How Will Decisions Be Made In The Business For Fashion Life Cycle Marketing Philosophy and Strategy

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Life Cycle Marketing Philosophy and Strategy

Why Use Life-Cycle Marketing?

For many companies, the current economic crisis has made one thing clear: doing business the old-fashioned way will not work. The old methods of selling and marketing are too inefficient, cost too much and can be a risk to the business itself. Delaying another year of marketing strategy changes is no longer an option. Websites, live mail, email, social media, traditional advertising and digital advertising must be part of a business marketing strategy. Simply put: Life Cycle Marketing ensures that businesses get the right message to the right people, use the right media at the right time.

Consider the following:

“Purchasing decisions include a number of factors that most consumers are unaware of. Five steps are involved in almost every purchase made: the need for recognition, information retrieval, evaluation of options, and the final decision. Post-purchase behavior. Even the simplest purchase can be included. Any or all of these steps. “(Brown, 2005)

“Purchasing is further influenced by things like personal, mental and social issues. A good market researcher will study the thought processes that consumers make, compare it with their demographic data, and use the results information to market products. Of them. ” (Armstrong et al, 2005)

Market factors: Consumer purchasing behavior

February 01, 2006 by SL O’Brien

Life cycle marketers use analytics to predict when customers are likely to buy. They then reach out to incentives in order to encourage customers to buy from them. Time and message are key. Instead of wasting marketing dollars by trying to reach a large audience that most are not interested in offering, Life-Cycle marketers target the audience they are most likely to succeed with.

The benefits of a life cycle marketing strategy extend beyond a higher conversion rate. Gathering useful and measurable data will allow businesses to develop segment trends and behavioral patterns that can be used for more precise goal setting. Therefore, marketing efforts will be more specific to the needs of consumers. Their level of trust and appreciation will increase, improving loyalty and advocacy soon.

What is Life-Cycle Marketing?

Life-Cycle Marketing goes through traditional thinking about customers and expectations. Instead of focusing on individual campaigns targeting the mass market, life cycle instead of considering the future of the individual / customer, remembering where they relate to sales and communicating with them on demand. To be effective, a life cycle marketing strategy must capture the perspective of the customer as he or she goes through the life cycle: reach, convert, retain and advocate.

1. Reach stage is the starting point. Reach refers to a potential target audience. It can relate to current and future customers alike. Reach is what advertisers and marketers do to get their attention. It is ahead of the leaders by turning them into the future. Reaching can be exciting. It is glitz, advertising, website, amazing, explosive. Reach works best when the customer understands the brand, service or product of the business.

Reach will target the audience at a point when they are most likely affected by. Direct e-mail advertising, variable data, direct e-mail, social media, e-mail or other methods can work well. Unlike many campaigns, all methods used in this phase will be coded and measured. The ultimate goal is to reach expectations, but if that does not happen, Reach will gather valuable information to use in future campaigns.

2. The goal of Acquire sessions is customer engagement. Is the future related to the company? Did they walk in the phone shop, email, visit the website? Gaining expectations comes when the lead shows interest. We know how they respond (e.g., signing up for newsletters, filling out credit applications, surveys, requesting coupons, downloads, demos, or other activities). We have sincere expectations, but the actual sales are still in question.

Acquire will determine the methods and processes needed to address this phase of a customer’s life cycle. Responses will be personalized (age, gender, interests, etc.) using information obtained from expectations. As in all Reach stages, Acquire outreach will be coded and tracked so that trending data can be collected.

3. The conversion phase is the point at which sales are made and expectations are transformed into customers. It may take a lot of action on both sides of the process before the expectations are actually reversed.

Conversion is the stage where the division of customers begins. What did they buy? Where do they live? What additional products or services did similar buyers buy? Age, gender, purchasing power, the need for additional services and other factors determine your next shift as a marketer. The closer a company gets to its customers at this point, the greater the chances of reselling them.

After all, it is more effective to retain existing customers than to constantly find new ones.

4. The Retain Phase is the process of cultivating relationships and driving resale. It is easier and less expensive to sell additional products and services to existing customers than to find a new leader.

The current customer has already made a purchase decision. They already have a relationship with the company. They decide to trust the product or process sales team. The importance of saving If not improved, this trust can not be overstated.

Reaksa is where life cycle marketing strategies really improve business. Knowing that the customer will be lost if we neglect him or her, it is imperative that we keep in touch. Working closely with managers to create popular templates and tracking mechanisms will help companies retain customers.

5. The advocacy phase is the end of the cycle, back to the optimal beginning. These leaders have the words of friends, loyal customers fresh in their hearts.

Lifelong valued customers are those who advocate on behalf of the company. They tell their family and friends. They introduce products on social media. They run a fan club. They tattoo company logos on their bodies. Just ask Harley-Davidson how it works for them.

Advocacy is simply the best marketing tool possible. Advocates will get the attention they need and, if necessary, the tools to do what they do best … sell the company to their network.

How does the company use Life-Cycle Marketing?

Once a company has decided to pursue a life cycle marketing strategy, it must have a clear understanding of each stage of the process. Each phase of the strategy builds on the previous phase, creating a continuous cycle with measurable expectations and outcomes.

To successfully implement a life cycle marketing strategy, marketers must have a clear understanding of their current business situation and their long-term goals.

• They need to capture accurate data to identify both profitable and non-profit customers, understanding their attitudes towards offering incentives and messaging. With that information, they must plan to contact the customer at the best point when they are ready to take action.

• Marketers must have active tools that allow them to check results against objectives and act accordingly.

• Test, modify, measure, act. Then, test, modify, measure, act. It’s a never-ending process, but it’s not all marketing? The difference is that decisions made in a life cycle marketing program are based on facts, not thoughts and aspirations.

To fully realize the maximum benefits of life cycle marketing strategies, marketers should:

  • Use life cycle stages as a way to streamline data collection.
  • Establish rules and individuals for each client segment.
  • Stop thinking campaigns, start thinking, build relationships.

What about the impact (ROI) of life cycle marketing strategies?

Like any other investment that a company will implement, the life cycle market should be carried out with clear goals and expectations for its return on that investment. Unlike traditional thinking where an offer is sent and the direct result of the offer is measured, the life cycle strategy looks at the whole picture. As the direct strategy implies, marketing is done on the customer life cycle. In the same way, ROI needs to be evaluated to the same extent.

Key considerations:

Findings from a study conducted by about.com

• Customers continue to pay 33% more than new customers.

• Referrals among repeat customers are 107% greater than non-repeat customers.

• It costs six times more to sell something in the future than to sell the same thing to a customer.

Like all good relationships, Life-Cycle marketing relationships take time to develop and their value should be assessed over time using a variety of measures. This is not always easy, but for companies that adopt this strategy, the rewards are well worth the effort.

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