The Buyer Lifecycle (BLC) enhances customer intelligence by enabling true, one-to-one marketing. BLC tracks the natural progression of customer engagement with your brand - from the moment they become a prospect up until their final purchase.
BLC exists in six discrete phases:
Prospect → Active → In-Market → Fader → At Risk → Inactive
AutoPilot autonomously monitors, identifies, and acts upon customer behavior and as they move through the BLC. Your chief objective should be to employ BLC and AutoPilot in order to incite desirable outcomes - for example, more purchases.
Prospects are those who have not yet made a transaction. These can be people who you have already identified in your database - a prospecting email list, for example - but also includes anonymous people on Facebook, Google, Instagram, and other acquisition sources.
Although the number of prospects in BG only represents the number of identified individuals, there are more prospects that you can go after besides those in your database. To be identified, BuyerGenomics requires a minimum amount of Personally Identifiable Information - see SuperMatch for more information on this.
Actives are individuals who have recently purchased with your brand and/or are currently engaging/spending with you.
They can be split up into two different groups:
New Buyers - Customers who recently made their first purchase with your brand.
Returning Buyers - Those who have bought with you before and returned again.
Since Actives are so engaged, they are in a prime position for bounceback purchases - so make sure you set up a Trial Buyer Conversion AutoPilot Campaign.
In-Market customers are those who are ready to buy again based upon their own individual purchase cadence. This is calculated using various behavioral, transactional, and demographic data.
Even though we expect In-Market customers to make a purchase soon, it does not necessarily mean they will 100% of the time - it is still important to give them a push at exactly the right time they are ready to buy.
If In-Market customers fail to make their anticipated purchase, it indicates that they are fading in loyalty.
Faders are individuals who have missed an expected purchase window, and are beginning to fade in loyalty. They are no longer buying at the rate that their customer profile suggests they can.
Although Faders show signs of slipping, they are not yet lost. In fact, they cost less to reactivate than the later BLC stages (At Risk and Inactives).
Therefore, it is important to deploy messages to them as soon as AutoPilot detects shifts into this category. A special offer, message or promotion sent at the right time can go a long way in persuading Faders to spend with your brand again.
At Risk customers have missed multiple transaction/purchase windows and are at significant risk of attrition.
In particular, these individuals have demonstrated a lack of interest through poor engagement and a shortage of purchases.
While members of this group are more difficult (and expensive) to rescue than Faders, they are not out of range just yet. Escalate your offers and call to action in order to reconnect with them before they move into the Inactive stage.
Inactives are the customers who have displayed next to no engagement with your brand and have not bought in several purchase cycles. In turn, they have little chance of reactivation - if any at all.
Due to the high cost and low effectiveness of Inactive customer reactivation, most Inactives are often better treated as new prospects (that you already have some data for).
BuyerGenomics analyzes email response rates, purchase patterns/cadence, web browsing behaviors, and external data sources to monitor and message your buyers through their Buyer LifeCycle.
With AutoPilot, which autonomously predicts and detects shifts between each of theses stages in real time, you can swiftly send the right message, to the right person, at the right time to maximize the probability of further purchases.