Benefits of well-orchestrated customer lifecycle management:
- Better ROI: Improving customer experience in the pre-purchase stage can boost your pipeline and conversions by 20 percent or more. Improving experience in the post-purchase stage boosts satisfaction, loyalty and advocacy.
- Moving customers to engage more quickly: The better an organization understands and manages its customer relationship lifecycle, the more easily it can identify and improve the multiple touchpoints encountered at each stage. Viewed from the perspectives of efficacy, function, value, sequence, and sometimes even an intangible “wow” factor, touchpoints are the key to driving more of the right customers through your lifecycle and closer to your organization.
- More and better customers: By knowing precisely how to successfully move prospects and customers closer, you can dramatically increase the number and quality of customers gained and retained.
- Word-of-mouth advertising: Engaged, loyal customers are those most likely to refer your product or company to a friend and/or support your efforts through social media. That’s advertising that simply can’t be bought – and it’s free, courtesy of smart customer lifecycle management.
Each stage in a Customer Relationship Lifecycle serves a unique set of motivations, and each of these acts as a lever to move the prospect or client to the next stage of their relationship with your organization.
While the exact stages will depend on the business you’re in, the overall goal of the lifecycle is consistent across industries: to get your customers to discover, use, and engage as quickly and efficiently as possible, and then to provide ways to draw them closer to you. Progress through these stages is often sequential, but a customer may skip stages or even revert to prior stages.