In 2024 three quarters of Chief Marketing Officers will be asked to do more with less, according to research by Gartner and McKinsey. Even without these new budget constraints, managing the consumer lifecycle has never been more complicated for eCommerce and digital entertainment businesses: increased competition for eyeballs and spending, a challenging economic outlook, and growing regional variations are just some of the hurdles companies already have to overcome.
If consumer lifecycle management is the process of acquiring customers, retaining them, and maximizing customer value throughout their relationship with your business, then payment solutions play a crucial role in consumer lifecycle management through their influence at various stages of the customer journey. Boku has worked with leading tech companies for 15 years helping them to navigate a complex landscape and grow their businesses across the globe. Boku’s success is in part due to how we have organized our payment solutions to work throughout the entire consumer lifecycle.
How Payments Can Influence the Consumer Lifecycle
Awareness
- Awareness may come through advertising, word of mouth, or other marketing efforts.
- Boku’s innovative approach to connect marketing and co-promotion helps merchants generate awareness quickly and cost-effectively.
- Offering promotions or discounts tied to specific payment methods can encourage customers to complete their first purchase, and drive activation.
Consideration
- At this stage, consumers are deciding whether to make a purchase. They may consider features, pricing, and reviews in making an informed decision.
- Finding a payment option consumes know and trust engenders feelings of safety and familiarity.
- Boku works with merchants to make sure they fully understand local payment options and to continually optimize and update payment options.
Acquisition
- Payments are essential for the conversion of a potential customer into an actual customer.
- A familiar, seamless, and secure payment process contributes to a positive first impression.
- A smooth checkout experience enhances customer satisfaction and increases the likelihood of successful customer acquisition and retention.
Each Payment Marks a New Beginning
The process of making a purchase is a critical step in the consumer lifecycle, but for most businesses it is only the start of their relationship with the consumer. A successful payment process can help to create an enduring relationship.
With nearly 300 connections in more than 60 countries, Boku is at the forefront of payments connectivity. What sets us apart is our twin approach to regulation and continual improvement. Boku payment connections are active in more than 40 markets, allowing us to advocate for merchants and adapt to changing standards and trends. Our work with leading tech companies means we never stop trying to improve: we continually monitor our connections and make performance-enhancing modifications.
Boku Payments Can Change How You Relate to Customers
Retention and loyalty
- Payment transactions supply valuable data that can be used for consumer profiling and analytics. This data helps businesses understand consumer behavior, preferences, and buying patterns.
- Using insights gained from payment data, businesses can personalize their offerings, promotions, and communications to better meet the needs and preferences of individual customers.
- Payment histories can be used to find loyal customers. Businesses can implement loyalty programs and targeted promotions to keep these customers and encourage repeat business.
Subscription management
- For businesses offering subscription-based services, payments are recurring, supplying a steady revenue stream. Managing subscriptions effectively is vital for customer retention.
- Boku has built a global reputation in tokenization and consumer recognition, allowing customers to enjoy frictionless experiences.
Conclusion
In summary, payments play a significant role at various stages of the consumer lifecycle, providing data and opportunities for businesses to manage and optimize their relationships with customers. Boku’s total consumer lifecycle approach means we collaborate with merchant teams and their colleagues to create added value and loyalty.
To learn more about how to influence customer acquisition and retention by adding local payment methods into your payments strategy, read our latest case study on subscriber growth in non-credit card markets.
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