“There is only one boss: The Customer. And (s)he can fire everyone in the company, from the chairman on down, simply by spending their money somewhere else.” Sam Walton
Customer Lifecycle Marketing is an approach to managing your relationships with your customers that visualizes the entire experience a person has with your business from the very first contact.
As opposed to the traditional sales funnel approach, it addresses your audience’s needs as they evolve and change. You connect with your customers and engage with them at each point in their buying journey. A more flexible and holistic approach, it results in greater brand loyalty and customer retention. Your customer turn into advocates of your brand, helping you gain even more business.
Why Customer Lifecycle Marketing Matters
The biggest advocates of your brand are also the biggest contributors to your bottom line. According to studies by RJ Metrics:
- 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%.
Those numbers show that customer loyalty is worth its weight in gold to your business.
The Benefits of Customer Lifecycle Marketing
With the sales funnel approach, you spend a great deal of effort qualifying leads in that bottom 90%. But with Customer Lifecycle Marketing, you can bring more of your ideal customers up into that 10% and 1% and earn more from them.
It costs a lot less time, money, and energy to nurture relationships with existing customers than to find new ones.
Today’s marketing is all about genuine relationships. People love interacting with their favorite brands. The customer lifecycle approach is more in tune with this. It allows you to build stronger relationships.
This approach cuts down on the leads you lose out of your funnel and the buyers who abandon their shopping carts at the last minute. It allows you to stay with them and offer a wider variety of offerings to meet their needs.
Finally, Customer Lifecycle Marketing requires stellar customer service, which will have your audience singing your praises and bringing others into your orbit organically.
Best of all, it’s a simple framework that can be applied to any business.
How Customer Lifestyle Marketing Works
The simple framework involves three stages: Attract, Motivate, Delight. At the Attract stage, you identify and connect with your target audience and build awareness of your brand.
For the Motivate stage, you provide helpful content to your audience and encourage them to make the right buying decision.
Finally, Delight your customer by going the extra mile to ensure they stay a customer for life. This is where you can continue to support them as their needs change.
The power of Customer Lifecycle Marketing is that the customer’s journey doesn’t end when they make a purchase. In fact, the relationship is just beginning.