A Customer Lifecycle Architecture should be flexible and dynamic, so that it is easily adaptable to the industry and customer segment you serve. First, understand that the customer lifecycle has different stages. Each stage characterizes a different point in the customer relationship, where the customer’s needs, aspirations, and mentality differ. As the customer progresses to…
The customer lifecycle can be broken down into the following process: Offering: You and your team build an offering, either a product or service, which satisfies a customer needs. Awareness: You build awareness in the market of your company’s offering with the goal of increasing your exposure, brand recognition and sales opportunity. Purchase: You…
Why must the customer’s lifecycle be managed? The answer comes down to a few variables: Customer Acquisition Costs Customer Lifetime Value Customer Retention Negative Churn First, the customer is the lifeline of any enterprise. You can build a great product, staff a great team, but if you have no customers, your business will surely fail.…
What is CLM? Customer Lifecycle Management (CLM) is the process by which your relationship with your customer is carefully managed and nurtured throughout its engagement with your business. The nature of different CLM frameworks vary due to the differences in industry, business and customer segment. Nonetheless, the fundamentals are the same. CLM is about taking…
Existing Customer Lifecycle Management (CLM) methodologies fail to provide businesses with effective tools to successfully manage customer relationships. But if there’s so much material on the subject… why reinvent the wheel? There are a couple problems with existing CLM frameworks that I want to address. — Pitfall 1: Heavy Sales Focus Most customer lifecycle management frameworks…
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