Lifecycle Marketing – What is It?
Lifecycle marketing is a concept based on the idea that as a brand, you should know where your customers are right now in their purchasing journey and that you should treat them accordingly. Naturally, different strategies should be used at different stages of a brand’s relationship with a consumer. This makes for a more personal approach, and definitely more efficient, too.
You can break down lifecycle marketing into three principles:
- You collect data from different sources. These data will then be used to achieve an in-depth view of a customer and his or her preferences. By then you would be able to determine where a consumer is in his buying journey at this point.
- With the data you have collected, you can tell what particular kind of marketing message would possibly lead a customer on right to the next step of this journey. It is a crucial part because putting out the wrong message can have a devastating effect.
- Once you are ready with a personalized message, it is now time to wait. Why wait? Because a lot depends on timing. Done correctly, this message can encourage a customer to push through with a purchase. However, done in haste might make them move on to the next webpage.
It is not enough that you acquire new clientele. Once you have a new customer, you must exert an effort to keep them engaged and satisfied. Unfortunately, most brands tend to forget this simple fact. Consumers get frustrated when companies fail to provide a smooth cross-channel experience. They feel neglected when they are given a one-size-fits-all engagement strategy and substandard contact centre performance. They get irritated when instead of being proactively helpful their customer service is merely reactive.
It’s a good thing that these factors can be eliminated by paying attention to your customer lifecycle. When you are closely tied with your customer’s individual progress in his or her buying journey, lifecycle marketing can allow your brand to nurture your relationship with that customer. We are all aware how personalized customer experience bids with consumer, right?
If you think a customer has no intention of purchasing again, should you still care? Well, that should not be your thinking in the first place! If you only think of acquiring a customer for a one-time buy rather than a multi-time purchaser or a returning client, then there is something seriously wrong with your goals. Every successful business has its own team of lifetime loyalists or advocates. Otherwise, a company cannot expect to last.
Lifecycle marketing is a great strategy to employ when you are ready to invest on the loyalty of your customers. Remember, knowing your customers is the first step to meeting their needs.