LIFECYCLE
MARKETING

Lifecycle Marketing

What is Lifecycle Marketing?
Lifecycle marketing involves the strategic analysis of retail data to find ways to personalize customer interactions to develop stronger relationships over time. Instead of taking a boring, linear path from customer awareness to a purchase that was previously used in out-of-date marketing funnel approaches, lifecycle marketing flips the paradigm into reverse by allowing each customer to create a unique marketing experience that is customized to their preferences.
Customers are at the center of every lifecycle marketing campaign. For this reason, the customers’ activities are tracked during each phase in the lifecycle to help find the most effective ways to meet their individual needs and increase their engagement and overall customer satisfaction. Due to the differences between each customer, knowing where they are at in their lifecycle can provide retailers with valuable insight into how they can communicate with the correct types of marketing content at times when the customer will be most receptive. This can result in drastically higher returns.

Understanding Customer Lifecycle
To customize the customer’s experience, it is important to begin with a firm understanding of the elements that make up a customer’s lifecycle. Although varying terminology has been used to describe the lifecycle of a customer, there are basically only four main parts:
• Discovery
• Exploration
• Acquisition
• Retention
Potential customers have different wants during each stage, and it has been demonstrated that customers will continue to return to a retailer that is sensitive to and consistently engaged with their specific needs. For this reason, the lifecycle marketer aims to connect with each customer while fostering relationships as they discover new needs, explore options, purchase goods and services, and continue to interact with the brand so that they can stay connected to the customer through each stage of their dynamic experience.

Discovery
It is important for practices to be positioned for communication regarding how a product or service is superior for meeting a customer’s new needs as soon as it is discovered. This may involve the presentation of strong marketing content using a variety of mediums that will help to develop customer interest. Inviting customers to visit a website or join an email list can help to drive conversions by providing them with relevant messages that are aligned with their interests.

Exploration
When a visitor signs up for the mailing list after finding your practice online, they are in the exploration phase, and they are in the prime window for making a decision. Here, it is important to use a well-timed “welcome to our service” email that includes a business incentive that will help to quickly convert the new email subscriber into a long-term client. It is also important to keep in mind that even if they have not made a commitment yet, much can be earned by leveraging data related to that person’s on-site behavior, such as knowing which services and pages they have been searching for and browsing so that targeted promotional emails that are tailored to their preferences can be sent

Acquisition
Following the first purchase of a newly acquired patient, sending an automatic “thank you” email will validate their choice while also serving to strengthen the developing customer relationship. Additionally, a strategic product recommendation at this time that is created through data analysis regarding their purchase can also help motivate another sale. Practices can apply further insights into who the patient is – and the products and services they prefer – to make customized recommendations or emphasize new products they are certain to enjoy, thereby driving further conversions.

Retention
In the customer lifecycle, the retention phase is especially critical. Following the initial purchase of a product or service, a successful lifecycle marketer will take actions that continue to engage the patient and encourage patient loyalty. For this reason, a thank you message, discount coupons or special gift offers sent to a customer made a recent high-priced purchase can eliminate potential feelings of buyers’ remorse they could experience and encourage them to keep returning.

Powerful, Data-Driven Lifecycle Marketing
RSI makes it simple for retailers to offer their customers unique marketing content that meets their needs no matter which stage they may be at in their personal experience. By using an inventory of content that is triggered by personal data, such as purchasing behavior and timing, or category and brand preferences, along with metrics that include Lifetime Value or Customer Score, RSI allows retailers to utilize targeting marketing campaigns that effectively engage with their customers directly on the basis of who they are, what they purchase, when they buy it, and other essential factors.