Customer Life Cycle
As an eCommerce business student, you might have heard or read a lot about customer relationship management as well as customer life cycle in CRM. Consumer call is indeed an enormous part of the success of business in the market. So, it’s essential to devote plentiful time and assets to guarantee that the business is furnished with the correct knowledge and technological warehouse to satisfy the demands.
Usually, it’s said that effective organizations have the most faithful clients. But, to make the business a brand devotion among the customers, one should initially comprehend his clients the trip they took to reach his site.
As a student of this field, you should also understand the concept of managing customer relationships as well as appreciate the buyer’s journey. You need to realize that various factors influence the customer towards the business such as quality, efficiency, service, and reliability etc. and in order to run a business successfully, one should maintain these drivers effectively for his business growth. In all of these, you will also get some assignment writing tasks under Tutor Marked Assignment and Timed Online Assignment which will significantly affect your final course result.
What is the Customer Life Cycle?
With respect to the customer relationship management, the client lifecycle portrays the different stages a customer experiences earlier, during and after they complete a deal with any business or trade. Basically, the customer life cycle is the Point A to Point B journey that a customer goes through before getting to the business and till the final purchase he does from that.
The customer life cycle can also be called a customers’ phase, customers’ journey or buyers’ journey. This journey of a buyer includes the phases from getting to know about some company until the final purchase of any product of that company along with promoting it as well as become a repeated customer. This way, a consumer becomes a loyal customer for a business.
Stages of the Customer Life Cycle
The customer life cycle is a very crucial aspect for the marketing system of an organization but- what does it resemble? How do the purchasers get to buy a product making a justified decision from the very first step of a dilemma of whether they need something or not? How can this knowledge be utilized by marketers to organize customer lifecycle centred campaigns?
The truthfulness of the fact concluded by the real statistics that 70% of the consumer journey before he even gets in contact with the sales. The marketers and sales are similarly required for modifying their systems to adapt to these changing buyer practices. In any case, what would they be able to do about the 70% of the purchaser’s excursion that they’re passing up? What are the customers doing during this time? Also, in what capacity can a tool like marketing automation assist promoters with staying up with their clients?
The customer lifecycle begins the second you first catch a potential client’s consideration. It is frequently portrayed as an ellipsis as ideally; this is a procedure your clients should travel through again and again. Overseeing and keeping up the client lifecycle is essential for organizations to stay serious in the present commercial centre.
Understanding the client lifecycle can enable your organization to boost revenue for every potential and existing client. Furthermore, this actually begins by understanding the journey and different phases of the buyer lifecycle.
The customer lifecycle journey consists of a three-step process:
- Awareness Stage – When the customer recognizes that they have a problem/ issue.
- Consideration Stage – The purchaser characterizes their problem and researches for the alternatives to resolve it.
- Decision Stage – The consumer finds out and performs decision making to choose a solution.
These three stages comprehensively include various phases as-
- Retention and Loyalty
- Word of mouth
The major 5 phases of the customer life cycle are: –
In this stage, a client initially creates attention to an organization’s item or administration. The knowledge could have originated from web-based life, promotions, by listening in on others’ conversations (word of mouth) from companions or from different methods. The buyer could conceivably have a prompt requirement for the item or service, nonetheless, the goal is to make the relationship between the brand and a present or future need.
While the earlier stage made a loose connection between the brand and a consumer’s need, the acquisition stage develops that alliance. In this stage, clients get to know more about the company’s offerings by visiting their websites, their social media pages, discussing with the sales executives or by experiencing or taking trails of the products at a store.
Conversion is the level of buyers’ journey where they shop a product or service. It is imperative to comprehend the clients’ key buying standards; at this moment the products are needed to be placed in an appropriate manner to have a clear advantage over competitive offerings.
Since a novel customer has been obtained, the aim is to enable the buyer to get fulfilment and benefit from the product and services. An organization can accomplish this by utilizing surveys’ findings and calls to comprehend consumer gratification and address if any issue emerges. Customer retention is significant as researches show that it costs less to hold existing clients than to gain new ones.
At the loyalty stage of the customer life cycle satisfied customers keep utilizing the item or keep restoring their term for membership-based contributions. Loyal clients may decide to choose extra services or buy more expensive choices. Also, the loyal patrons will prescribe the products or services to colleagues, and loved ones.
Importance of customer life cycle
Understanding and analysing the customer life cycle marketing is essential for continuous achievement and business development. The lifecycle ought to be managed all in all and not divided into storehouses. For instance, if a business concentrates the entirety of its attention on the initial stages (e.g., reach, acquisition, conversion), however, fires the post-purchase stages, it will endure over the long haul – the business will effectively secure new clients, yet those clients will get unsatisfied and leave, making client beat.
Organizations ought to develop and enhance each one of the lifecycle stages, instead of concentrating on a couple. Organizations can utilize measurements to gauge the success of each stage.
The customer life cycle automotive can be understood by the following: –
- Reach- website visits, social media tour, branded searches, Impressions
- Acquisition- sales leads, inquiries
- Conversion- opportunity to close rates or lead conversion rates
- Retention- Renewal rates
- Loyalty- NPS (net promoter scores) or CSAT (customer satisfaction scores)
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Realization of CRM capabilities and customer life cycle is an important part of a business as well as a business student in order to grow their business with positive graphs and increasing revenues. The understanding of the effects of customer life cycle on seller life cycle is essential and should be thoroughly learnt.
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