Stages Of Lifecycle Marketing

By Author: Marx Mcinvale
Total Articles: 4
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There may be many ways to market a product or service, from radio and television advertisements to cold call selling. The reason that companies use any or all of their marketing tools is to have a continuous list of customers and to earn a higher profit. Lifecycle marketing is a way to provide ongoing customer relationships that, in turn, will grow the business. Lifecycle marketing is a journey that runs all the way from prospect to paying customer, then to brand advocate and your referral to new client. This means that customers are not just one and done. They become promoters for the company.

Lifecycle branding means that you need to engage customers, build an individual relationship with each one, and focus on each customer as a unique identity. This may require more time at the beginning, but the payoff can be worth it.

“Lifecycle Marketing isn’t just about sending messages customers might like — it’s about positively influencing their behavior.” –Anthony Nygren, EMI Strategic Marketing

Stages of lifecycle marketing

There are five stages of lifecycle marketing.

• The first ...
... stage is acquisition. This is the first interaction with your customer. It could be the initial conversation or the first time someone goes to the company website or app.

• The second stage is the activation phase. This is when a client will see the benefit of the business. For example, during a trial period of your product or service.

• The revenue stage is a transition from activation to full purchase. It occurs when the trial ends and a consumer intentionally subscribes to or purchases the product or service.

• The retention phase involves turning customers into advocates. There is a lot of work in this stage that helps prevent customers from leaving and encourages them to remain customers, ensuring their satisfaction so they, in turn, will help with referrals. A good example of this is reward programs.

• Referral stage. This stage is the reward for completing all the previous stages. When a customer brings more customers, willingly provides references for new potential clients, or provides a 5-star review, this can boost your business better then any cold call selling.

Benefits for using lifecycle marketing method.

Creating customers for life through the lifecycle marketing method means that there is a lot of work done upfront to bring in new clients. There are benefits for using this method, including:

• If there is a good relationship with the current clients, they may use their network for the benefit of signing new clients.

• There can be a reduced cost during the acquisition phase after using the lifecycle model for a period of time. Using other client networks, or to using them as referrals or references, means that there is less marketing and fewer cold calls involved in seeking potential customers.

• The lifecycle marketing method includes continuous contact with current and potential customers. This contact ensures that any potential concerns can be thwarted quickly before they escalate.

• Building a brand is important while marketing any product or service. Lifecycle marketing is the easiest way to build a brand. By ensuring that current customers are happy and that you are building a relationship with them, they will help build your brand through word of mouth, networking, and possibly even through their own marketing.

Drumroll is a branding agency in Austin, TX providing services like advertising, digital marketing, esports, lifecycle marketing (www.drumroll/lifecycle-marketing), voice marketing and much more to all types of industries. To know more, visit https://www.drumroll.com/about/.