Customer Lifecycle Marketing – How Can It Impact Your Customer Retention?

By:Terry H Hill

Do you want to turn one-time buyers into lifelong brand advocates? Then the way to do it is through Customer Lifecycle Marketing. This is an approach that is guaranteed to retain customers for the long-term and build strong relationships with your brand.

What Is Customer Lifecycle Marketing?

Customer Lifecycle Marketing is an approach that meets the needs of the customer throughout their journey with your brand, from the initial awareness stage all the way through multiple purchases. It helps you increase the lifetime value of your customers by creating lasting relationships where you provide what they need over and over again.

The benefits of this approach are easy to see when you look at the cost of acquiring new customers versus the cost of retaining current customers. It costs a great deal less to nurture relationships with your existing buyers than to bring in new leads.

Responding to Customers’ Needs

A customer’s needs change over time. When they first encounter your business, they want to learn about you, what you have to offer, how you can solve their problems, and how you’re different from others offering similar products or services. Once they’ve made a purchase, they need other products to solve different needs, help with making the most of the products they purchased, and so on. It’s all about meeting your customers where they are at each stage and helping them make the right decisions.

The 3 Phases of Customer Lifecycle Marketing

There are 3 phases in this approach where customer needs are very different:

Attract – The person gets to know about your company and understand how your products or services meet their needs. In return, you learn about the customer.

Motivate – This is where you help the person make their buying decision by presenting options and encouraging them to take action.

Delight – Once the first purchase is made, offer support, develop the relationship, delight the person by exceeding expectations, and explore other needs your business can satisfy.

The Importance of Engagement

The Customer Lifecycle Marketing Model is visualized as a wheel where the 3 phases revolve around a “hub” of engagement. This means two things: First, it’s not a process that goes straight through like a sales funnel. Customers may return to a previous phase or pass back and forth between them.

The importance of the hub is that engagement is what builds your relationship with the customer. You continually engage with them, and this is what keeps the process moving and the wheel spinning. It’s also what keeps people involved in your business and motivated to learn more.

Customer Lifecycle Marketing Is the Key to Customer Retention

The Customer Lifecycle Marketing model is the best way to retain customers, and that should be the goal of every business. It’s not enough to simply get people to buy from you once. Your goal should be to nurture long-term relationships where your customers buy from you repeatedly and go on to tell others about the great value you offer.

Learn More

Check out our new course – How to Create Loyal Lifetime Customers.
It teaches you everything you need to know to retain customers over the lifetime of their relationship with you, so that you can earn more with less effort.
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