Many entrepreneurs focus on the acquisition of new customers and retaining existing ones. Whereas this is a good and safe strategy, a more comprehensive approach would be to look at your business in totality. The wider picture, the wider reputation and the long term impact. Lifecycle marketing refers to looking at customers to understand how long they engage with your brand, their interaction with you and their experience.
Here’s why marketers should opt for the lifecycle marketing strategy.
Creates Awareness About Your Business
Whereas a business should have a budget for marketing and advertising, it’s also very important that the business owner focuses on value offered and not mere promotions.
However strong your advertising is, the consumer will not be interested in your business but the value of your product or service. Lifecycle marketing will help you offer value. Most importantly, it will create an awareness of your brand.
You Don’t Rely On The Sales Funnel
Whereas understanding the sales funnel has its advantages, it can be wanting. For example, the use of the sales funnel is a poor tool for predicting the behavior of customers. In addition to that, the sales funnel is not able to offer solutions for the management of modern buyers who can be quite unpredictable.
Helps In Retaining Your Customers
The stages of retaining customers entail a number of actions that include initial transaction, reaching out to clients who did not convert in the first place and transitioning from a first-time buyer to a repeated one.
In addition to that, you need to carry out promotional emails during birthdays, holidays and other important days.
Helps You Win Your Customer
For one reason or the other, customers may defect to your competitor. However, this does not in any way mean that all is lost. You need to rethink your strategies and make an audit of what could have gone wrong.
Lifecycle marketing will help you activate inactive customers and try out win-back campaigns.
Lifecycle Marketing Enhances Monetization
This type of marketing appreciates that different stages of engagement with customers warrants different levels of communication and different messages. Thus, they will feel appreciated and stick to you even when the competition is stiff.
Most importantly, you can influence the behavior and emotions of your customers. Such practices lead to a significant enhancement in the level of interaction and thus, greater monetization.
Lifecycle marketing is not a linear process and it is fluid too. Having a lifecycle marketing strategy will lead to a personalized marketing campaign and this will save you much needed time and resources.
Lifecycle marketing carries a high marketing ROI, more so if the business adopts a long term approach. Overall, it’s important that you constantly align your marketing lifecycle with the journey of your customers.