Customer Lifecycle Management Strategies

Every one of us goes on a journey when we decide to become a customer of a brand. Good brands understand that it is more than just getting a one-time deal closed and building lasting relationships with their audience. Customer lifecycle is the process of an individual becoming aware of a brand, purchasing from them, and sticking around for repeat business. Customer lifecycle management is all about managing this journey by tracking the stages, assigning metrics, and measuring the successes of those metrics. There are several stages of the customer lifecycle: 1. Reach 2. Acquisition 3. Conversion 4. Retention 5. Loyalty. Analysis of each stage is pivotal to managing each customer’s journey.

• Reach: this is where you want to find when, how, and why potential customers find your brand. How did they find out about you? Was it a search engine or WOM and what is your performance on these channels? What’s their perceived reputation of you? Hopefully, it is good. This is where they reach out for further information on your product/service.

• Acquisition: this is the area where you want to focus on the tools that you offer your audience, such as blogs, social media, websites, etc. This stage is where they visit your brand via the web, social media, etc., so you want to ensure that each is efficient in providing them with information about your company. Some should be engaging so that you can generate leads here as well. What kind of content is on your website to help them make the purchase? Are there enticing offers?

• Conversion: this is where you want to analyze what is and what isn’t working. Are there any barriers to making the purchase, such as poor website navigation, etc.? Are you making sure that they see the value in your product/service? Do you have a clear refund policy listed?

• Retention: this is where you look at your audience’s satisfaction with your brand. Are they happy with their purchases? Can you personalize their experience more? You want to ensure that they stick around for the long haul. Use customer service surveys and satisfaction scores to find out. Make sure to offer something in return for their feedback.

• Loyalty: one of the most difficult to build but most important. Are there ways for your loyal customers to share and spread the word about your brand? Referral programs, loyalty programs, and exclusive perks are great during this stage. You will know a customer is in this stage once they have made multiple purchases from you. We all know that WOM advertising is the best type of advertising.

There are a couple of ways to manage your customer’s lifecycle. Understanding and analyzing each step is only part of the process.

1. Reach:

   1. Identify the audience that’s right for you

   2. Share relevant content

2. Acquisition

   1. Offer self-service resources

   2. Proactive customer service

3. Conversion

   1. Remove any barriers from the purchase stage

   2. Offer support during purchasing

4. Retention

   1. Personalize experience after purchase

   2. Automation

5. Loyalty

   1. Ask for customer reviews

   2. Encourage referrals

Managing the customer lifecycle can seem daunting, but if your brand focuses on staying on top of it with each customer, it won’t be very difficult. There are automated systems to help you do so. Tracking your customer’s lifecycle is important to help your brand take control and increase your loyal customer base.