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If you wish to level up your marketing game, you need to adopt customer lifecycle marketing. It is an integrated, high-level approach that touches every stage of your customer\u2019s journey with your brand. To understand the importance of this approach, let us revisit the lifecycle stages elaborated above. If you circulate content related to customer referral incentives at the approach stage, it will surely miss the mark. However, this same content will be useful at the retention stage. Similarly, sending personalized and contextual messages is more important during engagement rather than conversion. <\/p>\n\n\n\n
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This is where customer lifecycle marketing can help you. This process is based on an understanding of the fact that you need varied marketing strategies and content for your customers at every stage of their lifecycle. Your marketing efforts should provide the highest value for your customers at each stage. This is the key to building lasting relationships and achieving optimum levels of retention. <\/p>\n\n\n\n
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The Crucial Metrics in Customer Lifecycle Marketing <\/h3>\n\n\n\n<\/div>\n\n\n
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Customer lifecycle marketing requires you to align your marketing with the stage-wise journey that your customers go through. This sounds like a straightforward process but is actually a highly nuanced one. There are numerous factors involved and each of these plays a part in the overall success of your strategy. However, it is no easy feat to keep track of so many factors. <\/p>\n\n\n\n
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We\u2019ve made this task simpler for you, by identifying the three most crucial metrics in lifecycle marketing. Tracking these metrics is a good way to determine the effectiveness of your strategy and make informed decisions to improve it: <\/p>\n\n\n\n
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Customer Activation Rate <\/h4>\n\n\n\n<\/div>\n\n\n\n
This is a reliable metric to determine the rate at which your customers understand your product\u2019s value and are ready to take action. Before trying to measure it, it is essential for you to identify an \u2018activation milestone\u2019 for your business. <\/p>\n\n\n\n
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It is calculated as: (No. of customers who reached activation milestone \u00f7 total no. of customers) x 100 <\/p>\n\n\n\n
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Repeat Customer Rate <\/h4>\n\n\n\n<\/div>\n\n\n\n
The goal behind lifecycle management and marketing is to grow your repeat customer base. This metric will convey how close you are to achieving that goal. <\/p>\n\n\n\n
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It is calculated as: (Total repeat customers \u00f7 Total customers) * 100 <\/p>\n\n\n\n
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Loyal Customer Rate <\/h4>\n\n\n\n<\/div>\n\n\n\n
Loyalty is the final stage of a customer\u2019s lifecycle. Every business aims to have more and more customers reaching this stage. Tracking the loyalty rate will not only tell you how many loyal customers you have, but will also help you make informed decisions towards increasing this number. <\/p>\n\n\n\n
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It is calculated as: (No. of customers who purchased 4+ times in a specific time period \u00f7 no. of unique customers in the same time period) <\/p>\n\n\n\n
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By staying on top of these metrics, you can be well-informed about the health of your lifecycle marketing.<\/p>\n\n\n\n
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Conducting a Customer Lifecycle Analysis<\/strong> <\/h2>\n\n\n\n<\/div>\n\n\n\n
So far, we have gone over the stages of a customer lifecycle, the meaning of lifecycle management, and the importance associated with it. Let us now get to the crux of what customer lifecycle management entails, and how it can be systematically done in CRM. <\/p>\n\n\n\n
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The first and foremost step towards this is to analyze the entire lifecycle. Merely knowing the various stages that your customers go through is not enough. You must get to the depths of each stage and try to leverage it for the best of your business. <\/p>\n\n\n\n
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Approach Stage Analysis <\/h3>\n\n\n\n<\/div>\n\n\n\n
Your objective here must be to identify how easily your prospective customers can find your business. With this knowledge in hand, you must tweak your practices so that you can make the most of this stage and maximize your brand visibility. <\/p>\n\n\n\n
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Here are a few questions that you must answer at this stage of analysis: <\/p>\n\n\n\n
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\nHow do your prospects first hear about your business? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nAre online or offline channels working better for your reach? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nWhat are the impressions that you achieve through these channels? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nAre your competitors taking any other measures to increase their reach? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
Engagement Stage Analysis <\/h3>\n\n\n\n<\/div>\n\n\n\n
This stage focuses on engaging clients and conveying the value that your solution can bring to them. While evaluating it, you must focus on the information, material, and services that you provide. <\/p>\n\n\n\n
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\nDoes your website\u2019s content make it easy for customers to make a decision in your favor? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nIs it easy to navigate your website? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nIs your customer support process simple to understand and execute? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nDo you have a transparent pricing breakdown available? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
are some of the questions that you must consider.<\/p>\n\n\n\n
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Conversion Stage Analysis <\/h3>\n\n\n\n<\/div>\n\n\n\n
Through this analysis, you can identify the strengths and weaknesses of your purchase process. It can generate valuable insights regarding what is, and what isn\u2019t working towards converting prospects into paying customers. <\/p>\n\n\n\n
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The following factors will help in giving direction to your analysis: <\/p>\n\n\n\n
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\nIs your purchasing process simple and seamless? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nDo any blockers like buggy sites, outdated domains, etc. prevent sales? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nHave you provided your customers with accurate product descriptions while they make a purchase? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nDo you have clear-cut refund\/replacement\/privacy policies for the benefit of your customers? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
Retention Stage Analysis <\/h3>\n\n\n\n<\/div>\n\n\n\n
The goal here is to explore where and how you can improve the experience you offer your customers. Simultaneously, you want to ensure that they have no reason to move away from your business by eliminating all the bottlenecks from your processes. <\/p>\n\n\n\n
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Here are a few points for you to consider: <\/p>\n\n\n\n
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\nWhat impression do you leave your customers with after a purchase? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nIs it easy for customers to make repeat purchases from you? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nAre you attentive to the concerns and requests of customers after they make a purchase? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nAre you tracking the feedback of customers after using your product? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
\nHave you personalized each customer\u2019s experience with your brand? <\/li>\n<\/ul>\n\n\n\n<\/div>\n\n\n\n
Loyalty Stage Analysis <\/h3>\n\n\n\n<\/div>\n\n\n\n
Customer loyalty is the most-desired outcome for all businesses. Analyzing this stage means analyzing whether your customers will make repeat purchases from you and also advocate your brand to others. <\/p>\n\n\n\n
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\nHave you made it easy for customers to recommend your brand through social media pages? <\/li>\n<\/ul>\n\n\n\n