How To Comprehend The Customer Lifecycle Using CLM CRM Software

CLM CRM

For users of the CLM CRM platform to understand the esoteric ‘Customer Lifecycle’ may sound like a mysterious theory better suited for MBA students than for business owners in our present marketplace.
Nevertheless, CLM or Customer Lifecycle Management is a concept as well as a strategy that helps in lowering costs and boosting revenue.

Now there are several authors that have already written tons of pages about the details of each step in CLM. Nevertheless, by understanding how all these steps add up to complete the full cycle of any given customer’s lifecycle with your brand aids in putting the entire CLM process in perspective.

Therefore, here are five easy steps to understand the customer lifecycle by using a business growth technology like a CLM CRM tool.

Step #1

Reach

This is the initial step in CLM when you make your primary contact with the prospective customer. It can happen in several ways like delivering a social coupon over email, putting a roadside ad, or by meeting a customer because someone heard something good about your company from his or her colleagues, relatives or friends.
Metrics found in CLM CRM software is extremely important at this stage, as it easily lets you find which marketing efforts provided the best reach for the money you did spend for the marketing of your offerings.

Step #2

Acquisition

In this step, the primary goal of the user of the CLM CRM platform is to collect the prospective customer’s contact details, which include email address, contact number and social profile of the customer.

In this stage, the prospective customer is just interested in buying your product, but not yet ready to make a purchase from your company.

Now to move the prospect towards the next step, your sales reps can begin by collecting more information and enter them in your easy to use CRM tool, after which once you have gathered and organized all the necessary it is time to use them to start an ongoing communication with the prospect through phone calls, emails and social media marketing activities.

Step #3

Conversion

In this step, the user of CLM CRM software enters the most coveted step, since at this stage the fence-sitting prospect eventually becomes your customers after they make their very first purchase from your brand.

Therefore now is the time that you must take the chance to impress the customer by providing him or her with a world-class buying experience.

Now if you are selling online, for rendering a great busying experience ensure that your website is easy to navigate and you are using a secured payment gateway.

Now if you have been using an easy to use CRM you can use the software at this stage to send quotations and create invoices for the customers.

Additionally, you can also use the CLM CRM to track the behaviors of your customers and find out whether they are happy with their customer experience after purchasing your offerings and receiving your services.

Step #4

Retention

In this stage in the CLM CRM process, the aim of the user of the software should be to build a long-term relationship with the purchaser who has bought your offering(s) for the first time.
This is because excellent after-sales support and world-class customer service can help businesses to obtain repeat orders from their existing customers.

Therefore to manage relationships with the customer at this phase, the users of the CLM CRM tool need to study the customer’s behaviors by using different marketing techniques for different customers.

For instance, while certain customers can be retained by announcing a loyalty program for your brand, others may find good after-sales service more impressive for continuing their relationship with your company.

Now, using an easy to use CRM provides enough information to the users of the software to make an informed decision about what is the best way for retaining any customer.

Step #5

Advocacy

In this last step of the customer’s lifecycle with your brand, once you have created a relationship with your customers who are happy with your services and offerings, your loyal customers will not only continue to purchase from your brand but will also promote your company through word-of-mouth recommendations to their friends, peers and colleagues.

Moreover, there may be even some customers who can post positive reviews of your offerings online that will, in turn, boost the reputation of your business and your company.

Conclusion

Even though Understanding the Customer Lifecycle Management is indeed a complicated task, some of the most used KPI (Key Performance Indicator) found in CLM CRM software platforms are:

  • New Customers Acquired
  • Renewals
  • Up-sells
  • Cross-sells
  • Adoption and Usage Frequency
  • Rate of Customer Churn
  • Net Promoter Score (NPS)- for measuring loyalty
  • Post Selling Referrals and Advocacy

Thereafter now that you know what is Customer Lifecycle Management to find the best result buy CRM to gain insights into your customer behavior and use its functionalities to take action at every stage of the customer’s lifecycle with your brand, which a business growth technology like a CLM CRM can provide to its users easily.

Similar Articles

Ways CRM With AI Capabilities Can Understand The True Intent Of Your Customers

What is/are the real need(s) of your customer? What do they really want? This age-old question which has beguiled many has nevertheless taken an added urgency in today’s tech-driven digital economy.

Is The Rebirth Of Sales With Artificial Intelligence Here At Our Doorsteps

AI or Artificial Intelligence is infringing on the human-made sales process at an accelerating and exciting rate, or for some in a frightening manner, depending on your side of the coin.

Macbook open on a desk with a black coffee to the left and a small green plant to the right. A man has both hands out and is typing on on the laptop.

Working as a freelancer is a great option for many people, particularly those in the creative industries. From writers to artists to graphic designers and more – being a freelancer is a great avenue to allow you artistic freedom and to let yourself take on the projects that you are passionate about

Ways To Find If Your Chat Solution Is Really Meeting The Customer Needs

Chat solutions are very fast becoming one of the main channels when it comes to customer service. In fact, in a research done by Eptica, it was found that while only 7% of businesses used chat services in 2013, whereby nowadays 44% of brands use chat solutions and advertise it on their websites.

Data and Analytics Consulting

The distinct pieces of information or data is a salient feature behind the advancement of technology. The management of data and strategically utilizing it for the development of technologies has augmented business growth. This processing of raw data with specific methods and tools is known as analytics.

medical equipment

Today buying products online has become the latest shopping trend, which is accepted by people worldwide. The reason for online shopping gaining so much popularity: is the flexible shopping experience offers to the customer.

Factors to Consider for Hiring Catering Services

Are you planning to throw a big party for your friends and family members? Planning any event is not a child’s play, you have to look after so many things. You will be having a long list of work to do. The day before the event will be a stressful day to deal with

business growth

In recent times, modern consumers have never-ending options in front of them when it comes to choosing new products, brands, or services. This means that the customer’s expectations are extremely high in the present time

Three Key Symptoms and Ultimate Cures for Customer Churn

With the ever-expanding growth of customer experience programs that are even championed at board-levels, we as the vendor of one of the most popular CRM for small and medium businesses often find several companies investing heavily in the battleground for boosting customer satisfaction and loyalty of their brands