Language is always evolving. Across spaces, social groups, and in this case¬—industries, as lingual chefs continue to add more and more zest to the linguistics stew. These dialectal deities scoop new vernacular from older lingo to expand on the current language.
For marketing mavens to preserve their footing on this shifting marketing terrane, they must understand the deviations between strikingly similar terminologies!
Take these two terms, for instance: “buyer’s journey” and the “customer lifecycle.” They are quite similar, aren’t they? However, there’s a world of difference between the two words.
Read on to understand the divergencies as well as how marketers can take advantage of grasping these two concepts.
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Breaking Down the Buyer’s Journey vs. Customer Lifecycle
The Buyer’s Journey
Simply put, the “buyer’s journey” is a collection of experiences a patron goes through from the moment they start to interact with your brand. This expedition is sliced into three assortments:
1) The awareness stage: This is where a potential client first acts on a need. They may vigorously scan the digital domain for a solution (which is inbound marketing), or passively stumble across an ad (which is outbound marketing).
2) The consideration stage: At this point, potential patrons have clarified their needs, visited your website, and are slowly becoming aware of the products you present.
3) The decision stage: Now, a customer feels they have a clear understanding of the options available to them and how they can solve the need that sparked the customer journey. If they feel you provide such a solution, they will pursue the product.
H2: The Customer Lifecycle
The “buyer’s journey” is the sum of all the experiences a habitual user has throughout their encounters with your brand. Conversely, the “customer lifecycle” is your skeleton for understanding the typical makeup of an existing client.
1) Reach: In this stage, a customer combs through potential solutions after becoming aware of a problem or issue they are facing and must solve. This stage is deemed “reach” because it’s your opportunity to “reach” the customer while they are deliberating.
2) Acquisition: When a consumer arrives at your website or calls your company, they’ve officially arrived at the acquisition phase! This stage can fluctuate depending on the acquisition channel the customer has selected to use.
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3) Conversion: Having digested all the necessary information they need to make a decision, the prospect decides to purchase. This means, they’ve officially converted and are now your customer! (Cue the streamers!) However, the lifecycle doesn’t end here.
4) Retention: It’s time to determine how the customer feels about the product you have offered them. You can check in with them through surveys or other means, and use their feedback to continuously improve your products and services.
5) Loyalty: Now we’re finished! In this stage, the customer becomes a vital asset to the brand by making additional purchases. They might even brag about their experiences and your products on social media, or write product reviews to inform future customers of their experience.
Grow Your Business with Kraus Marketing
You can drive immense customer success throughout these stages with our award-winning team at Kraus Marketing! Customers love a personalized, comfortable shopping experience. We can help you promote retention and instill brand loyalty through with our proven marketing strategies. Contact us today to create a collaborative customer experience everyone will enjoy.