Best Strategies to Increase Profit Through Customer Lifecycle Marketing

In case you want to run a successful business, you should take care of establishing and managing customer relationships. It doesn’t matter much if you are the business owner or a marketing lifecycle specialist; it’s essential to be aware of the common ways and methods of growing loyal customers base.

Part of encouraging community growth is understanding the journey that your clients take across your website or any other digital properties. Every potential buyer can be at a very different place while dealing with your brand. The biggest goal of every marketing specialist is to turn one-time buyers into returning loyal customers. Understanding these lifecycle stages can help you maximize the buying experience for your customers.

To get a better understanding of the browsing intentions of your customers and boost your revenues, let’s dig a little deep into the meaning of customer’s lifecycle marketing, as well as the objectives and challenges involved.

What exactly is Customer Lifecycle Marketing

Customer lifecycle marketing is a term that defines all strategies that various businesses use to attract customers, convert, retain, and leverage with the purpose of boosting revenues and grow their brands. All such policies engage clients throughout their buying journey.

When we talk about lifecycle marketing, we need to take into consideration the main stages that make a buyer from the first acquaintance with your product or service through purchase, loyalty, and then retention.

The below lifecycle marketing strategy serves as a visualization of the customer journey throughout all stages that are included in a typical lifecycle.

Lifecycle Marketing Model

Customer Lifecycle Stages

As we’ve mentioned customer life cycle marketing stages that are included in the marketing funnel, let’s discuss them in more detail below.

  1. Awareness

Awareness is when a customer begins their relationship with your brand. The awareness stage includes the familiarity of a customer with your brand, as well as the services or products that you offer. A client usually becomes familiar with a company long before they reach its website. Thanks to the active promotion of your brand through social media and word of mouth, people get an understanding of the things that you have on offer.

  1. Customer Engagement

As soon as a customer orders something and enjoys the quality of the service that you provided, it’s very likely they will be looking for more avenues to connect with you and follow your updates. For instance, people can engage with your brand through social media channels, newsletter subscriptions, blogs, etc. Once they access more info about your company, they are likely to start paying more attention to the feedback that fellow customers share with your brand. Businesses with active social media presence have more advantages at this particular  stage. They are open to the community, which suggests that they are having an open dialog with their customers.

  1. Evaluation

Every customer passes through the evaluation stage. We look through customer reviews before making our purchasing decisions. Right? Also, we compare offers from different brands to select one with the best quality and cost. An ideal way to stand out from your competition is by providing robust digital self-service. By letting your potential buyers analyze and evaluate your offers, you give them a chance to find the answers on their own, thus providing them with consistent info through multiple channels.

  1. Purchase

This is the juncture when a customer makes their final decision to buy your product. Providing maximum support at this stage is critical. Research shows that than 80 percent of customers require support (a final push) while making a purchase. More than 50 percent of potential buyers will abandon the purchase if they can not find quick answers to their questions.

One way to solve this need is live chat services. The realtime, contextual response gives your customers the assurance they need to have a great experience while minimizing the lift on your team.

  1. Support Experience

No doubt attracting new customers is more complicated than keeping existing ones. Apart from delivering quality products and services, it’s essential to offer exceptional support. Every interaction with customer support representatives should convince the buyer that you are interested in building a long term relationship with them, not just making their place an order. According to statistics, more than 70 percent of customers choose to remain loyal to brands based on the quality of their customer service.

  1. Bonding

Finally, a buyer is now your customer. The last step that you need to take is establishing a lasting connection with them. Create an emotional bond as you keep offering quality services as well as support. Show that you value your relationship and ensure that the customers feels the same. Develop customer life time value marketing strategies to make your customers loyal advocates of your brand in the long run.

Goals of CLM

The objectives of customer lifecycle marketing align with the stages explained above:

  • Nurture your prospects into making their first purchase on your website.
  • Turn one-time buyers into repeat purchasers and loyal customers.
  • Convert returning customers into your long-term buyers.
  • Provide quality support to them.
  • Reactivate “at-risk” customers (buyers that had passed the time when they were actually expected to complete an order) before they lapse.
  • Reactivate lapsed customers into active purchasers.
  • Engage with your customer base and keep tabs on whether they are seeing value in your products/services.

How does CLM increase your marketing profit?

According to data by Gartner, about 80 percent of a company’s future profits come from 20 percent of its existing customers. Customer retention is a mission-critical for successful growth. Marketing strategies that improve customer loyalty through customer lifecycle engagement increase the odds that they will make repeat purchases.

If you’re wondering how to boost your full lifecycle marketing, here is a quick checklist:

Keep track of the total ercentage of clients that return to buy on your website. Such information will help measure customer loyalty. To determine the share of repeat purchasers, compare new clients with returning ones.

When a person reaches out to your site for the first time, try to collect their contact details by giving them the option to subscribe to your e-mail updates. This can help you encourage customers to make their first purchase on your website.

Measure how much returning customers spend on their repeat purchases. If you see a trend for smaller purchases, experiment with different loyalty offers that can help increase spend.

Share e-mail newsletters even after they make a purchase. This will help them remember your brand and keep it top of their mind for future purchases.

Also, make every customer feel special. This VIP touch makes customers feel like they’re a special part of your brand. This can be revealed through memberships and exclusive offers. When a customer sees that a brand values them, it’s more likely they’ll return time and again.

Final Thoughts

Customer lifecycle approaches may vary in different industries. I’ve highlighted only general customer retention tips. Nevertheless, every brand is special, featuring its unique methods that work with the target users. Whichever strategies you select for your business, the thing that we can state with 100 percent confidence is that you should eed to communicate with your audience and provide them with the proper assistance. Create a better overall journey for your customers, and they will pay you back with a revenue boost.