Today we are dealing with informed customers. They use many digital channels for access and communication. Hence, enterprises need to think and act seamlessly at every touch point of the customer lifecycle.
Holistic view of customers
Life Cycle Management focuses on the phases of customer actions in the buying process from the first contact through consideration, purchase, use and maintaining loyalty. It creates a customer digital roadmap and tracks typical customer’s buying journey. The lifecycle touchpoints are email, mobile phone, website, call centers, tablets, retail stores, direct mail, etc. It digitizes the entire customer lifecycle, from creating the first impression, lead capturing and lead nurturing, sending a welcome message, setting up a customer online account and integrating the social channels.
In the last few years, consumer demands for a product or services have outgrown the ability of an enterprise to meet them.
With the advent of Marketing Automation, it has become common to consider creating a contact strategy to engage audiences through email, personalization, social media and traditional channels through an entire lifecycle of all contacts.
It is far easier and costs less to get repeat business from existing customers than it is to acquire new ones from scratch. This ‘relationship’ begins today with the first contact with the customer when they are simply contact or prospect.
Metrics for success are:
- response rates
- sales accepted leads
- sales qualified leads
- lead generation
Life Cycle Management maps out marketing objectives using metrics that relate to revenue. It also deals with a post-sale portion of the customer lifecycle, customer retention, and expansion.
Life Cycle Management uses predictive analytics drawing on customer preferences, intent, and behaviors to proactively trigger automated, algorithmic logic-based workflows. Getting customer engagement right is dependent on the ability to operate an intelligent, decentralized, automated business without compromising on customer experience, revenues, costs, and productivity across the enterprise.
The secret to high growth is maximizing customer lifetime value and increasing customer retention.
CustomerLife Cycle Management is the strategy that will help your customers get more value from your products and solutions resulting in more profitable client relationships. With it, you can also Cross-sell and upsell, eventually resulting in increased revenue.
Identifying, winning, growing and retaining customers with Life Cycle Management. This happens with insights and tools that help increase the satisfaction of customers adding value from opportunities identified. It enables powerful customer interactions strategies that power significant growth in business and profits.
Life Cycle Management helps:
- Drive customer lifetime value through analytics.
- Build and optimize integrated cross-functional loyalty programs.
- Develop and implement transformational changes.
- Enhance Customer Experience (CE).