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Dec 09, 2017 | 0 comment
Understanding customer lifecycle management would sound like an esoteric theory that is suited better for an MBA thesis than a small business strategy with the concepts that includes the various key factors of generating more revenue at a lower costs, and bringing more profits. And like all the lifecycles it consists of the following steps.
So what are the various ideas and strategies you would use to not just reach your customers but also keep them for the entire life? Understanding customer lifecycle management is generally considered to be a paramount for you and your business organization enjoying the years of business success. There are different books being made available of how you could understand customer lifecycle management to a given client and would help you put the entire process in the right perspective.
5 Major Steps of Understanding Customer Lifecycle Management
Step 1: Reach
This is one of the best ways where you could easily connect with your customers. It’s a kind of an ad you put on a bench, the ad in a magazine, and the coupons that are delivered in the mail, or a word that someone hears it from a friend. Metrics is the key at this particular stage allowing you to analyse which marketing efforts are giving you the best for your amount that you are spending.
Step 2: Acquisition
Acquisition comes only when you have got attention of all your potential customers. This is the first contact with your new customer. And this is where the frontline services employees, the phone representatives, and the sales person would earn they pay, where the entire process is carried out via email, in personal, on phone or solely through the web page depending on the nature of your business.
Step 3: Conversion
Another word for conversion is sales. It is a process where you turn an interested person into an actual customers. One of the best ways to deal with the entire process is to sell your relationship and not the products and services you are dealing with. Try and make your customers feel important giving them a warm welcome and the purchase would take care of its self.
Step 4: Retention
You have made the sale. Now that great, but selling more to a client at this stage would be expensive like starting over the entire process from the very first stage. In short it could also mean up – selling or cross selling where doing every small little thing for your client in order to maintain your relationship could add some benefits for you. You could do this by contacting them on regular basis, and providing value in such a way that the customer would first think of you when he or she needs the products and services.
Step 5: Loyalty
This is the desired and end result of every customer life cycle management process like enjoying an early retirement at an end of a successful career. And it is at this particular stage the client has become your friend or say a loyal ambassador who would be calling you with your first name, and would recommend you to each and every one who would actually listen to them. Not every customer would reach this stage but you could acquire a few more with every product life cycle.
To conclude understanding customer lifecycle management is a tough task and is something that has to be explained to the employees in the organization. So how would you convey this idea to them? Do leave the comments below.
About The Author
Abhishek Jain has over 10 years of experience within BPO Industry – Customer lifecycle management,BPO managing and various offshore /onsite projects in various technologies and domains
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