, email, etc.) Through a customer-centric strategy, the single purpose of driving revenue is to be accomplished.
A company must employ lifecycle marketing to connect the links because:
- Retention is as important as acquisition in order to maintain close touch with clients and hence increase their effective lifespan with the firm.
- If implemented correctly, it may raise a customer’s lifetime value and provide a steady stream of recurrent income.
- Adjusting the number of touchpoints along a client’s journey improves customer engagement.
- It indirectly affects sales, reputation, brand equity, and recall value, all of which have long-term benefits for the business.
- Customer centricity, a tried-and-true method for any company’s long-term and sustainable success, serves as the organization’s driving force.
Only offering high-quality goods and services will not cut it in today’s cutthroat industry. It is critical to maintaining continual contact and engagement with consumers throughout their lifespan, which provides the brand with identity, personality, and image.
Brand recall is the new market equity, and staying in touch with customers throughout their lives may help a brand obtain more of this equity and market share.