It’s important to regularly think about the kind of relationship you have with your customers and the challenges you’re facing so you can then focus on solutions. Nowadays, most B2B marketers are interested in lifecycle-focused marketing since it aims towards achieving stronger customer retention and brand advocacy. A large majority of tech marketers aren’t willing to only stop at acquiring new customers. Instead, many have chalked up different strategies to double-fold recurring revenues by using customer lifecycle marketing.
In simplest terms, customer lifecycle marketing refers to engaging with each prospect, lead, or buyer differently while considering their position in the buying journey. When you address the different needs of your buyers at each stage of the purchase journey, you tend to maximize the rates of interactions and engagements, deliver the best resources relevant to their needs, and positively influence their buying decisions. Customer lifecycle marketing is a relationship-centric strategy, which can make customers feel valued and appreciated at every step of their journey thus reducing churn rates and boosting ROI. That said, it’s time to explore the various stages of a customer lifecycle and then jump to the benefits of this specific strategy.
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Customer Lifecycle Stages
There are predominantly five stages within the customer lifecycle, which takes into account what happens after a purchase has been made. The stages are as follows:
When prospects independently research a product or service they need, this is your chance to reach them with the right solution that addresses and answers their questions. One way to do this is to design a strategy with inbound and outbound methods in order to bring your brand on prospects’ radar.
Once target users visit your website, they have officially entered the acquisition stage. They might call you, email you, or interact via chatbots on your site. At this point, it’s essential for your customer service team to be ready to answer their quick questions. All of these interactions count as customer experience touch points.
When your prospects are satisfied with all the required information you provided them with, they will likely proceed to make a purchase and become your customer. This conversion stage is not only about the purchase itself, but also about forming and maintaining a long-term relationship. Once post conversion time rolls around, retaining customers for future business is the next step.
Furthermore, once a deal is closed,it’s time to initiate the customer retention process. This can be done by creating and sending customer service surveys, providing service when needed, and asking for reviews. This feedback can be used to improve your products and/or services as well as altering the voice of customer programs. Offers, discounts, and referral bonuses are some of the commonly used retention techniques.
5. Build Brand Loyalty
Customer retention strategies not only reduce churn rates, but they also turn customers into fans of specific products. In general, brand advocacy is a powerful tool for building brand awareness, brand loyalty, and attracting prospects. When a customer shares a positive review on a social media platform, brands can attract new leads for the reach stage.
Major Benefits of Customer Lifecycle Marketing
Moreover, at the end of the day, your goal should be about converting prospects into customers and then turning one-time customers into long-term brand advocates. Customer lifecycle marketing strategies lend a helping hand in achieving this goal. Here’s what you can do.
1. Expand Customer Lifetime Value (CLV)
When you follow up and continue delivering services to your existing customers, they are likely to stick with your brand thus expanding customer lifetime value. When you push your buyers through the customer lifecycle, you can establish a strong post-purchase relationship, which is essential to maintain and prioritize.
2. Save Time and Resources
In general, gaining business from an existing customer base is easier than acquiring new customers. For the most part, brands already know their customers, but it’s vital to understand their specific needs. Implementing a customer lifecycle marketing approach can help companies effectively pitch certain products that customers want and at the right time. Hence, this will save both time and monetary resources.
3. Improve Customer Experience (CX)
Furthermore, the customer lifecycle marketing approach cements the fact that brands put significant effort in keeping their buyer relationships alive. This is often done by maintaining a strong bond with buyers even after a deal is done and signed. When brands tailor their marketing strategies based on their customers, customers often feel appreciated and valued as a result.
4. Understand Customers’ Pain Points
Lifecycle marketing is a funnel-based approach in which brands better understand their customers’ pain points and then curate their strategy accordingly. For example, in the first stage of the lifecycle, it’s important to make your brand visible to your buyers. You should also consider generating a high-quality landing page to minimize CPC and maximize outreach.
Today’s marketers are leaving no stone unturned when it comes to reaching the right audience segments with the right products and at the right time. Customer lifecycle marketing is one such approach that aims to reach and engage buyers at every stage of the funnel and even after they have initiated a purchase. If you’re ready to make your job easier and less complicated, consider trying True Influence InsightBase® an effective intent monitoring solution that helps identify customer accounts that are researching your products proactively. Continue learning by checking out some related blog articles below!