Lifecycle Marketing: 5 Steps to Take Customers From ‘Suspect’ to ‘Advocate’
2. Data manipulation and analysis. To choreograph this customer dance, you need to take a longitudinal look at your customer data. Most organizations do their financial reporting monthly or quarterly. So they tend to report on their customers the same way: How many new customers this month? What were sales last month? Customers don’t purchase or interact with your brand according to your reporting calendar. They do it according to their needs. That’s why it’s important to organize your data according to their behavior. Key off of the first purchase and create meaningful intervals to watch for subsequent purchases and interactions.
3. Triggers and metrics. Then identify your method to coax usable information out of raw data. Deep-dive statistical analysis will determine the metrics, interactions and triggers that determine long-term customer engagement that leads to higher customer value. Marketers need some analytical horsepower to force the data to talk—either on staff or brought in from the outside. Then develop a strategy to capitalize on the insights that you have gleaned.
4. Smart implementation. Efficient data management will enable you to respond to specific audiences based on their behavioral cues. Your process needs to be automated so that you can communicate with your customers at just the right moment in each stage of the lifecycle, like in the specific time interval described in the example above. That way, you drive a dollar-savvy focus on a company’s best customers before spending money on other, more expensive marketing programs. And let the customer tell you what channels they prefer to improve engagement and increase loyalty.
5. Lifecycle measurement and monitoring. Marketers love ROI. Who doesn’t? But ROI can be enhanced by measuring “Return on Customer Engagement” through customer behavior. Like the medical device example, knowing the value of an interaction will enable you to focus your efforts where the returns are the greatest. Glean actionable information from each interaction with the customer as though your future with that customer depends on your ability to measure. It just might.