Lifecycle Marketing is a valuable approach to marketing that has replaced many of the traditional methods. It’s based around two very simple ideas. The first is that it’s often easier to generate more revenue from existing customers than from finding new ones. Secondly, taking care of existing customers costs less than searching for new prospects.
Over the course of our series on Lifecycle Marketing, we’ve taken a look at how it can help your business. The Lifecycle has 8 simple steps:
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Attracting Traffic. Customers won’t buy from you if they don’t know you’re there. You need to do more than just advertise. Give them a reason to come through your doors, real or virtual, by creating great content.
on Wednesday, 01 October 2014.
Posted in Business Strategy
In Step 7 of our ongoing series on Lifecycle Marketing, we’re talking about expanding your marketing reach by gathering testimonials from satisfied customers. In our previous step, we looked at ways to increase the value of your existing customers by upselling.
Word of mouth is more than just advertising that money can’t buy. In many cases, it’s more effective. According to a recent Forrester Research report, 70 percent of US online adults place high value on brand or product recommendations from friends and family. The report goes on to say that nearly half of them trust online reviews written by customers, but only about 10 percent feel the same way about company sponsored advertising.
It only makes sense. For example, if we’re trying to decide whether to see a film in the theatres, are we going to listen to a longtime friend or rely on a critic we’ve never met?
on Tuesday, 23 September 2014.
Posted in Business Strategy
Delivering the Goods: Successfully following up on a sale
This is the fifth step in our continuing series on Lifecycle Marketing. Previously we focused on ways you can convert lead into sales.
As anyone who’s been in business for any length of time knows, making a sale is only the first part of the equation. How you follow-up can go a long way in determining whether you’ve made a short-term sale or created a loyal customer that will stay with you for the long-haul.
At a minimum, your product should meet their expectations and be delivered in a timely manner. A well planned follow up after the sale can help you go beyond those expectations and truly ‘wow’them.
A follow-up doesn’t have to be just an email or a phone call. You can use all the channels at your disposal to reinforce all the points you’ve made during the build-up to the sale and continue to build trust.
on Thursday, 04 September 2014.
Posted in Business Strategy
This is the third in an eight-step series about lifecycle marketing. Previously, we looked at how to attract traffic to your website and the various tools you can use to generate valuable sales leads.
Now that you have the attention of your potential customers, it’s time to nurture them towards a sale.
It’s all about following up on potential leads. Since everyone is different, there are as many possible ways to follow up a lead as there are customers. There are no limits to your creativity here. That’s why it’s so important to not only generate leads, but to generate quality leads. The more you know about a potential customer, the more you can tailor your follow-up efforts to their situation.
on Thursday, 21 August 2014.
Posted in Business Strategy
This is the first of an 8 part series on Lifestyle Marketing.
With a little patience and technical know-how, it’s fairly easy to build a website. The Internet is full of handy guides on it. If you don’t have the time to learn, the Internet is also full of people and companies eager to do the work for you. But now that you’ve gone to the trouble of building your site, is it doing what it needs to do to bring traffic in, or it is just sitting there in a sea of similar sites?
You need a reason for people to come to your site.
Marketing expert Andrew Davis believes he has a way to do just that. By creating valuable content on your site, you establish a brand and you can use that brand to sell your products. He cites Sesame Street and Disney as examples. By creating memorable stories and engaging characters such as Mickey Mouse and Elmo, both companies were able to leverage their content to sell millions of dollars in products.
on Tuesday, 05 August 2014.
Posted in Business Strategy
In an age of faceless internet transactions and computerized phone menus, is looking your customer in the eye before offering an old fashioned handshake a dying art? Some customers would argue it’s no longer needed, while others wish for the days when an old school touch was not only offered but expected.
Your customers come in both varieties, so how do you keep them coming back?
At a minimum you’ll need a quality product that meets their needs at an affordable price, but that is just the beginning.
Despite the demands of modern life, many old school touches are still quite effective. Your customers want to feel valued, they want to be catered to and they want doing business with you to be quick and convenient.
As with fine food, presentation is critical. It doesn’t matter how delicious the meal is if the food is haphazardly slopped onto the plate and slapped down in front of them. Presentation counts, even if your company motto is ‘down home cookin’ or ‘just like Mom used to make’. You’re not Mom, after all. You’re an entrepreneur trying to attract their business.
on Tuesday, 15 July 2014.
Posted in Business Strategy
With the sheer variety of resources available online are many ways to get the word out about your product or service. Your official website, though a critical part of your online marketing strategy, is just one of many. Social media sites such as Facebook or LinkedIn, have become an increasing part of modern life. Smart entrepreneurs adapt.
According to Facebook internal estimates, the number of pages for small and medium sized businesses is close to 25 million. And there are over 750 million Facebook users daily.
With such a large environment, businesses have found that their sites and posts tend to get lost in the newsfeeds that users see. Since Facebook is a forum for people to share bits of their daily lives, the decorum tends to be a bit more informal. The professional appearance that companies use on official websites doesn’t always translate well into Facebook.
Many experts on social media recommend a more personal approach for a Facebook page. Rather than telling potential followers about what a great company you started, tell them the hardships you went through trying to found it, and why you did. Instead of posting about your company’s great relationship with the community, post a story about a community event you or one of your employees participated in. Celebrating company moments can help potential customers feel like they’re dealing with real people, not a company logo.
on Thursday, 26 June 2014.
Posted in Business Strategy, Marketing Tips