The Game of Conversions
We are well versed with the indoor games and of course the outdoor ones... Yeah to some extend the ones on TV and Video. But what is this new game that the bytes are playing on the net. Sorry not the online games, but the digital marketing tug of war happening online.
Customer life cycle with any organization has three main stages. Pre Conversion, Conversion and Post Conversion. Pre Conversion is the stage where both Customer and Organization are strangers to each other. Love at first sight is a myth other than in some of our Bollywood movies. The only way to attract here is to create awareness and lead the person to the point of sale. Relationships at this point are shallow and it's always one way. All heroes cannot be Rajanikant J Traditionally all marketing efforts were focused on this stage and ended here. The exposure is high as its free flow across to all. Television, Print media, hoardings are some examples. But efficiency is very less. As it's neither interactive nor targeted to a segment or context
The next stage is the Conversion period. Here the customer is with you and no more a stranger. Risk is high and higher is the reward. A small error takes the customer away from you. Listen, Learn and leverage forms the mantra in courtship. Competition should be kept out of sight and the experience should be so immersive that the user will not have any other byte in mind than you. Context, Intent, Personalization, Recommendations, Ratings and Reviews are the means to woo. Experience strengthens the relationship and leads to commitment.
In the evolution curve of marketing, this stage came into focus later and then CMOs realized that return rate is higher with the known pool than with a blind date. So they started with List Building initiatives and started targeting this segment and saw the ROI rising. Any campaign run on existing customer list runs longer and increases chance of return. While traditional marketing events died short and without much fanfare.
Gone on knees and proposed. Committed for transaction. Stage Three - Post Conversion. This stage was never an opportunity but a colorless happily never after syndrome. Till recently... Then the social revolution came and colored this phase. Each customer owns the power to influence all in his social graph and this became the era for viral marketing. Sentiments Influence and social networks can make or break a brand. Maintaining trust and credibility is the priority in all CMO's list.
This stage is not for marketing but strengthening the relationship and creating more with Social List building. Social is never a start in marketing but a continuation. Sharing creates exposure through personnel recommendations and thus conversion rate is very high.
To conclude, Marketing is not confined to any stage of customer life cycle but it is Omnipresent in all stages in different avatars as the relationship matures.
Some more bytes from me in the below links