Professionals in the business know the values of the customers and it isn’t a one-time deal. The best customer service providers build mutual benefiting relationships for the long run. If customers benefit a part from your business, it integrates customers’ lifetime value.
Businesses grow more when they have control of the customers’ engagement on your business website. A capable customer lifecycle management software helps businesses to plan strategies for increasing customer retention rates. Equipped with all the advanced tools, businesses run on an automated process and increase the customer service experience.
What is the customer lifecycle?
A customer lifecycle refers to the process initiated from the point when a visitor indulge in your business and end up making a purchase as a customer. The relationship build-up is for the long-term depending on the type of service and their requirements.
Stages of the customer lifecycle
Prospect visitors turn into customers in 5 stages:
- Reach
This stage begins when an individual searches for a product and through various platforms, they come to know about the product that fits their need. Your business has the solution to their issue. And, in this way, they ‘reach’ your business.
When customers search & compare your products with your competitor’s brand, it’s the high time to strike on their device. Your business qualifies for the next stage if they find your products intriguing and reach out to you to dig out more knowledge about the products, offer, and discounts.
- Acquisition
Acquisition is the stage when customer officially lands on your website and look for contacting you. If they had looked and researched your website, despite useful content there, they require more specific information. At this point, a customer wants precise knowledge directly from you. Aligning their queries one by one, businesses perform best practices to serve them and try to convince them for purchasing a product.
Through smart software, businesses also have an idea about the activities performed on the website by a specific user. Every piece of information on the website is only for the customer service experience. You should provide better navigation options to tour them to explore varieties.
- Conversion
Customers make a final decision when they gain all the information related to the product and if it matches their requirements. Keeping all the things in mind, they make a purchase that flags your business for the addition of a new customer. Now, you have to make sure that you provide value to them as it was just a one-time purchase.
Building up your brand’s identity brings responsibility to retain customers so that they can form a chain of continuous purchases from your business.
- Retention
Customers turning around from the retention stage can be fretful for business. You better ensure their satisfaction. Keep a check on their behavior and know their interest whether they liked the services or not. A short survey can help you evaluate the results of the practices performed.
Direct feedback from the customers and immediate actions against the defects can help your business to improve and be more productive. It will also enhance the customer service experience.
To hold your customers for the long-term, businesses avail exclusive perks and benefits to the customers which are accessible 24*7.
- Loyalty
When you have done it from your side, sit back and relax. Now, it’s up to your customers to reward loyalty in return. But businesses still have to make efforts to sustain. Customers spread positive reviews to other customers who would also want to engage in your business.
After influencing from the previous stages, customers hit the final stage. Creating your brand loyalty takes time and it can only be developed and expanded by offering wonderful customer services that no other business does.
These are just stages that a customer goes through when involving in your business. Although, they don’t necessarily follow the procedures and can directly be your long-term loyal customer when they hear about your brand from trusted circles.
SOFTWARE TO MANAGE CUSTOMER LIFECYCLE
- Content Management System
Customers mostly find the brands online and for being available to your customers, businesses need an official website or a content management system. CMS helps you to reach your customers through search engines, tailored strategies and converting them to buy a product.
With the help of this software, customers can easily interact with your service team. The software is applicable for the prospects on reach, acquisition, or conversion stage.
✔ Marketing automation tool
When a prospect turns into a potential customer, a marketing automation tool allows their retention. By sending emails, launched products, and altered services, it offers personalized experiences based on customer’s attributes. This is applicable to the first 4 stages of the customer lifecycle.
✔ Customer Relationship Management (CRM) system
A business is not only confined to making profits but also building relationships. CRM initiates when prospects integrate the possibility of becoming a customer. It keeps a record of prospects’ details and secures in a unified database. After receiving a form on your website, businesses can use CRM. It can be utilized only after the reach stage to collect leads, contact information, and manage automated workflow.
✔ Customer service software
When you know, your business is gaining potential customers; you will want to manage it properly. The customer service software is enabled at the conversion stage of the customers and is certainly the most important tool to support your business. Customers can raise a ticket with the help of this software and businesses can conduct customer experience surveys.
BUSINESS GROWTH WITH LIFECYCLE MANAGEMENT
Businesses can grow by analyzing and managing customer life cycle. Customers have 5 progressive stages of their lifecycles. Utilizing the software, businesses can monitor their performance, start lifecycle marketing campaigns, and manage their activities at each stage. It is an effective tool to create and expand your customer base and visualize the exponential growth of your business.
Maxicus is a versatile service provider that empowers your business with effective customer life cycle management in banking, E-commerce, healthcare, and others sectors. It solely aims to improve customer experience with its professional expertise.
