Introducing the new Lifecycle Marketing Model
Last September, Joe Manna shared an update that we were revisiting our Lifecycle Marketing strategy. We had numerous discussions about how small businesses should learn and implement various steps of Lifecycle Marketing. Several members of the company went out to conduct research and come back with unique and critical perspectives to make it even more consumable. Along the way, we had plenty of healthy debate, so the end result is clear, crisp and easy to understand. You know that marketing your business involves more than a pretty storefront, nice signage, a well designed website and a blanket of ads across your local market. It’s a strategic plan that includes tactics and tools that are precisely targeted to the audience that you’re trying to attract. The new Lifecycle Marketing framework includes three phases: Collect, Convert and Create.
Getting noticed in this noisy world is critical for the success of your business, but it’s not always easy to get the word out. The best way to get noticed is to start with a narrow focus. Define your ideal target by researching their demographics, attitudes, behaviors, motivations and favorite places to hang out, both online and in person. Then, start engaging with them in a helpful way, but be sure to have a way to follow up with them before they leave.
Your target market will only pay attention to you when they’re motivated to do so and that’s when education comes in. Think about what you can say or do that can solve a problem or satisfy their basic, psychological or self-fulfillment needs, then engage in a dialogue. If you’re engaging online, think about what you would say or do in person. You probably wouldn’t start with, “Hey, I noticed that you’re having problems with your weight. I can solve that for you.” Instead, you’d wait for visual and conversational clues to insert your offer at just the right time, but it’s important to consider that the most ideal time may not be during your first interaction.
You’ll spend less money marketing to existing customers than trying to attract new ones, so that’s why it’s so important to wow them from the start. Anticipate their needs and deliver more than what you promised in either quality, quantity or by recommending something that satisfies their needs. Leverage your strengths because that’s what sets you apart from your competition and don't be surprised if you start hearing from their friends. Referrals are one of the cheapest ways to expand your business; wowing your current customers is the fastest way to earn referrals.
Analyze Your Lifecycle Marketing Efforts
The beauty of Lifecycle Marketing is the simplicity of the model, which can be applied in any small business, regardless of industry or business model. When put into action, Lifecycle Marketing will help you grow sales and give you more time to focus on the things you love. Launch a new product. Connect more with your customers. Watch your daughter’s dance recital. Play football with your son. Relax on the beach. Whatever you hope to accomplish, it will be well within your reach.