What is lifecycle marketing?
Lifecycle marketing is a term used to describe the way in which your business can communicate with its target market.
Whilst many marketing concepts are concerned with attracting new business, the customer lifecycle strategy focuses on every element of the customer’s journey.
As well as successfully generating new leads and securing initial conversions, a customer lifecycle marketing strategy also encompasses customer retention.
By assessing and enhancing engagement throughout every point of the customer’s brand interact, a customer lifecycle marketing campaign can facilitate repeat sales and create brand ambassadors / advocates.
Why is lifecycle marketing good for business?
When you launch a marketing campaign to attract new customers, the ROI is based on the amount of business generated from those campaign activities.
PPC advertising provides an excellent example of this. If you spend £1 on a PPC ad and the customer clicks the link and makes a £10 purchase, your business has made £9 profit from a £1 investment. At this point, the customer’s value is £9.
However, if you remarket to that customer and persuade them to make an additional £10 purchase, their customer value is increased.
With minimal to zero additional expenditure, you can build on your initial marketing efforts to ensure they have a cumulative effect.
As retaining customers is typically cheaper than attracting new ones, increasing the customer’s lifespan and enhancing their value creates a much higher return on your original investment.
Creating brand ambassadors
As customers buy your products and services, they become advocates for your brand. The more positive communication that occurs, the more customers will encourage others to engage with your business.
Word of mouth marketing has always been powerful, and the internet has taken this to a whole new level.
From social media posts and app-based feedback to online reviews and blog posts, there are endless opportunities for your loyal customers to promote your brand and extend your reach.
A customer lifecycle strategy facilitates this and turns a target customer into a new customer, an existing customer and, finally, a brand advocate.
This increases their individual customer lifetime value, helps you to build your customer base and enhances brand visibility within your target market.
At JumpDT, we’re committed to providing effective customer lifecycle marketing to a wide range of businesses.
Using a variety of tools, marketing automation platforms, and creative campaigns, we can devise, launch and execute a successful lifecycle marketing strategy for your firm.
To learn more, why not take advantage of a free consultation now?
Simply contact us at JumpDT on 01920 319118 and talk to the team today.