May 3, 2022
How to master your customer lifecycle with Lexer’s CDXP
To grow your business, you must engage with your customers at every stage of their lifecycle. Read on to discover how to use Lexer’s Customer Data and Experience Platform (CDXP) to drive growth throughout your customers’ lifecycle journey.
As a marketer it is your job to engage your customers throughout their lifecycle—but this task is easier said than done.
Your customers can churn from your brand for any number of reasons at any stage in their lifecycle. For instance, while you may have captured a customer for the 1st purchase, only an engaging purchasing experience will ensure they’ll stick around for the 2nd.
Mastering your customer lifecycle is crucial if you hope to grow your business and retain that growth. This is precisely the reason why many leading retailers have tapped Lexer’s Customer Data and Experience Platform (CDXP) to not just understand their customer lifecycle, but master it.
Understanding your customer lifecycle
Your customer lifecycle can be mapped out to five different stages: lead generation, acquisition, 2nd order, growth, and retention. Your job as a marketer is to excite and delight at every stage of this lifecycle map, creating experiences that engage and meet specific customer demands.
Lexer’s customer experience platform assists in creating these phenomenal experiences by providing enriched insight into who your customers are. Designed to unify all customer databases, Lexer’s platform gives you the capability to understand the nuanced behaviors of your customers so that you can engage them at the right time with precisely the right message. With your customer lifecycle mastered through Lexer’s CDXP, you’ll discover new opportunities to drive engagement, improve experiences, and grow your business.
Acquisition: identify your high-value customers
Acquisition is the foundation to any customer lifecycle. During this early entry stage, you have the opportunity to identify and capture the customers with the highest value. While every customer can provide some value to your business, you want to focus on these high-value individuals as they provide greater opportunities for long-term revenue growth.
With Lexer’s CDXP you can sift through all of your recently acquired customers, selecting those who have spent the most amount of money. Once you have this customer segment built, analyze the products these customers purchased and find high-value patterns focusing on the customers with the highest-lifetime value.
After you’ve nailed down what these high-value customers look like, center your marketing strategy around acquiring new similar customers. So for instance, if you find your high-value customers are those who bought dresses as their first purchase, target lookalike dress buyers in a marketing campaign that highlights your dress collection.
2nd purchase: convert your new customers to buy again
The 2nd order is an incredibly impactful stage of the customer lifecycle. This is your opportunity to grow the value of your newly acquired customers and secure their business. With Lexer’s CDXP you can analyze the behavior of your customers who’ve made a 2nd order and uncover insights that push them to make the next purchase.
Lexer’s platform allows you to identify when your customers returned to make a 2nd purchase, as well as track the amount they spent to get to that next purchase. With these insights you can create timely marketing campaigns that activate the moment your new customers pass within a predetermined time window.
For example, if you find out your existing customers made their second purchase within a 20-50 day range, you can create marketing for relevant products that activates automatically within this time window. As a result, you can potentially shorten the time it takes to convert to the 2nd purchase and improve the lifetime value of your customers.
Retention: bring your existing customers back
So you’ve acquired high-value customers and have converted them to make a 2nd purchase, now you have to convince them to keep coming back. Your repeat customers are going to deliver more value to your business than even your high-value newly acquired customers. This is the reason why you should continue engaging with existing customers to retain their business—even if they appear lapsed.
While you should still nurture your relationships with returning customers who are engaged with your brand, lapsed customers still offer pretty substantial value, especially if they’ve made 2 or more purchases. Your goal is to reengage these lapsed customers, bringing them back into the fold.
Using Lexer’s CDXP you can identify a high-value segment of lapsed customers who engaged with your brand within a relatively recent time window—somewhere between 6-12 months. You should then analyze how engaged these customers are with your current marketing outreach, focusing in on those who are at least moderately active on your marketing channels. With this segment created, target these customers with marketing that directly caters to their specific purchasing history or behaviors, pushing them to reengage and purchase.
Master your customer lifecycle with Lexer’s CDXP
When you master your customer lifecycle you’ll uncover new opportunities to increase revenue and grow your business. And Lexer’s CDXP is the tool you need to understand, map, and master your customer lifecycle.. With Lexer you can break down your siloed customer databases and gain a deeper understanding of who your customers are so you can create the experiences that wow them at every stage. Lexer is the only CDXP built for retail and is the tool of choice for over 150 industry-leading retailers like Supergoop, Quiksilver, Sur La Table, and Rip Curl. Know your customers and grow your business with Lexer.