The Customer Journey: From first sip to full-blown obsession.
You might have heard marketing folk throwing around terms like retention, lifetime value and customer journey and thought they were just buzzwords in a game of marketing bingo. But, the detailed world of customer retention and lifecycle management is extremely important for your business.
So, how exactly does mapping your customer journey, and investing in customer lifecycle management, keep your business on the rich road to loyal customers?
Picture your customer’s journey like a road trip across the Nullarbor. Without a solid GPS (or if you’re like me, a paper map that folds 12 different ways), they might veer off course, get frustrated, and never make it to the finish line. But, with a little planning and a well-mapped route, you can guide them from their very first interaction to becoming your brand’s biggest fan.
Let’s break it down.
1. What is Customer Lifecycle Management?
Customer lifecycle management is just a fancy term for understanding the five key stages your customers go through. Let me explain using a coffee shop as an example:
Reach: This is when you become aware of a new coffee shop brand. Maybe thanks to an eye-catching Instagram reel that stops your scrolling, or simply because you walked past the entrance and caught a whiff of cinnamon scrolls and espresso.
Acquisition: You start noticing the coffee shop regularly on your feed and finally decide to stop by and pay them a visit on your way to work. Perhaps after some clever remarketing, or because your friend insists their coffee is out of this world.
Conversion: This is the stage where you, the potential customer, becomes a real one! You buy your first coffee and, naturally, a cinnamon scroll - because, honestly, who can say no to that.
Retention: You’re now a regular. You drop in most weeks to your new coffee spot, you follow them on Instagram, and you’re even telling your co-workers about those delectable scrolls.
Loyalty: This is where long-term relationships are built. You’re now dropping by every morning for your skim latte, singing their praises from the rooftops, and refusing to eat pastries from anywhere else.
So, why should you care about customer loyalty?
Because, on average, 65% of a company’s revenue comes from existing customers (thanks, Bain & Company).
Loyalty isn’t just a warm, fuzzy feeling, it’s a serious money-maker. But guiding people all the way from their first interaction with your brand to becoming raving fans? Well, it’s not always smooth sailing.
That’s where a mapped-out customer journey comes in. With smart, targeted content delivered consistently at every stage (from awareness to advocacy) you can gently steer people in the right direction. Don’t forget that great marketing is only part of the picture. You also need standout customer service, integrity, and a genuine commitment to delivering value. Because even the best marketing won’t turn customers into lifelong fans if the experience doesn’t live up to the promise.
Wrapping Up
Mastering the customer lifecycle is like having a well-stocked toolkit for your business: it helps you fix leaks, tighten bolts, and keep everything running smoothly.
And what if your customer journey was automated to make the entire process even easier? Stay tuned as the next post in our Customer Lifecycle series dives into Automation & Email Marketing and how it can help you in your business!
