What Is Lifecycle Marketing?
If you’re new or old to the marketing space, you might have heard a fancy term called Lifecycle Marketing. It is one of the most common and important frameworks used to create a digital marketing plan.
What is it? Simply put, Lifecycle Marketing is the process of creating and delivering content and resources in order to convert a prospect to a customer, then to a referrer. It is the most holistic approach to planning out your leads and customers’ experiences in order to maximize your profit. If you don’t have a Lifecycle Marketing plan, I can guarantee you’re leaving money on the table. This type of all-inclusive perspective can literally take a company from “good” to “great.”
WARNING! I’ve seen hundreds of businesses fail to identify their target audience before creating their Lifecycle Marketing plan. It’s a fatal mistake that is equivalent to purchasing food for a rabbit before you know what type of food a rabbit eats. If you haven’t defined your target audience, it is difficult to create an effective Lifecycle Marketing plan.
3 PHASES OF LIFECYCLE MARKETING
Lifecycle Marketing consists of three phases. Many refer to these as different names, but we break it out into Capture, Nurture and Repeat.
CAPTURE PHASE I
The goal for the Capture phase is to appeal potential customers from different channels in exchange for value (lead magnets).
- Channel – Identifying digital spaces or places you can interact with your target audience/potential leads and target them with your marketing. This is generally done with paid and unpaid platforms, such as Google Adwords, Facebook Ads, Youtube, LinkedIn, etc.
- Magnet – Inviting potential leads to take action (view, request, schedule, call, etc.) in exchange for value. A good example is offering a free consultation appointment, in exchange for their email and phone number. This allows you to capture their information and start nurturing them through automated drip email, sms and ad campaigns.
Things you will need for the Capture phase:
1. Social Media/Ad Platforms: Different social media accounts and ad platforms to find your target audience/leads. (E.g., LinkedIn, Facebook, Instagram, etc.)
2. CRM/Database Platform: Database that allows you to capture your contacts’ information through web forms, landing pages or other ways. We have found Infusionsoft to be the best platform for us.
3. Ad Budget – This is not needed, but it definitely helps. If you want to do paid ads, it requires money to put it in front of your target audience.
NURTURE PHASE II
The goal for the Nurture phase is to stay in contact and communicate with your leads with content and resources that help them understand the value of your product.
- Contact – Your unique strategy for communicating with your leads through different types of mediums, such as emails, text messaging (SMS), ad campaigns, etc.
- Value – The best way to show value is to show your customers how you are able to deliver the service/product at the quality and value you require. This type of value requires you to present offers, and materials in a way they can understand and take action on.
Things you will need for the Nurture phase:
1. Email Platform: Database that allows you to trigger email/SMS automation campaigns for nurturing. We have found Infusionsoft to be the best platform for us.
2. Resources/Value: You will have to create content and resources that you drip to your potential leads in order to sell them. This comes in the form of ebooks, free consultation calls, good email content, blogs, etc.
REPEAT PHASE III
The goal for the Repeat phase is to make the sale and then use that customer as a way to create more revenue through reviews, referrals and resources.
- Sell – This is self-explanatory. You need an easy way for these contacts to make a purchase when they’re ready. This has to do with how you position your product packages, pricing and payments. The easier it is for a client to choose what product they need and make a payment, the better it is for you. For example, if your target audience uses Paypal, then it would be best to accept payments through them.
- Review – The focus of this is to increase future sales by having already established customers purchase more or gather enough testimonials to attract more potential customers. This can be done by promoting reviews you have received or having current customers refer their friends.
Things you will need for the Repeat phase:
1. E-commerce/Payments: This is a place where potential customers can go to purchase your products online. If you take payments offline, you need a way to take payments from your phone or on a point-of-sales system (POS).
2. Review Platform: This doesn’t have to be a review of the company. You could use something as simple as a web form asking customers how much they enjoyed your product. We use Infusionsoft to perform this task.
3. Retargeting: It’s important to have a way for you to continue selling to current customers and the referrals you receive. You’ll need a system that will drip nurture campaigns and allow you to keep marketing. We have found Infusionsoft to be the best platform for us.