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customer lifecycle

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Customer retention is essential to every business. According to research conducted by Frederick Reichheld of Bain & Company, increasing your customer retention rates even by 5% can result in an increase in profits by 25% to 95%. And the key to high customer retention rates lies in the proper implementation of customer lifecycle management (CLM). Before diving into the fundamental principles of CLM implementation, let’s learn more about what customer lifecycle management is and its benefits for your…

The customer lifecycle is the top consideration when developing a marketing strategy. It describes how a customer interacts with your brand, connects a need with the value of your product, and enables an ongoing transactional relationship. Ironically, as the digital footprint has expanded to global proportions, lifecycle stages have never been smaller or more analogous to the physical experience of discovering a brick and mortar store and making an in-person purchase. The better you accommodate…