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How to Engage in Customer Lifecycle Marketing
Customer lifecycle marketing tracks the buying stages of customers to help businesses better budget, prioritize, and forecast future marketing decisions.
Because the customer lifecycle is made up of five distinct steps (reach, acquisition, conversion, retention, and loyalty), it's important to find a relationship management solution that includes testing and optimizations of journeys, campaigns, and individual interactions.
A Closer Look at the Customer Lifecycle Analysis
1. Reach. This step involves getting the attention of potential customers and can include marketing tactics such as paid search, social media marketing, banner impressions, advertising billboards, and more. To get the attention of your customers, you have to engage on a personal level. By adopting real-time data connections and personalization strategies, you can attain a 360-degree view of your customers.
2. Acquisition. Acquisition stats are aimed on your source of traffic, which can be the referring domain or a search key phrase. Your web analytics solution provides this measurement, allowing for the assessment of visitors. In doing this, it includes the measurement of conversion.
3. Conversion. Conversion encompasses more than just making a sale. More accurately, marketers need to think of conversion as the successful completion of specific activities by site visitors that result in positive contribution to the bottom line. This can include downloading an app or document, signing up for a weekly newsletter, or submitting information to generate leads.
4. Retention. Knowing how to not only keep customers, but up-sell and cross-sell relevant products and services is crucial for marketers. It is important to note, however, that while the concept of retention seems simple, securing a high retention rate requires you to meticulously track the actions of your repeat customers so you can respond optimally to their needs and always deliver value.
5. Loyalty. The fifth step of customer lifecycle marketing is the step that is often forgotten, but is perhaps the most important step of all. What many marketing directors and CMOs fail to internalize is that loyalty is more than retention. Loyalty occurs when a customer becomes more than just a customer and is considered a loyal partner and advocate of your brand. Not only will customer loyalty help make your business more money from current customers, it can increase your lead generation by word-of-mouth—an effective (and free) form of advertising.
To estimate the customer lifetime value (CLV) for your company, take the revenue you earn from a customer and subtract out the money spent on acquiring and serving them.
Selligent Marketing Cloud Can Help You Reach Your Audience
Selligent Marketing Cloud has developed a simple, innovative interface that helps you market smarter and greet your customers with a meaningful and personalized online experience. With Selligent Marketing Cloud, you will finally be able to:
- Maintain a birds-eye view of each customer or visitor to your site to increase engagement, loyalty, and conversion
- Map your customers' needs to build lasting mutually beneficial relationships
- Design consumer lifecycle campaigns to drive higher conversion rates
- Link customer data in real time to track and retarget every visitor, gather on-domain browsing data, and analyze and define your audience
Selligent Marketing Cloud provides the solutions you need to support your strategy and reach your audience with the right message at the right time and in the right way. Contact Selligent Marketing Cloud today and see how we can help improve your business with customer lifecycle analysis.