Every business spends time, energy, and a lot of money on attracting new customers. They hire the top marketing agencies to help them hone their strategies in order to find and secure new business. For many businesses, the customer relationship ends with the first sale. To become truly successful, businesses need to retain existing customers as well as attract new ones. That’s where a lifecycle marketing agency comes in.

What is Lifecycle Marketing?

In a nutshell, lifecycle marketing is the idea that a business’ relationship with a customer goes beyond the initial purchase. The goal of a lifecycle marketing agency is to engage the customer at every step of the customer lifecycle and retain that customer for as long as possible.

Using the concept of a customer lifetime value will help any business better understand the importance of a lifecycle marketing agency. For example, a customer who makes a one-time purchase of $100 has a customer lifetime value of $100, but a customer who spends $100 three times a year for 10 years has a customer lifetime value of $3,000. If that same customer then refers business from friends and family, that lifetime value increases exponentially.

Stages of the Customer Lifecycle

Lifecycle marketing agencies create strategies that focus on the different stages of the customer lifecycle. These stages include:

1) Awareness

Awareness is the initial lifecycle marketing stage that attracts new customers. When most people think of marketing, this is what they are thinking of. Lifecycle marketing agencies use strategies that include digital, print, television, radio, and billboard marketing to reach new customers.

2) Engagement

The next stage, engagement, is where a business provides potential customers more details about the goods and/or services that they offer. A lifecycle marketing agency targets their marketing strategy in ways that will entice customers to learn more.

3) Evaluation

Before a potential customer makes a purchase, they evaluate their options, make comparisons, and weigh their needs and wants. A lifecycle marketing agency markets in a way that inspires customers to move to the next stage: purchasing.

4) Purchase

Traditional marketing ends at the purchasing stage. A customer purchases the product or service and their marketing experience is complete. A lifecycle marketing agency does not see this as the end stage. They want to help their clients retain customers for multiple purchases over many years.

5) Post-Purchase

The post-purchase phase is an important stage for a lifecycle marketing agency. Once the hard work of attracting new purchasing customers has been completed, retaining the customer is essential for long-term and reliable returns on investment.

6) Advocacy

A successful lifecycle marketing agency can turn a purchasing customer into an advocate for their client’s business. Word-of-mouth, referrals, and loyalty programs are all part of the advocacy stage. Engaging fully with customers and allowing them to take some emotional ownership of their brand relationships is a priceless marketing strategy that allows repeat and expanded business for years to come.

7) Return to Engagement

A lifecycle marketing agency is successful when their client’s customers return to the engagement stage and move through the steps repeatedly. Each time a customer moves through the stages, they make a purchase or purchases and refer the company to more new customers. Lifecycle marketing is a loop that, when done properly, increases customer retention substantially.

It is essential that a lifecycle marketing agency pinpoints the target audience for each stage of the marketing campaign. Engaging with the customers where they are is imperative for each stage of a customer’s lifecycle.

Agencies that Focus on Lifecycle Marketing

Agencies that focus on lifecycle marketing value every stage of the customer lifecycle equally. It is just as important to attract new customers as it is to retain them. A successful lifecycle marketing agency is able to create an all-encompassing plan that brings together marketing strategies for each stage into a cohesive and appealing campaign. Customers become emotionally invested in the brand and continue to purchase and refer for many years.

A great lifecycle marketing agency has experienced and talented team members in all forms of marketing. They use every marketing strategy at their disposal to ensure that customers remain engaged through every stage.