{"id":1463,"date":"2020-02-27T14:17:11","date_gmt":"2020-02-27T14:17:11","guid":{"rendered":"https:\/\/www.ndmc.uk.com\/?p=1463"},"modified":"2020-02-27T14:17:11","modified_gmt":"2020-02-27T14:17:11","slug":"what-is-customer-lifecycle","status":"publish","type":"post","link":"https:\/\/ustechsolutions.com\/what-is-customer-lifecycle\/","title":{"rendered":"What is Customer Lifecycle?"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h3 class=\"wp-block-heading\">About<\/h3>\n\n\n\n<p>Your\u00a0<a href=\"https:\/\/www.ndmc.uk.com\/customer-lifecycle\/\">customer lifecycle<\/a>\u00a0describes the key phases of your relationship with customers.\u00a0 It is important because it helps organizations to balance their investments efforts across all parts of the customer life-cycle.\u00a0 <\/p>\n\n\n\n<p>In the pursuit of new business, it\u2019s easy for maturing technology companies to\u00a0invest too little in RETAINING and GROWING existing customer sales. The marketing spend is often focused on this one area. Yet, it\u2019s four times easier to sell products to an existing customer as opposed to a new customer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Four Phases<\/h3>\n\n\n\n<p>There are\u00a0<strong>four phases<\/strong>\u00a0to the\u00a0<a href=\"https:\/\/newtonday.uk\/guide-to-sonar2\/\">SONAR2<\/a> <a href=\"https:\/\/newtonday.uk\/what-is-conversational-marketing\/\">conversational marketing<\/a>\u00a0customer life cycle.They are\u00a0to seduce, engage, delight and expand.\u00a0 Each of the phases will require a different blend of people, process, technology, data and innovation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Business Benefits<\/h3>\n\n\n\n<p>Without a doubt, it\u2019s important to understand your customer lifecycle because it has a big influence on how you can enhance your methods and tools to maximize sales opportunities during each phase of your interaction with customers.  Nevertheless, it\u2019s not easy to accurately appreciate your customer lifecycle without data that feeds your insight on when and how you interact with customers.\u00a0 This is why the effectiveness of Customer Data Management is such an important topic in discussions on Customer Lifecycle.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">MAXIMIZE<\/h5>\n\n\n\n<ul class=\"wp-block-list\"><li>Marketing spend by ensuring opportunities aren\u2019t lost as the result of weak links in sales and marketing processes<\/li><li>Effectiveness of inbound activity to drive real sales opportunities<\/li><li>Predictability of sales activity and pipeline visibility<\/li><li>Enforce positive salesforce behaviors that maximize their productivity and your returns<\/li><li>Repeat business from customers<\/li><\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">MINIMIZE<\/h5>\n\n\n\n<ul class=\"wp-block-list\"><li>Boom or bust marketing<\/li><li>Wastage in marketing and sales activities<\/li><li>Time lost to unprofitable business activities<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Customer Lifecycle and Customer Experience <\/h3>\n\n\n\n<p>Understanding your customer lifecycle is important not only to get the balance right in allocating sales and marketing monies and efforts to the right places, it also impacts on your customer experience; a term commonly used to describe the relationship a customer has with a business.  Customer Experience (CX) refers to the total of all experiences the customer has with the business, based on all interactions and thoughts about the business. Equally important, it is an all-encompassing term. It includes communications touch-points, communications, emotional experience, behavior, data management, customer data platforms and technology ecosystems, and business model design implications.<\/p>\n\n\n\n<p>Not only is it important to business strategy but also as a change agent to process improvement. It comes down to the ability of organizations to maximize customer value and minimize operating costs by understanding what drives customer behaviors and decisions.<\/p>\n\n\n\n<p>In light of recent technology innovations like cloud computing and big data, it\u2019s now possible to develop systems and methods to fully appreciate what matters to customers by harvesting data from back-office systems. In like manner, it\u2019s also possible to determine how customers want to interact. This helps organizations to forge effective marketing programs based on facts underpinned by data.<\/p>\n\n\n\n<p>Together with digital transformation initiatives, customer experience management is a game changing topic that organizations choose to ignore at their peril.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">About NDMC<\/h3>\n\n\n\n<p>NDMC Consulting is an expert consultancy business specializing in customer experience strategy, management and customer data platforms. We\u2019ve been delivering best-in-class customer experiences since 2003.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Further reading<\/h4>\n\n\n\n<p>Customer lifecycle management description by <a href=\"https:\/\/en.wikipedia.org\/wiki\/Customer_lifecycle_management\">Wikipedia<\/a> that presents an alternative perspective.<\/p>\n\n\n\n<p>Another helpful definition of the term from <a href=\"https:\/\/searchcustomerexperience.techtarget.com\/definition\/Customer-Life-Cycle\">Whatis<\/a>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your customer lifecycle sets out the phases of your relationship with customers. It should be comprised of four phases &#8211; seduce, engage, delight and expand. Read our guide to find out more.<\/p>\n","protected":false},"author":4,"featured_media":1464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[21],"tags":[],"class_list":["post-1463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-customer-experience"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Customer Lifecycle? - USTech Solutions<\/title>\n<meta name=\"description\" content=\"Your customer lifecycle sets out the phases of your relationship with customers. 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