| |December 202319CIOReview Nestor Valverdeexisting customers. The goal is to create a positive customer experience that encourages them to come back for more. Some of the strategies to grow their LTV are focused on turning FTP/1xP into STP or 2xP (Second Time Purchasers) and these ones into Repeat Customers. When this happens for most of the customers, the LTV curve reaches a peak and customers become advocates for the business and actively promote it to others. This is the most valuable stage for businesses, as it can result in new customers, increased brand recognition and LOYALTY. To encourage advocacy, businesses should cultivate positive relationships with existing customers, encourage them to leave reviews and refer friends, and provide an exceptional customer service.However, some customers will fall into inactivity (12 months with no purchase) anyway. This is when the final stage REACTIVATION takes place. It could start in the early days, around 6-9 months of inactivity by identifying these customers and creating preventive marketing campaigns to keep them active. But the main focus is on those already churned with periods of inactivity between 12-23 months or the lapsed ones with more than 24 months inactive. Campaigns, competitions, and special offers to win them back are part of this stage.To finalise, let's mention how the Mar-Tech Stack plays an important role in the execution of all above described. Marketing automation tools have revolutionized the way businesses promote their products and services. One of the most significant benefits of marketing automation tools is their ability to enable omnichannel marketing throughout the customer lifecycle. As described at the beginning, omnichannel marketing is the process of creating a seamless experience for customers across all available channels. These channels typically include social media platforms, email marketing, SMS messaging, web, and mobile applications. By leveraging marketing automation technologies, businesses can deliver targeted and personalized content across these platforms to create a seamless and consistent customer journey.On top of that we also have the Customer Data Platforms (CDP) that together with the Marketing Automation tools serve as essential components in this digital marketing world. Their combination plays a crucial role in delivering personalized marketing experiences to customers. While CDPs are intended to collect, store, and analyse customer data in a unified database, marketing automation tools make use of this data to automate marketing campaigns and deliver a personalized experience. Using insights from the CDP, the tools can work together in orchestrating seamless customer messaging and experience.In conclusion, understanding the concepts of omnichannel marketing, customer lifecycle and marketing automation is crucial for businesses to develop effective strategies for reaching and retaining customers. By focusing on each customer lifecycle stage and providing a positive customer experience, businesses can build brand awareness, establish trust, and ultimately drive sales, LTV and loyalty. It is an ongoing process that requires constant attention and adjustment, but the payoff can be significant in terms of growth and success. Brands that champion a consistent experience throughout customers' journeys on their preferred channels successfully win their trust and loyalty
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