Lifecycle marketing is a term that refers to the various stages that a customer goes through when considering, purchasing, and using a product or service.
Lifecycle marketing is an umbrella term for any campaign that promotes a company’s products and services across various channels. It includes emails and social media, blogs, or even billboards.
The stages of a customer lifecycle
- Awareness: The customer becomes aware of a need or want and begins searching for solutions.
- Interest: The customer begins narrowing down their options and showing interest in specific products or services
- Consideration: The customer compares different products or services and begins to weigh their pros and cons
- Purchase: The customer makes a decision and buys a product or service
- Usage/Engagement: The customer uses the product or service and may provide feedback about their experience. It can also be the stage where the customer becomes a brand ambassador.
Lifecycle marketing takes all of these stages into account and uses different tactics to reach customers at each stage. For example, advertising may be more effective at generating awareness, whereas providing product demos may be more effective at getting customers to consider your product. It’s essential to know your target audience, and what types of marketing will appeal to them.
Lifecycle marketing is a valuable tool for businesses because it helps them keep track of their customer’s progress and adapt their marketing strategy accordingly. It also allows businesses to understand better their customers’ needs and preferences, which can help them improve their products and services. Ultimately, lifecycle marketing helps businesses achieve a better return on investment (ROI) from their marketing efforts.
So, what is lifecycle marketing? In short, it’s a strategy that considers the various stages that a customer goes through when considering, purchasing, and using a product or service.
Each stage requires different marketing tactics, so it’s essential to understand your target audience and what types of marketing will appeal to them. Lifecycle marketing can help businesses achieve a better ROI from their marketing efforts, so it’s worth considering your business. Professional marketers, like Mediagroup Worldwide, will use lifecycle marketing strategies as part of their overall marketing plan for your organisation.
How to implement a lifecycle marketing strategy?
The typical framework when planning a lifecycle marketing strategy includes the following three steps:
To make the most out of your marketing budget, you need a tailored strategy for each stage in your customer’s life. This means knowing when they are at various points throughout their journey with us and what messages will resonate most effectively based on those specific moments.
Triggers can be thought about as pre-defined conditions determining how often customers see certain types or styles of information related products/services offered by businesses like yours. These triggers determine whether an advertisement should appear while someone searches online (a Trigger condition).
You can pre-determine what such triggers must be based on every type of action a user takes online.
The message you send to customers must relate to the trigger. Customers don’t just want to hear from you—they need a reason why. One of the best ways for your customer experience team members is by sending personalised, relevant emails and addressing their particular interests or needs, ensuring they will open every message sent out accordingly. For instance, if someone abandoned at the consideration stage, this could be addressed with an email reminding them about how much money was still left on the account, waiting patiently before being withdrawn entirely.
The channel is the medium or platform used where the message is sent. It can be one of many, including email, live chat on your website, social media, or video streaming platforms like YouTube or TikTok.
Lifecycle marketing tactics
Once you have a solid understanding of your customers’ lifecycle stages, you can begin to develop marketing tactics that will resonate with them at each stage. Here are some ideas to get you started:
- For customers in the awareness stage, consider using content marketing to introduce them to your product or service. This could include blog posts, e-books, case studies, or infographics that explain what you do and how it can benefit them.
- Once customers reach the consideration stage, try using targeted ads or email campaigns to convince them to buy from you. You can also offer free trials or demos to help them test out your product.
- The purchase stage focuses on making the buying process as smooth and easy as possible. This could include offering discounts or coupons, free shipping, or a money-back guarantee.
- Finally, for customers in the post-purchase stage, follow up with them to ensure they’re happy with their purchase. You can also offer them additional products or services that complement what they’ve already bought.
By following these tips, you can create a lifecycle marketing strategy that will help you attract and retain more customers.