Customer Lifecycle Management as a Process

The customer lifecycle can be broken down into the following process:

CLM as a Process

 

  1. Offering: You and your team build an offering, either a product or service, which satisfies a customer needs.
  2. Awareness: You build awareness in the market of your company’s offering with the goal of increasing your exposure, brand recognition and sales opportunity.
  3. Purchase: You connect, pitch, and negotiate with potential prospects, seeking to gain customers for your products and services.
  4. Usage: Your customers use your products and services. They either achieve or fail to achieve their desired outcomes.
  5. Advocacy: Your most engaged customers build loyalty with your company and become advocates and/or ambassadors for your brand.
  6. Expansion: Your customers purchase new products and services; increasing their investment in your company.

When done right, your customers should go through multiple iterations of the customer lifecycle throughout their lifetime. With each successful iteration you should aim to increase the recurring revenue from a customer account; thus extending the customer lifetime.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s