What is customer lifecycle
The consumer lifecycle management (CRM) chart
From a business customer relationship management standpoint, the customer lifecycle is a means of describing how customer relationships change over time. It includes every step of the consumer’s journey, from first-time visitors to long-term recurring customers who establish strong brand loyalty.
The fact that the relationship between business and consumers are framed as a cycle demonstrates the continuous nature of client acquisition and retention, which is something a company must accomplish every day. Customer lifecycle journey progresses from stage to stage until they make their purchase from the company.
They stages involved in customer lifecycle are,
- Reach/Awareness
- Acquisition
- Conversion
- Retention
- Loyalty
- Reach/Awareness
Make your target audience aware of your brand
This is the stage in which a potential consumer becomes aware of your company and the services that you provide for the first time. This can occur when the consumer is researching online for a particular product, by seeing your advertisement, reading testimonies of your previous customers and by hearing word of mouth from different sources.
During this stage, the company’s main objective should be to create awareness and reach as many potential customers as possible. It can be done by creating effective advertisements in social media or other online platforms and developing your marketing and advertising strategies that will create brand awareness.
- Acquisition
Bridging the gap between consumers and products
When the customer inquires about your company’s products and services through emails, phone calls and your website, they have officially entered the acquisition stage.
In this stage you will have to provide all the information about the products and services that you are offering. The response to the inquiries can be verbal, written or visual presentations. For example, if the customer is inquiring through your website, the contents in your website should be informative as well as engaging enough to educate the customers about your company and most importantly persuade them to purchase your products and services.
- Conversion
Changing viewers into customers
This is the stage in which a customer purchases your products or services. Understanding the purchase patterns of consumers is important, as to have a competitive advantage for the same product or services that other companies are offering.
The individual makes a purchase from your company after gathering all required information and being satisfied with your brand’s customer experience. They are officially converted as your customer.
It is important to provide all the values and services that you have promised. You have to make sure that they come back again. This is where we move on to the next stage; retention.
- Retention
Repeat customers are better than one timers
In this stage, you would have acquired a new customer. As a company providing valuable products and services, you should focus on satisfying your customers to retain them and make them come back. According to research, retaining existing consumers is less expensive than acquiring new ones.
You have to let your customers know you are available to answer inquiries and give suggestions and advice concerning the product or service they have purchased.
Asking for feedback is another effective way to know more about your customers needs and wants, always be open to new ideas and suggestions offered by your customers to help you develop your products and services.
- Loyalty
Gaining trust from customers for your brand
In this stage, your customers become an important asset to your company. They will purchase your products and services more frequently. They will even suggest and make others aware of your excellent customer services. It is important for you to provide valuable services and live up to their expectations or further strengthen your bonds with the customers by giving them exciting offers, discounts and promotions.
Conclusion
Understanding the client lifecycle is critical to a company’s long-term profitability and growth. Businesses should develop and improve all the customer lifecycle stages, rather than focusing on a few.
The customer lifecycle includes:
Reach: Awareness to potential customers
Acquisition: Customers willingness to purchase your products.
Conversion: converting viewers and researches into customers
Retention: acquiring repeat customers and retaining them.
Loyalty: Customer satisfaction.
To know more about Digital Marketing in this digital era and stay ahead of your competitors visit www.wagmandigital.com to acquire knowledge and skills to develop your personal and professional self!
