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Propel Marketing Into The Future With The Customer Life Cycle

Explore the evolution of marketing from the 20th to the 21st century, focusing on the customer life cycle model. Learn about digital disruption, customer-obsessed approaches, and adapting strategies for the contemporary consumer landscape. Join Corrine Munchbach, analyst, on February 7, 2013, and delve into practical recommendations for leveraging the customer life cycle in your marketing initiatives.

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Propel Marketing Into The Future With The Customer Life Cycle

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  1. Webinar Propel Marketing Into The Future With The Customer Life Cycle Corrine Munchbach, Analyst February 7, 2013. Call in at 10:55 a.m. Eastern time • #ForrCLC

  2. Good morning, class! My name is Mrs. Munchbach. Welcome to History 101.

  3. Agenda • A backward look at 20th century marketing • The 21st century tool of customer-obsessed CMOs • The customer life cycle as the model of the future • WIM and recommendations

  4. Agenda • A backward look at 20th century marketing • The 21st century tool of customer-obsessed CMOs • The customer life cycle as the model of the future • WIM and recommendations

  5. “To remain ignorant of things that happened before you were born is to remain a child.” Cicero

  6. 1898

  7. 50 million users

  8. Digital disruption is better, stronger, and faster Digital disruption Old disruption 10x the inn o v a t ors 1/10th the c ost 100X the p o w er

  9. Power that allows needs to be met better and faster Source: February 4, 2010, “What People Really Need” Forrester report

  10. This means disruption of your competitive advantage Potential entrants It is cheaper to launch products and build brands. Information is abundant and accessible. Ideas and execution stay with individuals not brands. Suppliers Industry competitors Buyers Differentiating ideas expire quickly and are easy to duplicate. The groundswell changes category perceptions. Substitutes Source: June 8, 2011, “Competitive Strategy In The Age Of The Customer” Forrester report

  11. Businesses need to be customer-obsessed Source: June 8, 2011, “Competitive Strategy In The Age Of The Customer” Forrester report

  12. Agenda • A backward look at 20th century marketing • The 21st century tool of customer-obsessed CMOs • The customer life cycle as the model of the future • WIM and recommendations

  13. “I’m interested in the way in which the past affects the present and I think that if we understand a good deal more about history, we automatically understand a great more about contemporary life.” Toni Morrison, 1998

  14. Marketing today isn’t linear Consumer journeys have fragmented. We are in the age of the customer. The brand experience is more important than ever.

  15. Don’t panic.

  16. Source: January 22, 2013, “Embed The Customer Life Cycle Across Marketing” Forrester report

  17. Customers’ relationship with a brand as they continue to discover new needs, explore their options, make purchases, and engage with the product or service experience Source: January 22, 2013, “Embed The Customer Life Cycle Across Marketing” Forrester report

  18. The customer life cycle should ground marketing strategy The customer is at the center of marketing,forcing a new approach to the business. Marketing goes beyond traditional activities and considers the whole brand experience. Loyalty and retention efforts rise to long-deserved prominence.

  19. Agenda • A backward look at 20th century marketing • The 21st century tool of customer-obsessed CMOs • The customer life cycle as the model of the future • WIM and recommendations

  20. “The only history that is worth a tinker’s damn is the history we make today.” Henry Ford, 1916

  21. Discover phase PEOPLE IDENTIFY PRODUCTS AND SERVICES TO MEET THEIR FUNDAMENTAL NEEDS Trigger: comfort, connection, variety,and uniqueness Method: active versus passive discovery Key question: “Does my brand positioning convey how the brand meets needs?” Key action: Align product and marketing strategy to capture and convey the need met.

  22. Explore phase CUSTOMERS EXPLORE BRANDS — YOURS AND THE COMPETITION Trigger: review of options available to meet needs Method: online and offline information channels Key question: “Do you know what stops along your customer’s path to purchase are key conversation events?” Key action: Prioritize marketing collateral according to those influential interactions.

  23. Buy phase CUSTOMERS SEEK TO COMPLETE A PURCHASE VIA NUMEROUS CHANNELS Trigger: expressed intent to complete purchase Method: most convenient channel available Key question: “Do you provide a seamless purchase capability from the channels used in Explore phase?” Key action: Unify sales channel groups to ensure a consistent experience and collect multichannel data.

  24. Engage phase POST-PURCHASE ENGAGEMENT TAKES PLACE WITH CUSTOMERS TO BUILD LOYALTY AND REMAIN TOP OF MIND FOR FUTURE DISCOVERY Trigger: effort to connect with company post-purchase for feedback and support Method: customer service channels, community forums, and review sites Key question: “Do you support and learn from channels customers use to interact with your brand?” Key action: Capture customer service data, solicit reviews, and identify new needs.

  25. Source: January 22, 2013, “Embed The Customer Life Cycle Across Marketing” Forrester report

  26. Agenda • A backward look at 20th century marketing • The 21st century tool of customer-obsessed CMOs • The customer life cycle as the model of the future • WIM and recommendations

  27. “You realize that our mistrust of the future makes it hard to give up the past.” Chuck Palahniuk

  28. What it means for CMOs • Choose disruption before it chooses you. • Elevate shopper marketing to be customer life-cycle marketing. • Prepare for a new frontier of personal data management.

  29. Recommendations

  30. Map your customers’ decision journeys and paths to purchase with the CLC TV In-store experience Search and display Loyalty programs Product design Mobile Social media Print media Word-of-mouth Packaging Email Ratings and reviews Customer service

  31. Move to customer lifetime value management Source: December 14, 2009, “Marketing Mandate: Connect The Dots” Forrester report

  32. Evolve measurement to reflect the customer’s fragmented experience Source: January 11, 2013, “Defining New Metrics For The Agile Business” Forrester report

  33. The customer life-cycle marketing playbook CMO & MARKETING LEADERSHIP PROFESSIONALS Benchmarks: Compare life-cycle marketing performance to peers’. Continuous improvement: Adapt to the omnichannel consumer. Performance management: Determine how to measure marketing by relationships. Processes: Manage touchpoints across the life cycle. Tools and technology: Leverage marketing partners along the purchase path. Organization: Organize for life-cycle marketing. Strategic plan: Create a 360° marketing effort. Road map: Migrate to customer-centered marketing. Assessments: Evaluate the completeness of your marketing effort. Landscape: Fragmented path-to-purchase demands everywhere marketing. Business case: Customer obsession drives competitive advantage. Vision: Embed the customer life cycle across marketing. Executive overview: Marketing strategy shifts from products to customers.

  34. Get involved!

  35. Questions?

  36. Corinne Munchbach +1 617.613.6534 cmunchbach@forrester.com Twitter: @corinnejames

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