2 Dec 2022| OES
Lead Generation Routes: Lifecycle Marketing v/s Sales Funnel
Marketing is the most exciting field and competitive too. We use some strategies to attain lead generation, but the process and the act of performance are completely different in sales. These two strategies are sales funnel and lifecycle marketing method or customer journey. Few of its aspects are similar, but they follow different structure and purpose to attain these leads.
The customer journey or lifecycle marketing method is entirely based on the customer itself. It gathers the entire experience of a customer from the beginning to the end of a sale. It focuses on creating a sale, based on customer perception, and how to make him indulge with a brand by creating an interest that comes with loyalty and retention.
How we grab the customer’s attention over our brand from the initial stage to lead them to make the final purchase decision is what we call a sale to funnel. It’s a strategic way to influence the customer to make the purchase decision. Many people suggest lifecycle marketing is the way to nurture leads. In contrast, others say sales funnel is the best way, in this article we will gain a better understanding of both to decide which strategy is the best one.
Sales Funnel Sales Strategy:
Customer conversion and sales are the most desired outcomes in any brand or business. To make it happen, sales funnel is the most critical strategy to deal with customer perception in different marketing levels to promote customer interest and convert then as a lead and generate revenue.
Significant sales funnel stages:
The sales funnel stages are different from person to person, but the basic version of its activities includes four points to contact customer; they are generally called AIDA.
Any business or brand their first and foremost important technique is to create awareness in the customers about their brand. The promotional stage includes marketing strategies like SEO, Social media marketing, content development, paid advertisements, and other web activities.
This portion of sales funnel strategy gives the information to the customer. It navigates them to create interest in our brand or business, by supplying FAQs, offering new forms of knowledge, writing custom content, and providing different types of information with videos, images, and various applications.
Customers are interested in buying, but they need a small push to make a final decision to purchase a product or service from a business. This push maybe comes from giving offers, free trials and incentives on purchases.
Activate them to purchase:
However, customers decided to purchase, and they completed the sale, but here comes the next question of how to retain them and make another purchase from them. We can tackle this problem by providing digital feedback cards, newsletters and driving them to participate in reward programs will regenerate the leads. We can renew the interest of the customer.
Why companies use sales funnel?
Sales funnel is not only the way to grab customer attention or lead generation source; it’s the way companies plan their annual budgets reviewing the different stages of sales funnel. A survey suggested a website taking a lot of time to load 39% of customers is going back from a website, not even purchasing any product from the site. But sales funnel is bridging the gap by providing technical SEO sales funnel to prevent traffic loss to the site.
Each stage of the sales funnel provides a different strategy to adopt, and if the strategy is not working, they can change the plan to grab the customer’s attention to achieve the targeted results time to time. Optimizing Your Sales Funnel With AI!
Lifecycle marketing or Customer Journey:
Lifecycle marketing (LCM) is an overview of customer experiences discovering a brand to purchase like a sales funnel. This strategy has different stages relevant to achieve targeted results of a business or brand.
The main focus of Lifecycle marketing is to inspire the customer to retain but not on sale. To make this possible companies are designing marketing strategies based on high-quality content. A study suggested when customers find similarity in the brand like in terms of ethics and standards, they intend to trust, and reports say 64% of shoppers are confirmed.
Critical Lifecycle marketing stages:
The first marketing strategy of lifecycle marketing is to line up with the sales funnel method. It includes discovering the brand with high-quality contents to make them learn more about the company.
It is a combination of research and decision-making of the sales funnel; this feature came into existence to save a marketer’s and customer’s time. Directing marketing efforts to interact with customers using different applications
This stage refers to whether the customer marked his decision on purchasing a service or product. They will make their purchasing decision based on awareness and what they think about the business and all. Lifecycle marketers must and should approach their customers with feedback forms on third party websites to know their views about new products or services.
The customers are retained only based on their trust and loyalty towards our brand. A business can have that position by providing quality services and maintaining the customer experience as fresh as before by follow up emails, thank you cards, and introducing brand new products at this stage of time to make another sale from their customers.
Why companies use Lifecycle marketing?
Lifecycle marketing is the way to improve customer service with their brand. We can always satisfy our customer and create long-lasting brand loyalty and trust.
As a whole there is no winner or loser in these two marketing strategies; it’s how we adapt to run our business or brand in the market. For example, if the business goal is to collect leads and convert them into quick revenue, traditional sales funnel activities are the best choice. If the business wants to retain the customer for a long time and repeat the conversion, then lifecycle marketing is the best choice.
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