Issue link: https://read.dmtmag.com/i/124916
MARKETING CONSULTANT Lifecycle Marketing – Marketing for the Long Term BY SCOTT STROUD Most of us in sales know that it's a numbers game. We measure our efforts in terms of conversion rates – talk to x amount of people and you'll get y amount of sales. And at any given time, a salesperson is focused on just one sale – the next one. Marketers are much the same. We tend to talk about driving traffic and funneling leads, as if buyers were cattle to be roped in and corralled. Individual salespeople – even marketers – might be able to get away with this approach. But, business owners must think, act and plan differently. That's not how profitable, sustainable businesses are built. The decades-old sales and marketing processes that are still used by most businesses are single-event focused: the sale is made and the job is done. Lifecycle Marketing takes a radically different approach, one that looks and plans long term and takes into consideration the lifetime value of a happy customer or resident. The Seven Steps of Lifecycle Marketing I've been marketing homes and communities for over 30 years. But it's only been within the last two years that I've become immersed in the concept of Lifecycle Marketing – the 'big picture' perspective that all successful businesses are built on. Today most of my time is spent helping small businesses update their marketing and sales processes according to the seven steps of lifecycle marketing. They are: 1. Generate interest in your product, community or service 2. Identify the right leads 3. Nurture prospects MAY 2013 26 THE JOURNAL 4. Convert sales 5. Deliver and satisfying buyers 6. Up-sell and additional sales 7. Get referrals. WARNING: These seven steps all look familiar, so you may think you know what's coming and be tempted to skip the rest of this article. But before you do, answer this: Are you addressing each of these steps with a cohesive, holistic marketing strategy? If not, then let's talk about how Lifecycle Marketing can benefit your sales, reputation, profitability and cash flow. 1. Attracting interest. In this 'Attention Age' it's difficult enough to get someone to see you through the haze of information spewed at them every day, and harder still to get their attention and interest. It takes more than an ad in the paper or a clever website. You need to craft a powerful message that is relevant to your specific audience, and then position it where they will see it. Off-line options would include traditional advertising such as print, radio, television, and direct mail. But these need to be fresh and different from every other ad they see. Online options would include email marketing, SEO (search engine optimization), pay per click, blogging, social media and so much more. So the first question is: What are you doing to get people to consume your information, come into your business or to look at your website? How are capturing their interest? 2. What's your Lead Magnet? A lead magnet is something with a high perceived value – an ebook, report, redeemable coupon, floor plan, etc. – that you can offer your prospects in exchange for their name and contact information. It's a simple way to draw people to your website or into your sales center, and to get them to identify themselves to you. Why do you need a lead magnet? Simple: over 90% of your buyers are shopping for you online. If you're good, they find your website. But 97% of those prospects leave your website without ever letting you know who they are or giving you an opportunity to help them. A good lead magnet can increase your online lead conversions by 300% or more. (Examples: 'Free Report: 5 Common Myths about Manufactured Homes – Busted!' or 'Three Questions to Always Ask Before Choosing a New Community'.) 3. Nurture Prospects. 81% of all sales are made after the 7th customer contact. Once you have a prospect's contact information, continue to deliver relevant and useful nudges that give them additional incentive and reason to come in and meet with you face to face. Yes, it's the old concept of follow-up applied in a new, strategic and purposeful way. In fact, nurturing is at the core of every successful marketing implementation. Nurturing also allows for better qualification and communication. And with online communications being preferred by most buyers today, much of the nurturing can (and should!) be automated. This frees your sales staff to spend their time with more qualified buyers and ensures that no leads go unattended. 4. Converting Sales Steps 1-3, when accomplished strategically,