Ask an Expert: What is Lifecycle Marketing?

[mostakimvip06]

Marketing personalization is a critical element for driving business growth. A McKinsey study found that personalization leads to 5 to 15% increases in revenue. And businesses that get it right see 10 to 30% increases in marketing-spend efficiency. But only 15 percent of CMOs believe their company is on the right track with personalization. Lifecycle marketing can help with that.

Roy Harmon talked to lifecycle marketing consultant Sascha Hoffmann to discuss this strategy.


Subscribe to the Hot Pursuit podcast for more expert insights
What is Lifecycle Marketing?
Lifecycle marketing, according to Sascha, is not a novel concept.

“It’s just an updated term for a fundamental marketing concept,” he says.

It’s a holistic approach that takes the entire customer journey into account. This ensures a consistent strategy across all customer interactions with a company.

Lifecycle marketing is similar to inbound marketing. At its core, it focuses on:

attracting people to your brand,
capturing their interest,
nurturing them to become customers, and
working to increase their lifetime value to your company.
It’s not just about selling a product or service. It’s about understanding your customer’s journey. That way you can meet them at each stage with appropriate and engaging content. The long-term goal is to grow your italy whatsapp data business by improving each stage of the customer’s journey.

Why is Lifecycle Marketing Important?
Lifecycle marketing provides a strong foundation for businesses aiming to develop deeper and more profitable relationships with their customers.

Here’s why.

Improved Personalization
As we covered at the beginning of this article, marketing personalization is essential. Companies bombard consumers with marketing messages daily. You can deliver more relevant, personalized communications with lifecycle marketing. This messaging will better resonate with your audience’s specific needs and wants.

Lifecycle Marketing Benefits
Source: The future of personalization—and how to get ready for it. McKinsey.
Optimized Customer Experience
Lifecycle marketing helps businesses deliver a seamless and integrated customer experience. You can ensure that each touchpoint offers value and furthers the relationship.

Increased Customer Loyalty
You can build customer loyalty and encourage repeat business by nurturing the customer relationship post-purchase. Loyal customers are more likely to purchase again. They also act as brand ambassadors which will lead to more new customers.

Better Resource Allocation
Understanding the customer journey leads to more efficient resource allocation. You can invest in strategies that work for each stage. You can also refine your approach based on actual customer behaviors and responses.

The Five Stages of Lifecycle Marketing
Sascha emphasizes the importance of understanding the five stages of lifecycle marketing. These stages include:

Unaware. At this stage, the customer does not know they have a problem that needs solving.
Problem-Aware. Customers in this stage realize they have a problem, but don’t know the solutions.
Solution-Aware. In this stage, the customer is aware of the solutions but don’t know which one is the best.
Product-Aware. The customer is in the Product-Aware stage when they know about your product but are unsure if it’s the right fit.
Most-Aware. Customers who believe your product is the right solution are in this stage.
These stages help marketers understand their audience’s needs and tailor their approach accordingly. Sascha points out that sometimes you might need to break some of these stages down even further. You’ll make this decision based on the specific pain points of your audience.

You might wonder how granular this process can get. For Sascha, the answer depends on the business. For example, some B2B businesses might need a detailed approach with many stages. But, in general, Sascha prefers the more simplified model detailed above.