Customer Lifecycle: Discover Knowing and monitoring the Customer Life Cycle in your company can be the key to increasing your sales and generating new revenue.
There is a lot of talk about the life cycle of a product. But the customer life cycle is an item that deserves the same attention from your company.
After all, considering the customer life cycle is a vital strategy for business
Through this, it is possible to maximize the profitability of your digital strategies and increase your sales. So let’s learn more about this by reading the following.
What is Customer Lifecycle?
From the English Customer Lifecycle Customer Lifecycle: Discover Management (CLM), the concept encompasses the entire journey that a customer takes within your company, from prospect status to converted customer.
So, by identifying where in the Cycle this customer is and their profile, your company can develop segmented and specific actions – based on different offers and interactions.
The goal here is to expand
The results of each client as a way of brazil telegram data maximizing the results of the company as a whole.
The key to success in CLM lies in optimizing Customer Lifetime Value ( CLV ) rather than conversion rate or revenue per visit.
This does not mean that the conversion rate becomes less important. It remains a fundamental goal, but CLV outperforms the others when it comes to long-term profitability.
If this isn’t a familiar metric to you, let us explain:
CLV can be defined as the total revenue checking friends received over the lifetime of a customer in your company.
In this case, we are not just thinking about the average ticket or purchase value, but rather about optimizing the customer’s relationship with your brand.
Customer Lifecycle Stages
Customer Lifecycle: Discover The customer lifecycle has five defined stages. Learn about each one below and what your company can do
1) Segmentation
This phase includes all those who are having be numbers their first contact with your company due to a good inbound marketing and content marketing strategy . Therefore, you still don’t know it very well.
That’s why we call this group potential leads. It’s important to think that everyone who comes to your website, blog or social media is an opportunity.
This encourages your sales and marketing teams to continually test new ideas to capitalize on these opportunities every day.
2) Acquisition
At this point, your company will capture new customers and convert them into clients. So, with segmentation, your company must apply Lead Scoring .
This way, you can determine the best strategy to attract buyers that fit an expected profile and improve sales performance.
So far, potential leads have been converting into
Micro-conversions, such as blog subscriptions and personal information obtained through inbound marketing actions.
So the most important piece of information to get is their email address, as this is your channel of communication with them after they leave your site.
This does not guarantee conversion. However, it is a method to optimize the lead-to-customer conversion rate through nurturing.
3) Profitability
Once you have attracted customers, it is time to expand your offering: work on cross-selling and offer service upgrades, new plans, extended warranties and everything that can keep them in the customer life cycle, generating revenue.
4) Retention
Selling to an existing customer is cheaper than acquiring a new one. And about 25% to 40% of the most stable companies’ total revenue comes from repeat customers.