Understanding the behaviors of customers can enhance how you deal with loyalty programs regarding lifecycle marketing. If you comprehend the various factors that change customer behaviors, then you can increase your customer retention rate enormously. But customer retention may not always be enough. What are we supposed to do then? Do we choose acquisition or retention?
Firstly, you should aim to have your cake and eat it too. So, the correct category of loyalty program does not always have to be one or the other. In short, you should use every aspect of your loyalty program to aid your strategy in lifecycle marketing.
What Do We Mean by Lifecycle Marketing (CLM) Exactly?
Customer lifecycle marketing (CLM) is defined as a method of communicating with customers that acknowledges that different phases of the path to becoming a devoted, active customer call for various marketing messages and tactics. This situation means that you must be with the customer every step of the way.
On the other hand, your strategy should aim to not only target but also to attract and retain your customers. But how does lifecycle marketing work? Here are some steps that will help you understand what exactly it is:
- Your potential customers become aware of your company through different mediums.
- People are interested in your offers, so they engage with them.
- The customers are using the information available to them to decide.
- The customers take up on your offer and purchase something from your company.
- People who have already made purchases from you are loyal to your brand and want to keep doing business with you.
In short, lifecycle marketing (CLM) is the strategy of guiding customers through their time in your company. Thus, we want your customers to be loyal to your so they may recommend your business to their friends and family and come back to help you even more.
How Can We Improve Our Strategy?
Every strategy can be made better and lifecycle marketing is not an exception. We can make a few minor adjustments to the current plan that will aid in both the recruitment and retention of clients.
Word of Mouth
Firstly, we must make sure that the current loyalty program members (who are customers that return to your company) pique the attention of potential new customers. For instance, spreading pleasant word of mouth is an important step.
People who are only reviewing your website can be encouraged to return with the help of rewards. You can improve the loyalty of your customers by encouraging them to interact with the website more by rewarding them with small activities like surveys or personalization.
Advantages of Returning
Loyal members get certain advantages, but you can take these advantages one step further. On the other hand, rather than the specific choice of VIP memberships or gift cards, you can permit your customers to exchange their arduously earned points for meaningful things.
You can use fun and incentivizing features to improve your loyalty program strategies. These features may include exclusive content offered to the most loyal customers, personalized messages that commemorate significant days like birthdays, and minigames that help your customers earn more points.
You can read our previous article from the following link https://www.apexloyalty.com/financial-services-loyalty-programs/.