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Customer Lifecycle - Coggle Diagram
Customer Lifecycle
RETENTION
3 Big Benefits of Retention Marketing - Existing customers stay - Prior customer come back - Customers buy more often
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Creating exclusivity will make your audience feel valued and appreciated. Using a "club" or membership program
Tactics on retaining a customer Coupons, Sales Email, Loyalty Programs
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Negative Factors
High churn
First time negative experience will reduce chances of a customer returning. A great retention strategy is unlikely to work well if the other areas of the customer lifecycle are below par.
Not communicating regularly enough to understand how happy or sad a live customer feels NPS Net Promotor Score
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Definition : The process on how to keep a recurring customer - At this point, the organisation builds and maintains a relationship with the customer.
REACH
Creating a presence - Ads - create high quality adverts and invest money into them, emails - create email adverts, social media - create social media campaigns and start up social accounts across all the mainstream platforms, websites - design and create a website that is navigated easily and reflects brand identity, SEO - optimise your website for search engines with a variety of methods e.g. reducing page load time
Weakness - Algorithms on social media, not targeting the right target audience, burnout of content if you push your brand too hard, SEO not done properly, not unique names of brands etc as it can often get hidden behind other brands
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Positives - Gets your brand known, consistency in posting, PPC helps to rank you high when you're starting out, Display Ads can be set up and put on other websites to get you seen
ACQUISITION
Negative factors
- If you don't provide effective customer service, you might lose that potential customer
- Too much pressure/invasive contact might make you lose your potential customer as well
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The middle stage between Reach and Conversion.
You have an interested customer, and make your first "contact".
A potential customer has already acknowledged your company, and now "engages".
- Web visits and navigation
- Subscription to newsletter, social media following
- Engaging through email marketing and social media
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CONVERSION
Make sure the customer feels involved and make them feel like there opinion and feelings matter in the situation
Positive Influence - Making the customer feel engaged with your brand with different things such as discount codes to entice the customer to make that final decision
Negative influence - If the conversion involves a sign up or form it should be clear, concise and easy to fill out or customers may lose interest and disband it
Negative Influence - Make sure all aspects of the checkout process are clear and simple. if the checkout is to complicated then a customer is more likely to decide against purchasing through you
Negative influence - If the price of the item is too high or the customer expected it to be lower, they may not convert (delivery costs inc).
Negative Influence - If a competitor has released a product that takes customers’ attention away, you should monitor your competitors to see if you need to adjust your marketing strategy.
Positive Influence - 'Basket Abandonment' emails can encourage customers to return and purchase their items.
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Positive Influence - Offering guest checkout so customers don't have to sign up and can purchase more swiftly.
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