In the penultimate Upsell & Referral stages, reap the rewards of providing go experiences in the previous stages. Sell more! Get referrals. Get ROI
REFERRALS, REPURCHASE & UP-SELLING
DELIVER +ve ROI !
We now are at a critical stage of the Customer Life-Cycle and begin to focus on getting the customer to Repurchase & Refer.
The first part of this cycle is focussed on advocating for the product. Using tools such as word-of-mouth advertising, the aim is to project the product as a positive addition in their life. By understanding consumer behaviour, we are able to convert desires into wants.
Avg Increase in revenue
More affordable than acquiring a new customer
More likely to buy when referred
Appropriately advocating for the product also allows us to focus on the retention of the customer to the base.
Detailed life-cycle analysis, dash-boarding, and statistical modelling help us predict and segment customers with the highest potential as well as those most likely to move away or churn. At this stage, the up-selling of a similar product is done as a way to ensure the customer remains loyal to your products and services.
Referral programs are built from the good word of our client’s customer. With our client focussed on providing efficient service and care at all times, customers are in turn rewarded for spreading the good word about our client. Our cross referral marketing allows for a company to brand its products by integrating our referral program across the product line. The objective of referral programs and their incentives is acquiring new customers while also valuing our loyal customers, eventually aiming to make them brand ambassadors of our client. Through referral sales, many campaign prospects such as loyalty programs and digital enterprising become a possibilty for our clients.
By using regression techniques, we identify patterns in the customers’ lifestyles to determine if they will move into the next stage of the cycle—moving beyond their existing product. Upselling programs are focussed on moving onto a more premium category from the primary purchase. Cross-selling programs are about purchasing similar products relevant to the existing product. While these programs function differently, they are both designed to make an existing loyal customer a more permanent member of our client’s customer base.
Life stage Campaigns
Life stage campaigns focus on every stage of a customer’s journey—from lead to prospect to customer. At every stage of our product life cycles, different communication methods are employed to understand their experience. By reviewing every stage, we determine the conversion rate from lead to customer, as well as the number of loyal and regular customers. These set the boundaries to determine the success of life stage campaigns.
Life cycle marketing allows for us to create co-ordinated marketing plans and follow deadlines efficiently.
Our clients keep customers in the loop about their services through these campaigns. Through renewal campaigns, customers are reminded about matters such as the expiration of warranty and upcoming servicing periods. By providing information about the expiration of a product or service, we take stock of the customer’s assessment and their next action towards the product.
Customer analytics is becoming crucial in keeping our customers engaged. Having a thorough insight into customer behaviour enables us in delivering offers which are both relevant and on time. With tools such as segmentation help us predict future patterns and determine the anticipated needs of our customers. This ultimately helps us increase response rates and promises customer loyalty, in turn delivering an efficient ROI.
Process and Workflow
Every customer purchase cycle begins from finding the right audience for our client and product. By understanding the audience and their responses, we are able to pinpoint leads with the potential of being loyal customers of our client. From ascertaining the target audience to generating leads, thorough research plays an important role at every stage of the cycle.
The focus, after acquiring customers, is keeping them as loyal members by regularly engaging them with programs as well as catering to their needs. At the same time, expanding a loyal customer base is stressed upon. In preparing our customers to remain loyal to our client, we close one purchase cycle, while simultaneously preparing the next.