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The Concept Of Customer Lifecycle - Business - Nairaland

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The Concept Of Customer Lifecycle by adeoba2008(m): 12:47pm On Oct 25, 2015
Customer lifecycle can be defined as a progression of steps that a customer goes through when considering, purchasing, using and maintaining loyalty to your organization. You should also know that as you are taking your customer through this lifecycle, there are competitors who are standing by to hijack your customers. Once your customers are not satisfied with your product or services or you fail to provide a consistent customer experience, your customers are bound to join your competitor’s lifecycle. One thing you need to understand again that anytime that your customers is coming back for repeat purchase, they are passing through your customer lifecycle over and over again.

What is management?

According to business dictionary, management can be defined as the coordination of the activities of a business in order to achieve defined objectives. It stated further that management often include: creation of a corporate policy, and organizing, planning, controlling, and directing organizations’ resource in order to achieve the objectives of that policy.

What is customer lifecycle management?

Customer lifecycle management can be defined as organizing customer lifecycle in order to maximize customer retention and profitability rates. When we talk of CRM, you are trying to see all the available resources and channels in the organization in order to ensure that you are not losing customers to your competitors.

It is also the process of directing all your resources in order to make sure that you are building relationship with your customers and getting some vital information that will help you to raise the exit barrier for your customers.

One thing you need to take into consideration is that the customer lifecycle must be linked to the enterprise lifecycle. What I am trying to say is that everything that you will be doing must be geared towards raising the exit barrier for your customers. You have to do all that is within your power to make sure that your organization stay ahead of competitor and raise the exit barrier for your customers. That is the best way to link customer lifecycle to enterprise life cycle.

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