By providing quality support to existing customers, companies can strengthen lifecycle marketing and positively impact their bottom line. Customer recommendations help to establish trust and credibility, leading to an increased customer base.
With digital technologies taking center stage, brand advocacy has become a potent marketing tool for companies. Today, brands are leveraging the power of happy customers to influence potential buyers.
Marketing campaigns have become highly personalized and engaging. However, this requires omnichannel coordination and campaigns adapting to various customer journey stages.
Lifecycle marketing can effectively drive customer awareness, engagement, conversion, and retention across all channels. By tailoring messages to each stage of the client journey, businesses can create a more seamless and personalized experience. It will lead to improved loyalty and higher conversion rates.
According to the report, 7 Great Customer Lifecycle Marketing Strategies to Make More Money by Engage Bay:
- Selling to an existing client has a higher success rate of around 60% to 70% as opposed to only 5% to 20% for new customers.
- Retaining an existing client is cost-effective than acquiring a new customer, which can cost five to twenty-five times more.
- New customers spend less than repeat customers, as the latter spend an average of 67% more.
Here are a few lifecycle marketing strategies that brands can follow:
Understand your Customer’s Mentality
It’s essential to take a long-term perspective when creating lifecycle marketing campaigns. Progressing through the various stages of a lifecycle push requires careful consideration of how the customer’s mindset may change with life events.
At each stage, it’s crucial to consider what new factors might influence decision-making process.
Begin with a Problem
Use a design-thinking methodology when initiating a project. This involves identifying a problem rather than focusing on a potential solution. Additionally, engaging with the end-users of your product or service is essential.
Only by soliciting user feedback can you understand their requirements and the issues to be addressed at every stage of the development process.
Know your Analytics
Analytics plays a crucial role in understanding the lifecycle of the product. But it is a challenge to ensure the accuracy of the data. Remember, actionable insights can be valuable only if the data is accurate.
To ensure this, every data point should be mapped to the product lifecycle, and each goal reached should be a metric. This will enable you to work with measurable outcomes and identify improvement areas.
Meet Customers Where They Are
To achieve the maximum impact, the brand must ensure it is in sync with its clients. This means they must comprehensively understand where their clients stand in the procurement process. They must also be clear on what measures can be taken to help them make a final decision.
In B2B marketing, the decision-making process can often span years, necessitating a breakdown of the customer into different stages. The influence of marketing efforts at each stage is critical to the overall success of the process.
Create Content Relevant to your Customer
Customer loyalty is crucial for long-term success in B2B marketing. To achieve this, it’s vital to prioritize providing value to customers. One effective way to do this is by creating and curating content that does not directly promote the product or service. They can provide valuable information or insights related to your industry.
Finally, it’s important to actively seek out and welcome honest feedback from your customers and take swift action to address their concerns.
By focusing on these plans, you can cultivate a strong base of loyal clients who will advocate for your business and help drive growth over time.
Offer Unexpected Rewards
To improve customer lifetime value (CLV), it’s essential to acknowledge and appreciate customers for who they are. Brands can create a positive first impression in lifecycle marketing by offering unexpected rewards. Additionally, offering non-branded gifts or unique experiences can help build a positive customer relationship.
During the pandemic, Pvolve demonstrated this by providing an exclusive discount to students, nurses, and teachers who were greatly affected. This strategy paid off, resulting in a 70% increase in their CLTV.
Build a Strong Foundation
For successful lifecycle marketing, it is crucial to establish a robust foundation of customer data. You should also understand a visitor’s existing involvement with your company when they interact with your website or reach out for assistance.
Furthermore, it is essential to have access to accurate and up-to-date data to execute effective customer segmentation and run targeted campaigns. Building a strong and reliable customer data foundation will support your lifecycle marketing efforts.
Interact with Customers on their Terms
Remember that customers prefer to engage with businesses on their own terms. This means they want to choose when and where to interact with a brand. To effectively cater to this demand, it’s crucial to have a deep understanding of your customers and what motivates them.
This can be achieved through analyzing data using intelligence tools that will help you craft marketing messages that are both smart and relevant. By leveraging these insights, you can create a more personalized and engaging customer experience across all platforms.
Building and maintaining client loyalty is one of the important elements of running a successful firm. To achieve this, you must impress your customers throughout the marketing cycle and ensure their continued patronage.
This is where lifecycle marketing comes in. You can get valuable insights into your clients’ needs by implementing an optimized lifecycle marketing strategy.
Moreover, you can also identify inefficiencies in your business operations and improve the overall customer experience. As a result, you can increase your chances of converting first-time buyers into long-term brand advocates.
It is crucial for sustained growth and success in today’s competitive marketplace.