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Customer lifecycle funnel for enterprises
customer lifecycle funnel for enterprises
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FAQs online signature
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What are the 4 stages of the customer life cycle?
The 4 stage customer life cycle consists of four stages: acquisition, conversion, retention, and loyalty. Each stage has a distinct set of objectives and strategies that businesses use to build long-lasting relationships with their customers.
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What is the difference between customer lifecycle and funnel?
So, while a traditional sales funnel involves overlapping stages, lifecycle marketing is more about the customer — not the sale. This strategy is used to help brands strengthen the customer experience to encourage greater retention and brand loyalty.
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What is the enterprise sales funnel?
To build an effective enterprise sales funnel, attention must be given to several critical areas: In-depth Targeting: Thoroughly understand the market and the specific business you are targeting to ensure your message and value proposition is appropriate.
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What are the 5 customer life cycles?
As mentioned, the customer lifecycle has five stages: reach, acquisition, conversion, retention, and loyalty. While it's similar to the buyer's journey, the customer lifecycle takes into account the customer's experience, or what happens long after a prospect makes a purchase.
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What is the difference between a CRM and a sales funnel?
In other words, only some leads who enter your funnel find their way to the bottom. A CRM can help you nurture your leads and nudge them toward conversion. For instance, you can: Use tools like sales campaigns to stay in contact with leads from when they enter your funnel up to when they purchase. What is a sales funnel: A comprehensive guide | Freshsales Freshworks https://.freshworks.com › crm › sales › sales-funnel Freshworks https://.freshworks.com › crm › sales › sales-funnel
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What is the sales funnel?
A sales funnel is a marketing term used to capture and describe the journey that potential customers go through, from prospecting to purchase. A sales funnel consists of several steps, the actual number of which varies with each company's sales model. What is a Sales Funnel? Stages and How to Build an Effective ... Salesforce https://.salesforce.com › Home › Recent Stories Salesforce https://.salesforce.com › Home › Recent Stories
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What are the four stages of the sales funnel?
If you consider your target customers at every stage of their journey, you'll increase your customer lifetime value and boost conversions. More understanding. ... Customer relationship management. ... An improved sales funnel strategy. ... Stage 1: Awareness. ... Stage 2: Interest. ... Stage 3: Evaluation. ... Stage 4: Engagement. ... Stage 5: Action. What is a Sales Funnel? Stages, Strategy & Process - Cognism Cognism https://.cognism.com › blog › sales-funnel Cognism https://.cognism.com › blog › sales-funnel
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What is the standard sales funnel?
Sales funnels guide potential customers through a series of stages: awareness, interest, decision and action. These stages help you filter out unqualified leads and focus on nurturing and converting qualified prospects into paying customers. Understanding Sales Funnels & Stages - Pipedrive Pipedrive https://.pipedrive.com › blog › sales-funnel Pipedrive https://.pipedrive.com › blog › sales-funnel
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What's up brand builders Stephen Houraghan here at BrandMasterAcademy.com and in this video you're going to learn how to map the stages of the customer lifecycle Journey with customer engagement so you can understand where your prospects are and what they need and design and engaging experience to help them at every step now building a business or building a brand for that matter goes Way Beyond closing one-time deals with one-time leads today it's about building relationships with the audience to Boost customer lifetime value and brands that do that well they understand who their customer is and they understand what they need not just today but what they're going to need tomorrow and the next day they're the types of brands that build customer loyalty and have the same customers come back to them time and again to build that partnership and enjoy the benefits for months or even years to come you have to pay attention to customer engagement throughout every stage of the customer life cycle Journey this is not about sales this is about brand building and in this video we'll guide you through each and every step of those stages revealing the secrets to keeping your audience engaged at every single stage the result loyal customers that don't want to shop anywhere else so let's start with the basics what is customer engagement well customer engagement is a set of actions and procedures businesses use to build strong relationships with their customers build on trust now you can achieve this through marketing campaigns interesting content covering the audience's concerns and informational needs as well and social media outreach ads and direct communication from your website whatever touch points you have with your brand is an opportunity to make a connection with your audience to understand where they are in the customer life cycle and to give them what they need at that stage now this may sound difficult but if you adapt a holistic approach and focus on honest communication the rest falls into place now ultimately the goal here is to make strong connections with the people who want or need what you have to offer and to boost awareness us and recognition as you do it so you can start to grow your reputation in the market and start to claim some of that market share back from your competitors now on Modern markets the value of a business should go further than high quality products or services and this is about building a brand this is about building your Equity beyond the products or services that you have and building a reputation in the market so that reputation holds value now if you want customers to stick around you have to show them your Human Side to offer support valuable information and constant communication throughout the customer Journey so that they feel that they're being taken care of and if you do become reliable guides on that Journey the benefits that you'll receive as gratitude will be the fuel to your growth such as the purchases and the Loyalty over time but let's take a little bit of a step back what is the customer life cycle Journey well the customer life cycle Journey also known as the buyer's journey is when first time customers become aware of your business they buy from you and then they continue buying for you over time it's every stage that they go through on the route to that purchase and then what they do after the purchase as well now the longer the life cycle extends beyond that first purchase the more value per customer to your brand they have and not only that some loyal customers become advocates for your brand encouraging their friends their relatives and social media followers to get familiar with your company your products and your services and this is the Holy Grail of branding where you have your customers going out there like mini marketing machines and promoting your products and services on behalf of your brand now look there are many customer life cycle stages and each one is different depending on the challenges at hand and the information people need to search for providing the information that your customers need when they need it earns trust and influences perceptions and this is where Xperia Financial design along the customer life cycle Journey comes in consider this increasing your brand loyalty by just seven percent can increase the customer lifetime value by 85 so that is a massive increase now to do this you're going to have to map your customer journey and to design the experience of your brand at every different stage let's dive a little bit deeper into the individual stages of the customer Journey so you can better understand where your customers are at along the journey now first up is the awareness stage now this is very early on in the customer Journey it's the very first stage and at this stage your prospects are not ready to buy they're not at that stage yet and they're really just playing around with the idea that they may have a problem and they may need a solution so little bite-sized pieces of information to help them to build the picture of where they're at is really helpful at this stage so here are some practical approaches SEO so search engine optimization will help you pop in user search results organically so that's free of charge when they're searching for solutions to the problem that they have so research keywords popular among your audience create high quality content and build links from relevant websites social media is also a great tool for this stage of the journey as well because as I've mentioned before people are early on in the journey they're not looking to invest a huge amount of time they're not looking to really dive into the solutions just yet they're really Gathering that information and building that picture so posts on social media or engagement in active groups can really help to provide that information to your customers at this stage of the journey the more you answer the questions that they have the more you'll educate them and you'll paint a picture of how you might fit into the picture of resolving that problem for them next up is search engine marketing now Google ads will show your website before the first organic result which will bring more eyeballs to your website and bring the people who are ready to gather that information who are really thinking about a solution onto your website now of course this strategy is a bit more expensive than social media ads the likes of Facebook ads but the quality of the lead that you're getting from this is much better because they are specifically searching for the problem that they have that you can help them to overcome use the data from your ads both on social media and on Google for retargeting so you show up in the feeds of people who are already interacting with your brand and who want to learn more about the problem that they have influencers are another great way to build awareness at this stage of the journey as well so find influencers in your Niche to collaborate with now this is a form of both affiliate and word of marketing which is one of the most effective marketing techniques 88 of consumers say that word of mouth recommendations are much more reliable than regular ads it's just really important to remember that at this stage of the journey you're not coming in for the kill you're not going in for the ask you're trying to build that relationship and help your audience to paint a picture of the problem that they have and the potential solution that they can use to overcome that problem so don't be thinking about the sale don't be thinking about being too aggressive at this stage or really just trying to build the awareness of your brand and put the image of your brand into the mind of your audience as a potential solution to their problem the next stage is the acquisition stage now at this stage your goal is to turn aware visitors into leads now did you know that the average card abandonment rate is 69.99 and this often happens due to a lack of information about the brand about the products and services about ordering delivering return Etc so what other people think about your brand is really important when designing your experience so make sure that you learn from the behaviors going on on your website from the traffic coming through so you can tailor the experience to be more in line with what your consumers want now look of course every individual is different but as a collective Market segment that you're targeting there will be a lot of commonalities there so try to find out as much information about your audience about your target audience as you possibly can so what are their interests what are their buying motivations what about their pain points and where do they go to find information you have to engage them at this stage of the customer Journey with information such as educational campaigns on your blog you can showcase your product as a solution for the problems that they have and you can upload tutorials case studies Etc to really help paint a picture that the solution that you provide is the perfect solution to the problem that they have social proof at this stage is hugely important so have reviews front and center on your website send them within emails and show that regular people just like them have gone through the customer journey and have had a successful outcome as well that social proof is really important at this stage and it really helps to build that confidence so that they can see themselves going on the journey and having that positive outcome lead magnets are an absolutely great way to take the relationship to the next stage now lead magnets wrap up a solution to a problem that they have in a very compelling way in a way that would be enough for them to provide you with their email to download whatever that's solution is so this really is a great way to taking that relationship to the next step because this is called permission marketing it's them giving you permission to follow up with them to in order to get the information that you have so it's really important to take the time to understand the most pressing challenges that they have and to provide them with a solution in the form of a lead magnet that they'll give you their email address for now it's important to remember that the acquisition stage is not about sales it's about acquiring leads to be able to follow up with them later on so really think about how you're going to take that relationship to the next step so that you don't have to pay Facebook or you don't have to pay Google to follow up with this person to build that relationship and as I said lead magnets are a great way to do that next up is the conversion stage now the conversion stage of the customer life cycle journey is basically where the first purchase happens now your goal here of course is to sell not only your product or service but the relationship that you already have with that prospect it's important to really build out that relationship and to make sure that you're not just about getting that sale you're all about this relationship and that you want a relationship not just for the sale but beyond that sale as well so some romance here is really important so at this stage it's wise to promote customer onboarding to ensure and extend that relationship with your clients so that they're not getting the feeling that they're handing you over the money and that you're gone we all go through that buyer's remorse and it's really important that when we purchase from a brand that that brand has steps in place to reduce that buyer's remorse and to make us feel like we made the right decision the more we feel that we have made that right decision the more inclined we are to continue to trust that brand ongoing so consumers are looking for brands that will consider them as partners it's just as important to make sure that you have an experience Beyond them transacting with you that you make them feel like they have made the right decision the more that they feel like they have made that right decision the higher the chances that the customer life cycle Journey will be beyond that first transaction now some practical ways to do this would be to make the billing process as smooth and as easy as possible you can also put some additional offers at the billing stage to increase curiosity as well and to give them more information chat support where the buyer can find out all of the details about their order about what the next steps might be if they have those types of questions are really important as well personalized Communication in chat and emails will make the person feel heard and it'll make them feel supported by the brand which increases that trust and alleviates those fears as I said of that buyer remorse widgets with useful documents and self-help resources giving the customer that feeling of safety and all the information that they need is at their fingertips so a well-designed welcome email is really important to think about how they're going to feel when they make that purchasing decision when they hand over that money when they've gone through the checkout process what's that email going to say how's it going to make them feel and is it going to get them excited about the purchase that they've just made so really thinking about beyond the sale and not just that transaction making them feel like they have made the right decision is super important at this stage now look your goal here is to keep keep the conversation going you want to keep that conversation going you want that dialogue to continue why is that important well because when you increase retention by five percent your profits may rise from 25 to 95 so it's really important that you think about that retention so here are some tactics that you can use at this stage to engage your customers so adopt a CRM so that you can keep the conversation going with your client or with your customer on a one-on-one basis so if they have a question if they have a problem with the product or the service or just a small challenge let's say they have a problem logging in then following up with them in a personalized manner can really help them feel taken care of and if they have another question later on then you can refer to the previous dialogue that you had with them making them feel that you know exactly who they are this goes a long way to your customer feeling that they have made the right decision and that when they have another challenge they will look to you to take care of that situation for them so this is a really important part and adopting a CRM can really help you with that dialogue and look this comes back to branding 101 as well this is differentiation from your competition chances are your competitors aren't doing this they're not going to this extent to make sure that they continue that dialogue and to really make their customers feel like they've had an amazing experience so again this all feeds back into the brand equity and the brand reputation if you have excellent customer retention processes on the back of your conversions then this will help to build the reputation of your brand and build up that brand equity and ultimately that brand loyalty as well and speaking of brand loyalty that is the next stage of the customer Journey life cycle loyalty so this is the most Pleasant for businesses if successful because this is the point where the consumers have had a great experience and they've got some great things to say about the brand and from the Brand's point of view it's all about illustrating this it's all about Illuminating this and giving your customers the opportunity to voice their positive experiences and to encourage them to do that as well now part of the goal here is to understand your buyer's experience and to find out how they're using the products and how you can Inspire them to continue to use those products and continue to achieve great results so that they continue to buy from you long term and not switch to a competitor later on now look the name of the game here is to earn that loyalty so you want them to come back time and again so rewards cards are a great idea for cafes as an example so how can you take that idea of a rewards card into your business now as we anything in marketing creativity is key here you know that your consumer or your your customer has come to you and bought your product maybe once maybe twice three four five times how can you continue to get them to come back time and again what is the incentive that you're going to offer them to make sure that they continue to come back again now as I said up until this point there are many different ways and many different methods that you can encourage them to come back through the retention stage and making sure that you're following up with them through that personalization but is is there any incentive that you can provide them with to encourage that loyalty long term and then finally we have the brand advocacy stage now at this stage in the customer Journey you have those long-term loyal followers you know that they're coming back time and again if you have a CRM in place you can see the conversations that have been going on long term and it becomes very easy to build relationships with these people and to help them to share their experience about your brand and about the outcome that you've helped them to achieve so again thinking about incentives that you can use to get them to spread the word about your brand how are you going to get them to go out into the market and act as those mini marketing machines so that they'll tell their friends they'll tell their family members they'll tell their Associates all about your brand and the experience that you've taken them through on route to the positive outcome that you've helped to deliver so think about those incentives that you can offer that will encourage them to go out and become an advocate for your brand now look one of the biggest mistakes I see marketers make when they go out into the market trying to build a brand is they focus too much on sales they focus on trying to get that sale and they make everything about that sale it doesn't matter what stage the prospect is in they'll Focus primarily on getting that sale and once they get that sale they'll forget about the customer that came and went that is not brand building that is sales if you want to build a brand long term you need to broaden the net you need to broaden the customer life cycle journey and consider every single stage so consider your your prospect when they're in the early stages and they're just thinking about the problem that they might have and what information they need at that stage right down the way to when they're at the post purchase stage and they've already provided you with their money it's important to remember that everyone is on a journey when you understand the steps of your customers journey and what they need at each step in order to take the next you can design an experience to give them exactly that the more carefully constructed your brand experience more likely they are to continue on the journey with your brand and not your competitors now if you want to dive deeper into brand strategy then this video here will help you out but before you click it if you you want to become a master of brand make sure you hit the like And subscribe to get more videos just like this until next time Brian like a master and I'll see you in the next video [Music]
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