A customer's life cycle can be differentiated into four Phases.
Marketing: The marketing part of the customer life cycle is when messages are sent to the target market to attract prospective customers.
Customer acquisition: Customer acquisition means prospects become customers when they place an order.
Relationship management: Relationship management is when resell processes increase the value of existing customers.
Loss/churn: when inevitably in time a company may lose a customer. The company then needs to establish a win-back process. The company then needs to decide which lost customers are of most value and try to win back their business.
A CRM system integrates all four phases of the customer life cycle into three major processes. These processes are solicitation, lead-tracking, and relationship management.
The customer life cycle is often designed as an ellipse structure, representing the fact that customer retention is top priority and the main goal of the cycle.
In customer relationship management, the customer life cycle is a term used to describe the progression of steps of a customer gone through stages like purchasing, using and maintaining loyalty to a product or service.
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| Asked: 2/25/19, 5:45 AM |
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| Last updated: 6/24/19, 5:22 AM |