The customer lifecycle begins with awareness and matures to advocacy, from the first interaction with your brand, to an evangelized super-user who raves about and recommends your product to friends, family and associates.
This Process Street article focuses on the customer lifecycle management – how to understand the different stages of the customer’s lifecycle, and guide them from initial awareness to long-term advocacy, with the help of tech.
Optimal customer lifecycle management is vital as this can maximize customer lifetime value (CLV) by boosting customer retention. This, in turn, will bolster your bottom-line by:
- Selling to an existing customer base: There’s a 60-70% chance of selling to an existing customer base relative to a 5-20% chance of selling to new prospects.
- Increasing customer retention: A mere 5% increase in customer retention is enough to raise a company’s profits by 75%.
Getting customer lifecycle management right can be tough. To help you, we’ve put together this list of essential tools to complete your customer lifecycle software stack, for optimal customer lifecycle management.
Each tool is chosen as per the customer lifecycle stage it’s best used for. Each customer lifecycle stage will have differing aims, which means it’s vital you use the right tools to meet your objectives. For this article, we’ve done the work for you.
- Understanding the customer lifecycle in detail
- Customer lifecycle software to help build brand awareness
- Customer lifecycle software to promote customer engagement
- Customer lifecycle software to ease customer evaluation
- Customer lifecycle software to help your customers make a purchase
- Customer lifecycle software tools to use post-purchase
- Customer lifecycle software tools to promote customer advocacy
Let’s dive right in!