Want to turn one-time buyers into lifelong advocates for your brand? Customer lifecycle marketing is the answer. Not only does it identify lifetime customers, but it also helps you develop a great relationship with them too.
What Is Customer Lifecycle Marketing?
Customer Lifecycle Marketing is an approach that meets the needs of the customer throughout their journey with your brand, from the initial awareness stage all the way through multiple purchases. It’s a great way to create lasting relationships with your customers and be there for them at each stage of their journey.
By building customer loyalty and satisfaction, you increase the value of your company.
The benefits of this approach are easy to see when you look at the cost of acquiring new customers versus the cost of retaining current customers. It costs a great deal less to nurture relationships with your existing buyers than to bring in new leads.
Being Responsive to Your Customers’ Needs
A customer’s needs change over time. When they first encounter your business, they want to learn about you, what you have to offer, how you can solve their problems, and how you’re different from others offering similar products or services.
By touching on the customer’s needs at each stage – from the point of making the purchase to use and beyond- brands can better anticipate what people will need and provide better customer service.
The 3 Phases of Customer Lifecycle Marketing
There are 3 different customer needs at each of these phases:
Attract – The person gets to know about your company and understand how your products or services meet their needs. In return, you learn about the customer.
Motivate – This is where you help the person make their buying decision by presenting options and encouraging them to take action.
Delight – Once the first purchase is made, offer support, develop the relationship, delight the person by exceeding expectations, and explore other needs your business can satisfy.
The Importance of Engagement
The Customer Lifecycle Marketing Model is visualized as a wheel where the 3 phases revolve around a hub of engagement. That means it is not a linear process.
Customers may move backwards and forwards between the phases or complete them in any order they like, so there is no funnel in the traditional sense.
The importance of the hub is that engagement is what builds your relationship with the customer.
You continually engage with them, and this is what keeps the process moving and the wheel spinning. It’s also what keeps people involved in your business and motivated to learn more.
Customer Lifecycle Marketing Is the Key to Customer Retention
Customer lifecycle marketing is the process of planning, implementing, and analyzing the customer experience across interactions. The lifecycle can be visualized as a timeline that starts with brand awareness and continues through to advocacy.
The Customer Lifecycle Marketing model is the most effective way to retain customers, and this should be a goal for all businesses. It’s not enough to simply get people to buy from you once.
The goal should be to nurture long-term relationships with them that keep them coming back over and over again. And they’ll tell their friends to come and check out your offer too.