What is customer lifecycle platform?
Customer Lifecycle Platform
What is the customer lifecycle? Customer lifecycle refers to the different stages that new leads or customers go through in the sales funnel, from the start of their purchase journey through to their continuous engagement. Each customer lifecycle is unique for every business. The goal of the customer lifecycle is to manage each touchpoint that customers may encounter, beginning with lead generation to converting leads into loyal customers.
A customer lifecycle platform can help organizations learn about the various interactions that customers may encounter throughout their purchasing journey. Lexer's Customer Data and Experience Platform (CDXP), for example, can assist companies in understanding and mastering their customer lifecycle in order to increase engagement, enhance user experiences, and expand their business.
Developing a customer lifecycle management (CLM) framework can help strengthen client relationships by identifying gaps in customer experiences and customer turnover rates. Having the right customer lifecycle management framework can provide insights on how you can support and manage all customer interactions and expectations.
Marketers need to have a solid understanding of consumer behavior based on buyer personas to engage with customers more effectively and design the best possible customer experiences at each stage of their lifecycle journey. Looking at customer lifecycle management best practices can help you convert more leads into loyal customers and eventually, brand advocates that can assist with lead generation.
Companies can utilize customer lifecycle management software to execute their CLM process. You can use CLM software to look at the chain of interactions that customers may encounter as they move through their buying journey. Some CLM soft predictive analytics can assist you in developing buyer personas for your company. In addition, using predictive analytics such as Lexer's churn risk model can help you determine whether a customer can be considered churned by analyzing the maximum disengagement time after a transaction has been made.
Other software solutions can provide real-time recommendations on the best course of action to take to enhance customer experiences. Last but not least, there are CLM software tools that you can use to communicate with your clients via a variety of channels, including email, SMS, websites, and portals.
What Are The Five Stages Of Customer Lifecycle?
Each organization has a unique customer lifecycle management strategy. The ultimate goal of customer lifecycle strategy is to create a positive experience for your customers. When customers have developed a close affinity with your brand, they can turn into brand advocates and recommend your business to more customers. You may refer to various customer lifecycle management examples to learn about best practices.
Typically, the customer lifecycle management stages consist of five stages. The discovery stage, which is often referred to as the awareness stage, is the initial stage. Discovery happens when a customer begins looking for a product. Since this is the first interaction between you and your customers, your brand should leave a positive first impression to encourage them to move along the buyer's journey.
The second stage is the education or enlightenment stage, in which customers want to learn more about your products and offerings. At this stage, it is essential to understand your customers' pain points, how your brand can meet their needs, and what makes your business stand out from your competitors.
The third stage is the purchase or conversion stage, which happens when customers have decided to make a purchase. At this stage, it would be helpful to provide customers with a smooth purchase process. Having a complicated procedure with too many restrictions may cause customers to abandon their carts and possibly turn to your competitors.
In the fourth stage, or the post-purchase engagement, you can utilize customer feedback and reviews to determine whether or not your customers are satisfied with your product. This stage is crucial for fostering brand loyalty and consumer retention.
The final stage is the advocacy stage, which happens when customers have a positive experience with your product or service and spontaneously promote your brand through social media posts, online reviews, and even personal reach. This can help you gain more customers in the discovery stage.
Customer Lifecycle Marketing
Customer lifecycle marketing is the process of engaging targeted customers for a specific purpose. A customer lifecycle marketing strategy involves understanding the customers’ lifetime value. By providing what customers need, you can direct them through the sales funnel. In addition, looking at various lifecycle marketing strategies and customer lifecycle marketing examples can provide you with insights on how to simplify the buyers' journey and enhance the customer experience. In general, customer lifecycle marketing focuses on developing long-term relationships with customers by continuously examining customer acquisition and retention, and exploring opportunities to improve and optimize the process.
It is important to note that customer lifecycle marketing is not similar to customer relationship management, or CRM. Lifecycle marketing focuses on providing value to customers at different touchpoints along their buying journey and optimizing business-customer relationships. CRM, on the other hand, is all about managing and strengthening customer relationships and focuses primarily on customer-facing processes.
There are four stages in lifecycle marketing: attract, engage, sell, and delight. To attract new customers, it is important to know your target clients and how your product can satisfy their needs. By obtaining information about your demographics, you can tailor your marketing strategy to your various customer profiles and develop more personalized lead nurturing. Engaging customers is about establishing relationships with them by adding value. This involves providing them with more information about your brand to pique their interest. The selling phase, on the other hand, entails presenting your potential solution that can help solve your customers’ issues or address their needs. Finally, the delight phase means ensuring that your customers are satisfied with your product for long-term profitability and growth. While there are only four phases in a typical customer lifecycle marketing, B2B lifecycle marketing adds one crucial step: retain. B2B lifecycle marketing puts an emphasis on customer retention by focusing on establishing strong brand-customer relationships.
As a leading customer data platform (CDP) for retailers, Lexer can help companies understand and engage with their customers by providing them with experiences tailored to their preferences. Lexer is the only CDP built specifically for brands and retailers. Businesses can put consumers front and center by enhancing customer interactions with the help of native tools from Lexer.
What Is Customer Lifecycle Management?
The purpose of customer lifecycle management is to help companies maximize the lifetime value of their customers. The customer lifecycle focuses on providing customers with personalized interactions and developing strong brand-customer relationships. While a customer journey ends when customers have achieved their objective or finished their task, the customer lifecycle follows a cyclical pattern. The ultimate goal of the customer lifecycle is to build strong brand loyalty and to convert loyal customers into brand advocates.
An example of customer lifecycle management is customer acquisition. This means bringing in new clients to your business or turning prospects into customers. Customer acquisition can be done through social media platforms, email marketing, search engine, and other channels.
Companies would benefit from looking into the 3 stages of customer lifecycle when designing their lead magnets to attract their ideal customers. When potential clients first learn about your product, this is known as the awareness stage. When your prospects have determined their unique demands and are now looking for potential solutions and determining whether your product can solve their problems, they are in the consideration stage. The last stage is the decision stage, which comes after your prospects have made a decision and become paying customers.
Companies may put their customers at the center of their business model by using the appropriate workflow solutions from Lexer to automate and improve customer experiences. Lexer can unify data silos from disparate sources to create a single customer view, enabling companies to acquire insights to draw in, convert and satisfy customers.
Why Is Customer Lifecycle Management Important?
Why is customer lifecycle management important? Customer lifecycle in CRM is important because it can help nurture customer relationships and convert potential clients into loyal customers and brand advocates. Customer lifecycle management also means creating and delivering value for your customers to acquire and retain them. By understanding the stages of customer lifecycle in CRM, you can create more personalized marketing strategies to attract your target customers and keep them engaged with your brand.
When it comes to value creation and delivery, you should determine what kind of value you can offer and for what type of market. Your value proposition should clearly explain how your product meets your customers' needs, offers extra benefits, and sets you apart from the competition. When creating value for your customers, it is important to match your customers' expectations with your brand offerings. Communicating value to your customers through social media advertising and other sales and promotional activities is essential to drive sales.
With Lexer's CDP-enabled marketing solution, you can design personalized customer experiences across a variety of own and paid channels in order to attract qualified leads and prospects. To better understand the demands of your high-value consumers, Lexer can combine fragmented data sources into a single customer profile. Additionally, Lexer can provide you with actionable insights on consumer behavior and buying patterns so you can develop customized messages that suit your customers' preferences.