Lifecycle Marketing: What is it & Why Your Business Needs it to Succeed?
Marketing based on lifestyle targets boosts revenue by 10X. Here’s everything you need to know about lifestyle marketing.
Listed below is a marketing dilemma: Decide whether you prioritize expanding market share or reinforcing existing clientele as a higher priority when allocating resources.
Consider the following: what if you were capable of doing either/both?
Managing your marketing operations throughout each stage of the lifecycle with clearly defined and specifically targeted initiatives is made easier with the help of lifecycle marketing.
Lifecycle Marketing: What’s The Deal?
360-degree marketing across all channels is a part of lifecycle marketing, which consists of touchpoints throughout the customer journey to attract, convert, and retain consumers.
What is the purpose of Lifecycle Marketing?
Strategy, creativity, and other facets of marketing all come together in what is known as “lifecycle marketing” (content, digital, email, etc.) Focusing on customers as the primary means of increasing income is the only aim.
Incorporating lifecycle marketing into a company’s strategy is essential because:
To keep in touch with clients and lengthen their effective lifespan with the company, retention is accorded the same level of importance as an acquisition.
- If done well, it may boost client lifetime value and provide a steady stream of recurrent income.
- By reducing the overall number of interactions a consumer has with a business, this strategy improves customer engagement.
- It may aid the brand in the long term via oblique channels such as sales, rankings, brand equity, and recall.
- It propels the company forward by focusing on customers, which is a tried-and-true method of achieving sustainable development over the long run.
There are five distinct phases of a client’s journey through your company.
Attract: This is the point when companies evaluate their customers’ intentions and look for potential leads. Brand recognition plays a crucial role in the attraction process.
Assess: At this stage, you evaluate the individuals you’ve attracted to determine who is most likely to become a client and who will most appreciate your company’s value offering.
Acquire: At this stage, prospects are transformed into leads, and further efforts might take a variety of forms. Leads and possibilities for nurturing are mostly acquired via direct contact.
Retain: After going through a conversion, a company has to make sure its customers are still happy with its wares. Customer loyalty is essential since it generates repeat business and opens doors for more sales.
Referral: As a thank you for their continued patronage, businesses often provide discounts or freebies to customers who bring in new ones. The best measure of a company’s success is the number of satisfied customers who are willing to recommend it to others.
B2B Lifecycle Marketing
While the end goals of both business-to-business and business-to-consumer enterprises are the same, the paths used to get there are radically different. B2B companies continue to be distinguished from B2C firms by their unique character.
Due to the highly professional nature of the B2B sector, as well as the relative difficulty of establishing meaningful connections between businesses, lifecycle marketing strategies are essential.
Unlike traditional business-to-consumer models, this one is distinguished by:
- The size of the Target Group, with B2C firms often aiming for a wider audience than B2B. However, business-to-business marketing is all about tailoring interactions to each individual client.
- Characteristics that motivate the TG to do some kind of positive activity In business-to-consumer (B2C) marketplaces, for instance, buyers are primarily motivated by their emotions, whereas in business-to-business (B2B), they are motivated by their values.
Both the common components and the marketing approach used in a business-to-business and business-to-consumer setting are somewhat different. For instance, a business-to-business marketer’s primary concern is likely to be differentiating their products and services, whereas the primary goal of business-to-consumer marketing is likely to be establishing a unique market position.
Here are the four main tenets of an effective lifecycle advertising plan.
Methods for Evaluating and Engaging the Target Market
That means learning all you can about your audience, including their demographics, needs, habits, goals, paths, and pain areas. The goal is to generate insights, prepare customer journey maps, and create customer profiles that will aid in curating highly targeted marketing efforts.
Interesting facts about the TG are extracted from a synthesis of primary and secondary sources, then used to real-world marketing activities.
In this phase, you should work on raising brand recognition via means such as sponsored search, search engine optimization, social media marketing, influencer outreach, and content marketing.
Recruiting new clients
The percentage of leads that ultimately become paying customers is known as the “conversion rate.”
At this stage, projects are being considered and a final choice must be made by the client. Email marketing, remarketing campaigns, website optimization, curating tailored services, etc. are all examples of current marketing initiatives requiring attention.
Everyone enjoys feeling special and unique. Every company’s ultimate goal is to create the same among its existing clientele.
Frequent updates and communications, newsletters, special deals, innovative marketing, loyalty programs, personalization, community development, etc. are just some of the engagement activities that any B2B company should be doing.
Controlling the loss of clients
For whatever reason, we may desire to re-engage with former consumers. All of the brand-new consumers have an excessively high customer acquisition cost.
Accordingly, it makes perfect sense to give our whole attention to our current clientele and try as hard as possible to keep or win back their business. We may reduce our acquisition expenses by initiatives like listening to and acting on criticism, creating win-back plans, using remarketing strategies, keeping open lines of communication, etc.
Keep in mind that consistency is the key.
Providing high-quality goods and services alone is not enough in today’s economy. Maintaining communication and interaction with clients throughout their lifetimes is essential for building the brand’s reputation, stature, and identity.
Constantly following up with clients throughout the course of their lifetime may increase a brand’s equity and market share by increasing brand memory.