Riding the Rollercoaster: Your Approach to Customer Journey Marketing

According to the Harvard Business Review, it can cost anywhere between five to 25 times more to acquire a new customer than to retain an existing customer. Yet brands continue to spend an average of 88% of their budget for customer lifecycle marketing in awareness strategies.

Instead of driving new customers to the top of your funnel and encouraging them to make a purchase at the end, brands that understand and address the various stages of the customer lifecycle can achieve a greater impact.

For a fashion brand, this makes a lot of sense. A customer may become aware of your brand through a pop-up sale resulting in a $40 value to the brand. But if that customer continues to be engaged, and returns five times per year and with an average spend of $40 each time, then in five years, the customer is worth $1,000.

Customer Lifecycle Marketing for Retail Success

Understanding the progression of steps a customer goes through when considering, learning, purchasing, using, and maintaining loyalty to a brand is important to your retail success.

To learn how to craft the right strategies that will get a potential customer’s attention, turn her into a paying customer and nurture her to loyalty, download our paper, “Adapting Marketing to the Customer Lifecycle in Fashion Retail

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Author- Bhavna Sachar

Bhavna Sachar
Bhavna leads product marketing for Manthan’s Customer Marketing Portfolio, where she works closely with the product team, analysts and customers to understand the market pain points and define the product roadmap. Reach out to her to understand how Advanced Analytics is disrupting traditional marketing in retail industry

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