Why You Need Lifecycle Marketing To Plug The Leaks In Your Business

Do you spend a lot of time, energy and money generating interest in your business and are not always happy with the return you are getting for the investment?

Have you ever asked yourself any of the following questions?

  • Why aren't more people interested in my business?
  • Why aren't they buying from me?
  • Why don't my customers buy from me again or tell their friends?

If you find yourself asking any of the above questions, it's probably because your sales process is broke, creating holes in your business that leads to:

  • Lost traffic
  • Lost leads; and
  • Lost customers

Lost Traffic

The majority of the people that come to your website are not ready to purchase.

Therefore, you need to have some mechanism in place that allows you to capture their details so that you can communicate with them over time until they are ready to purchase.

If you don't capture the details of your website visitors, then they become lost traffic.

Lost Leads

Quite often when businesses capture leads they label leads as either hot leads (those that are ready to buy today) or bad leads (those that are not). What this doesn't take into account is that on average it takes about seven contacts with a business before people feel ready to do business with you.

For some industries this can be much longer.

Even if your sales cycle is usually quite quick, for some people their personal circumstances may dictate that they are unable to purchase within the “usual” timeframe. That doesn't necessarily mean that they will never purchase.

However, most businesses give up after a couple of contacts, rather than nurturing those leads until they are ready to purchase.

Labelling those leads that don't purchase initially as “bad leads” and throwing them out by ceasing contact with them results in lost leads.

Lost Customers

Most customers that leave your business leave as a result of indifference. This is usually because you have not done a good enough job in wowing that customer.

In addition to that, most businesses are also losing customers because they are not doing a good job with upsells or gaining referrals.

It is so much cheaper to sell to an existing customer or gain a referral than it is to go back and try to find a brand new prospect that has no awareness of your business at all.

Not having systems in place that allows you to upsell and gain referrals results in lost customers.

Lifecycle Marketing

If people aren't interested in your business, they aren't buying from you or they aren't telling their friends about you, then you need to start using lifecycle marketing in your business.

Lifecycle marketing is a systematic approach to the process of promoting, selling, and distributing a product or service to the consumer.

Lifecycle Marketing - Attract Sell WowLifecycle marketing is a high level framework for the way that you think about marketing in your business and it consists of the following three phases:

  • Attract
  • Sell
  • Wow!

Within each of the three phases are three stages.

Attract

You must have a strategy in place that allows your business to get noticed in a noisy world.

Lifecylce Marketing - Target Attract Interest Collect Leads

The three stages of the “Attract” phase are:

  • Target – It is important that you narrow down your focus and target your customers because if you try to sell to everyone, you will sell to no one.
  • Attract interest – Find out where your customers are, be there and then start engaging with them in an authentic, helpful and personable way. Get noticed and spark their interest by being truly useful and providing value to them.
  • Collect leads – Offer valuable information, insights or tips in exchange for contact information so you can follow up.

Sell

You must have a strategy in place that makes your product or service the obvious choice when they’re ready to buy.

Lifecylce Marketing - Educate Offer Close

The three stages of the “Sell” phase are:

  • Educate – Connect with your potential customers and provide value by educating them on topics they care about that helps move them closer to the point of purchase, without being an obvious sales pitch. You can do this by creating and sharing educational content via your website, blog, social media platforms and email marketing.
  • Offer – Once you have educated your leads and you have determined that they are ready to buy, it's time to provide the offer. To determine when to provide an offer you have to understand your target customer’s buying process. The best way to do this is to observe past customers actions and create a buying process map using past customer purchase behaviors. Then, match your sales process to their buying process.
  • Close – Closing the sale isn’t just an exchange of money. It’s about excellence in delivery, great communication and establishing a lasting relationship.

Wow!

If you are not differentiating your business on prices, then you must have a strategy in place that differentiates your business based on value. The best way to do this is by delivering a consistent Wow experience to your customers each time you interact with them.

Lifecycle Marketing - Deliver Wow Offer More Get Referrals

The three stages of the “Wow” phase are:

  • Deliver and wow – Don't just deliver. Deliver with wow! Go above and beyond your customer's expectation to differentiate your business form your competitors and earn customer loyalty. This doesn't have to cost a fortune. Get creative!
  • Offer more – Once you have delivered with can offer more and your customers will be more receptive to an upsell, cross sell or the offer of new products.
  • Get referrals – The best way to get referrals is to ask! Consider establishing a referral program that is simple for your customers to participate in that offers rewards. You can also be strategic in who you approach for referrals. Using tools like Net Promoter Score (NPS) can assist you in ensuring that you only ask for referrals from those that are likely to promote you business.

Creating a sales and marketing strategy for your small business can be daunting.

The Lifecycle Marketing model provides a simple framework you can use to attract customers, grow sales and deliver a wowing customer experience.

The beauty of Lifecycle Marketing is the simplicity of the model, which can be applied any small business regardless of industry or business model. When put into action in conjunction with automation tools like Infusionsoft, Lifecycle Marketing will help you grow your business AND give you more time to focus on the things you love.

About Loren Bartley

Loren Bartley is as a social media strategist, educator, coach, public speaker, blogger, early adopter, self-confessed lover of all things geek-eske, and mother of three.

As the founder of Impactiv8, Loren helps businesses grow using the power of social media and lifecycle marketing automation.

Loren has created three online training programs: Social Media Success, FB Business Success and Linked Business Success and she also offers bespoke social media presentations, workshops, one-on-one coaching and social media implementation services.

Loren is also the producer and co-host of the highly successful #BusinessAddicts The Podcast, which she hosts in conjunction with Fiona Redding from The Happiness Hunter.

Comments

  1. Hi Loren

    I just listened to your podcast on this and loved it. I can see I am definitely leaking customers! I am currently with Aweber but keen to make the move to ontraport or infusionsoft, how would you recommend I do this (as well as make the most of these CRMs) when my plate is already full. Are there V.A.s or the like that specialise in this stuff and can you recommend anyone?

    • Jessica, most of the systems (like Infusionsoft) will have some sort of onboarding process when you sign on. For example, Infusionsoft (disclosure: I am an Infusionsoft Certified Partner) has a Kickstarter Program, which Infusionsoft or any of their partner programs can sell to you as part of the package when you sign up. This then helps you convert across from your current systems and then get some basic level campaigns set up to help automate some of the practices in your business. I would highly recommend that you learn this yourself so you can use your own system, but then once you have a grasp on it look at how you can outsource it to a VA with Infusionsoft skills or an Infusionsoft specialist. Happy to chat more about your requirements if you want. Best way to contact me is via the contact form on my website. ~ Loren

      http://impactiv8.com.au/contact-us/

  2. Hi Loren, I’ve just been listening to the great Business Addicts podcast on this and have been furiously taking notes. You are truly living what you preach… giving value. That was immense value and I am so thankful.
    Keep it up!
    x

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