Lifecycle marketing101
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Lifecycle marketing is a customer-centric approach that optimizes the customer experience at every stage, from prospect to advocate, thereby enhancing satisfaction and loyalty. It involves various components like marketing tactics, customer engagement, and personalized communications to retain customers and drive revenue. Successful examples, such as Shopify and Virgin America, illustrate the benefits of addressing customer pain points and providing exceptional experiences.
Lifecycle marketing101
- 1. What is Lifecycle Marketing? Jaynie Degnan October 13, 2015
- 2. A few perspectives Lifecycle Marketing Defined • Lifecycle Marketing = Optimizing the customer experience from each stage of the journey from prospect to customer to advocate • It allows a product or company to: Attract, acquire and retain customers by engaging with them in ways that build loyalty with continuous engagement at every customer touchpoint. • Lifecycle marketing - A customer-centric philosophy that is designed to improve customer satisfaction and loyalty on an ongoing basis. It is inclusive of the customer experience and is focused on solving problems and identifying future opportunities.
- 3. What’s typically included Components of a lifecycle marketing plan • Customer experience along the purchase process • Marketing tactics and outreach to support the process • SEO • Competitive analysis • Social engagement • Product info – features and benefits • Content – testimonials, white papers, analyst reports, webinars • Retention and expansion marketing • Product or service experience – this is the most critical! • Customer support experience
- 4. Retention • Customer experience with product and support • Webinars and how to’s • Ongoing value and new services • Personalized communications based on customer profile data • Excellent product and support experience Adoption • E-mail based • Webinars and get started videos • User documentation Expansion • Customized marketing by segment • Communicate across channels (social, email, web) • Up-sell and cross-sell campaigns • Telesales • Custom offers by segment Conversion • Features & benefits • Content: testimonials, white papers, analyst reports • Telesales and chat • Trial version Customer Lifecycle Management: CARE Framework Customer Lifecycle Management
- 5. Why Lifecycle Management? ◦Increases customer satisfaction ◦Increases customer acquisition, retention and revenue ◦Creates brand advocates who drive word of mouth marketing Successful lifecycle marketing and management outcomes
- 6. ◦According to the Gartner Group, 80% of your company’s future revenue will come from just 20% of your existing customers.
- 7. “Attracting new customers will cost your company 5 times more than keeping an existing customer.” - Lee Resource Group
- 10. Step by Step approach to beating the competition and scaling to a multi-billion $ business in less than 10 years What they did 1. Started with customer pain points 2. Created a product that customers love (SMB owners, developers AND designers) 3. Built an ecosystem by designing a custom app store 4. Offered 24/7 customer support 5. Created an ongoing blog with content to help their customers succeed and drive repeat traffic 6. Created an “experts marketplace” to help users with their trial experience 7. Stayed at the top of SEO results through frequent posts on key social networks (LinkedIn, Facebook, Twitter, Pinterest, Google+, Instagram, YouTube) 8. Shared customer success stories across all online marketing 9. Created a contest to reward the SMB who generated the most revenue with Shopify
- 12. “By providing a wealth of online resources for building a business as well as product help, Shopify keeps buyers engaged and happy, which is the key to customer retention and LTV.” – HubSpot
- 13. Key business statistics Outcomes • Company launched 2006 with a team of 5 • Now, Shopify has over 600 employees • 150,000 SMB Shopify stores in 150 countries today • $8B in sales to date • $1.5B in revenue projected for 2015 • 1,000 apps in the Shopify app store
- 15. Best of Breed Examples: Virgin America ◦ Fleet: All new Airbus 320 fleet ◦ Cabin: Mood lighting, leather seats, fleet- wide Wi-Fi, video touch screens, on- demand food and beverage orders, and power outlets in every seat ◦ Menu: trendy, healthy, varied Making flying good again
- 16. Best of Breed Examples: Virgin America ◦ Ticket Counter@ San Francisco International Airport: Mood lighting, top 40 music at ticket counter ◦ Frequent Flyer Program: No black-out dates, miles don’t expire ◦ Online site: Proactively communicate fees upfront; new site design revolutionized dated airline reservation technology; allows customers to offset their carbon footprint Making flying good again
- 17. Virgin created the first-ever responsive airline booking experience Taking it to the web 2015 Webby Award for Virginamerica.com responsive redesign, Best Visual Design - Functio
- 18. E-commerce Site Re-design • Responsive • Full screen • Fewer steps to book • Presents one decision at a time • Every task made fun (cheeky humor, sleek design) • Boarding passes are designed to fold and fit in your pocket Key Tenets
- 19. Outcomes ◦>10%increase in conversion rate ◦>20%decrease in web-related phone calls ◦2xsfastest loading airline website The web site redesign resulted in:
- 20. Sample quotations from media and industry Industry Responses ◦ “The first radical rethinking of the flight booking experience in a decade.” WIRED “Virgin America’s new site is unlike any other travel provider’s site we’ve seen. We hope everyone else will copy it.” Fast Company “Most impressive industry evolution.” UX Awards
- 21. Virgin America consistently rated top domestic airline Awards and Recognition • Ranked #1 performing U.S. airline in the 2013, 2014 and 2015 Airline Quality Rating report • Best Domestic Airline in Condé Nast Traveler’s 2008, 2009, 2010, 2011, 2012, 2013 and 2014 Readers’ Choice Awards • Best Domestic Airline in Travel + Leisure’s World’s Best Awards for 2008, 2009, 2010, 2011, 2012, 2013 and 2014 • Travel + Leisure’s World’s Best Awards — Best Domestic Airline for Food in 2009 and 2014 • Ranked #1 Domestic Airline in Travel + Leisure and Fortune 2014 Best in Business Travel Survey • Fast Company's Top 50 Most Innovative Companies, 2015 (#8) • Best U.S. Business/First Class in 2008, 2009, 2010, 2011, 2012 and 2013 Condé Nast Traveler Business Travel Poll
- 22. Resources • How Electronic Arts takes customer feedback back to their development process: http://wordofmouth.org/blog/video-how-listening-to-their-customers-changes-eas- products/ • Work & Co Redesign of Virgin America Site and Digital Assets including Case Study by Forrester Research: http://www.work.co/virgin-america/ • Virgin America New Look Explained https://www.virginamerica.com/vxnewlook/ • Marketing Strategies that Rock the SaaS World http://blog.hubspot.com/marketing/marketing-strategies-that-rock-the-saas-world