Business Marketing

Why Customer Lifecycle Marketing Matters To Your Business And How It Works In Practice

Business TalkSeptember 13, 2020391 Comments02.7k

Did you know that the biggest advocates of your business and your brand are also the biggest contributors to your bottom line?

Recent data shows that:

The most loyal 10% of any company’s audience spends 3 times as much as the entire lower 90%
Furthermore, the top 1% spends as much as 5 times more than the lower 90%.

Source: RJ Metrics

And what this means is that these numbers show that customer loyalty is worth its weight in gold to your business.

So, what are the benefits of customer lifecycle marketing?

With the traditional sales funnel approach, you end up spending a great deal of effort promoting your products and services and qualifying leads in that bottom 90%. But with Customer Lifecycle Marketing, you can bring more of your ideal customers who you have worked hard and spent money on attracting into your business …up into that 10% and 1% and earn more from them.

Which means it costs a lot less time, less money in the long-term, and a great deal less energy to nurture relationships with your loyal existing customers than to just spending your scare resources pursuing new ones.

Which also means, that your marketing is all about focusing on building genuine relationships, especially online where people love to interact with their favourite business brands and products. The Customer Lifecycle Marketing approach is more in tune with this as it allows you to build stronger “life-time” relationships.

The Customer Lifecycle Marketing model also cuts down on the number of potential customer leads you lose out of the ‘front end’ of your sales funnel and also the buyers who abandon their shopping carts at the last minute. That’s because it allows you to stay in touch with your hard won customers and offer a wider variety of offerings to meet their needs.

Finally, Customer Lifecycle Marketing requires not only satisfying customers after the conversion process, but to implement a delighted and happy experience which will have your audience singing your praises and encouraging others into your business.

How Customer Lifestyle Marketing Works

Best of all, Customer Lifecycle Marketing is a tried and tested framework that can be applied to any business. The simple framework involves five stages: plan; attract; motivate; delight; and partner.

At the planning stage you take the lead from your overall financial business goals and from these decide on your exact customer markets and the products to sell to them and then plan your marketing campaign accordingly.
At the attract stage, you identify and connect with your target audience by getting their attention and building awareness of your brand and products.
For the motivate stage, you provide helpful information content to your audience and educate and encourage them to make the right buying decision.
During the delight part of your customer journey you go the extra mile to ensure they are happy with their purchase decision and continue to support them as their needs change so they stay a customer for life.
Finally, you partner with these delighted and happy customers so they buy more, refer you to others and provide you with testimonial social proof whereby others can see the exact results that they too desire and need.

So now you see that the power of Customer Lifecycle Marketing is that the customer’s journey doesn’t end when they make a purchase. In fact, the big benefit is that the relationship is just beginning!