What is a Customer Lifecycle

The Epic Marketing Show – What is a Customer Lifecycle?

AUTHOR: Kenda Macdonald

As a dedicated consultant, I specialise in elevating businesses through top-tier consultancy, fueled by a deep understanding of buyer psychology cultivated over years of experience. My expertise lies in crafting marketing and sales strategies that propel businesses to new heights by leveraging insights into the buyer brain. As a bestselling author, public speaker, and strategist, my passion for decoding human behavior drives me to innovate and deliver unparalleled results. I've designed a methodology adaptable for all types of businesses, ensuring transformative customer journeys and experiences.

Customers are pretty important to your business - it's fair to say. I'm more or less certain that without them there maybe some cash flow problems. That's why understanding your customer lifecyle is pretty important. Because if you don't understand how your customers behave it's pretty hard to win them.

It's even hard to keep them.

Although a customer lifecycle looks more or less the same from one business to the next, it's important to understand what your customer lifecyle looks like.

How do you attract people to your website in the first? Do you have all the blogs? Or lots of rad videos that inform you audience how to get the most out of the product or service you provide?

Regardless you need that traffic to become a lead be that through a lead magnet or some other means. A contact form for example.

Now what? Traditional businesses will take that precious email address and the small amount of buy-in that comes with it and sell. 

If we've said it once we've said it a million times - the hard sell doesn't work any more. It doesn't work because on some level it never did. No one liked dealing with sales people because it was a ballache. 

It was a ballache because the customer - the person with the money - felt like they were held to ransom. They weren't allowed to find out if the service or product was the right fit on their terms. Not until they'd jumped through all the hoops, sat through meetings and listened to fawning sales pitches.

In short it sucked. It still sucks. Cut that out right goddamn now.

So assuming you don't suck - you then need to figure out how to turn a lead into a prospect. That's the point you can then start selling but only once they give you some indication they want something.

This selling lark is complicated right? Remember a customer lifecycle is about retaining great customers. Not selling your wares to anyone with deep enough pockets.

And that's the mothership. Not just turning a prospect into a customer but turning then into a repeat customer.

It only takes 5% of your customer base to spend again with you to increase your profits by a minimum of 25%. That's a true fact. That's also serious cash in your pocket for speed boats and helicopters. Or whatever it is the cool kids buy these days.

Check out the video below to learn more about exactly what a customer lifecyle is.

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