This was presented by Carey Wilkins of Evolytics at the Boston eMetrics conference. For more conference presentations, see Evolytics speaking engagements.
LIFEcycle Metrics is a proven framework for digital measurement, unique because it is an analytics framework that is structured to align consumer needs with marketing and business objectives.
As experienced marketers, we know that the best products align consumer needs with business objectives. And we know, without a doubt, that the best brand experiences align consumer needs with business objectives. So, it is logical to conclude that the best measurement frameworks should align consumer needs with marketing and business objectives. And this is done by using Evolytics’ customer LIFEcycle Metrics framework as a focus for planning and analyzing digital measurement activities.
“LIFE” is an acronym that reflects the stages of the Customer Lifecycle: Learn, Investigate, Favor, Engage.
- Learn: Consumers discover a need and become aware of a relevant brand.
- Investigate: Consumers research options and seek opinions.
- Favor: Consumers select, buy and experience a product. In this stage they also form preferences for buying more from the brand.
- Engage: Consumers engage with value-add content. They share, comment or refer the product or brand to a family member, a friend or colleague. They also commonly pursue a two-way communication with the brand.
Evolytics works with brands to apply LIFEcycle Metrics by:
- Gaining shared vision on what customer needs and motivations are within each LIFEcycle stage
- Mapping consumer activities across channels, in context to the brand/industry for each LIFEcycle stage
- Aligning business and marketing goals to the LIFEcycle stages
- Identifying relevant marketing actions that should occur to support consumer activities, needs and motivations within each LIFEcycle stage
- Determining LIFEcycle Metrics and setting targets for consumer needs and marketing/business objectives within each LIFEcycle stage
- Identifying gaps as opportunities for optimization and testing, with the goal to optimize brand experiences throughout the consumer journey
This format is the basis for documenting a truly effective customer-centric Measurement Plan that can then provide a strategic foundation for reporting and scorecard development.
Benefits of the LIFEcycle Metrics framework include:
- Shifts the focus from the business to the customer, identifying brand interactions throughout the consumer journey
- Unites stakeholders, establishing shared vision through the alignment of consumer needs and business objectives
- Facilitates analysis of marketing performance in context of strategic priorities
- Enables centralized reporting of segment key measures
- Provides a framework for strategic alignment with omnichannel inputs