Lifecycle marketing: What is it?
Lifecycle marketing is the process of leading a consumer through the marketing funnel from the initial interaction as a prospect to the point at which a customer becomes a brand evangelist.
Depending on the product or service you’re selling or offering, the marketing lifecycle may be lengthy or brief.
Some products, like recurring grocery store purchases, have a shorter marketing lifecycle, so you buy them often in quick succession with little to no thought.
While other businesses with longer marketing lifecycles need to nurture the relationship to assure the client will make another purchase, these businesses need to draw the buyer back practically instantly.
A subscription-based service, for instance, needs constant nurturing to ensure that the customer will become a repeat user.
What phases comprise the lifecycle of marketing?
The awareness stage is the first interaction a potential customer has with your brand and presents an opportunity for you to draw them into your sales funnel. Think of it as the first impression.
At this stage of the marketing lifecycle, you want to encourage clients to interact with your brand. Once you have their attention, you’ll want to hold it.
This can be done by enticing prospective customers to discover more about your brand by browsing your website’s products or services, signing up for a free trial or demo, or providing them with a compelling incentive to follow your company on social media.
“Putting in place a strong onboarding process for new customers will help ensure that they get off to the right start.”
The evaluation step follows, during which your potential consumer could want more details about the salient characteristics and cost of your brand. It’s crucial to remember that you’ll want to make this information easy to uncover so that people can locate it when they need it to make a selection.
Stage of purchase: Once a prospect turns into a customer, you’ll want to make sure they’re always happy, and you’ll need to be ready to respond when they aren’t. It’s crucial to provide value both during the pre-sale phase of the marketing lifecycle and after the sale since happy consumers are more likely to make a repeat purchase and recommend your business to their friends and family.
Implementing a strong customer onboarding procedure can also assist ensure that your customer gets off to a good start.
Stage of loyalty: Once you have a customer, you want to make sure they stick with your brand, hopefully for many years to come and give them a cause to tell their friends and coworkers how much they love your company.
Popular methods for doing this include customer loyalty programs and ongoing, proactive sales and service support since they can create bonds that are difficult to break.
Additionally, you should try to upsell your present consumers on additional goods and services that go well with what they’ve already bought. Building genuine relationships and fostering trust are essential components of an upsell strategy. Additionally, firms ought to upsell when doing so benefits the customer rather than the company, such as when a new product is introduced.
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