How to build loyalty through the customer lifecycle model
Building lifetime loyalty can be difficult to achieve for finance brands. By focusing on the full customer lifecycle model, from acquisition to retention, your finance brand can create a successful digital content marketing strategy that works to your advantage. So, how can your finance brand create meaningful content at every stage?
Why loyalty matters
According to Epsilon, to achieve long-term success your finance brand needs to “build lifetime loyalty with the right customers.” While converting clients can often be a focus of many finance brands’ digital marketing strategies, you also need to create content that retains them and fosters loyalty.
To achieve long-term success your finance brand needs to build lifetime loyalty with the right customers.
It’s well known that the financial industry has one of the highest churn rates (25%) of all industries. But the key to long-term success is retention. In fact, just a 5% boost in customer retention can increase profits by 25-95%.
Acing financial content at all stages of the customer lifecycle model
Understanding what type of content works best for each stage of the customer lifecycle model is critical to not only converting clients but retaining them as well. Here we’ve broken them down, to help you nail your financial marketing content strategy.
- Awareness – Create engaging content that forms a connection. In the awareness stage, you need to capture the attention of clients and create a meaningful relationship with them that can then be nurtured in the later stages. User generated content and educational content are top ways of achieving this.
- Nurture and convert – To nurture leads, you should focus on personalisation and tailored content that targets the specific client. Providing engaging and personalised content that offers value can help foster trust and loyalty. In fact, 89% of clients are more likely to do business with a financial institution that offers personalised experiences.
- Onboard – Once your client has been converted you need to continue the onboarding process by ensuring they utilise your product/service and feel supported through digital content marketing strategies. According to Epsilon, the sooner a client starts using a service the sooner finance brands see a positive financial impact and reaching out to customers up to seven times in the first 90 days improves overall customer satisfaction.
- Cross-sell – Start the conversation with clients about additional products that might be right for them. Utilise customer data, outside of just brand interactions, to identify life events and problem areas that you can provide personalised solutions for. In fact, 32% of clients want recommendations for financial products that are right for them and digitally engaged customers are 2x as likely to be multi-line customers than offline ones.
- Loyalty – To build lifetime loyalty, you not only have to continue providing content that’s valuable but you have to anticipate their needs and consistently provide solutions for them at all life stages. Personalisation is key; clients don’t want to be treated like a nobody. By implementing personalisation strategies your finance brand can achieve a 10-30% reduction in churn rate, a 3x lift in customer engagement and a 10% uplift in annual revenue.
Final thoughts: the customer lifecycle model
At the end of the day, understanding the customer lifecycle model can ensure your digital content marketing strategy is targeted and builds lifetime loyalty. While converting clients is important, financial content marketing can’t end there. Building a content strategy that also aims to retain clients will ensure long-term success.