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Customer Life Cycle (CLC) and CRM

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❶In summary, the three perspectives are:.

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There are basically following stages of customer life cycle: First time buyers- After making the first buy, the customer enters this stage. Such customers probably have the lowest retention rate as they have not yet explored all the facets offered by the supplier. Hence it is the duty of supplier to convince them more on the product value and services to meet their second level of expectation.

If they succeed in doing this then customers would continue to buy the products and could be retained as long as they are overall satisfied. During this process the failure of meeting even one aspect of customer could cause the customer to defect. Early repeat buyers- Customers will fall into this stage when they make at least one repeated buy. These customers are more tended towards regular buying as compared to the first time buyers.

Suppliers have chance of getting more and more business out of them as they have already created influence on them. However, these are the satisfied customers but still they are in process to evaluate the relationship between the two parties, hence a small mishap could lead to defect these valuable customers. Core Customers- Customers are said to be core customers when they are fully satisfied with the product value and services provided to them as well as when the supplier is able to maintain a quality relationship with them.

These customers are flexible and considerable as they ignore small mistakes which they know, will be efficiently and quickly resolved.

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In customer relationship management (CRM), customer life cycle is a term used to explain the stages a customer passes through when considering, purchasing, using, and remaining loyal to a .

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The customer life cycle comes from the practice of CRM where it’s traditionally used to map the different stages a customer goes through from considering a product, service or solution to the actual buy and, at least as important, the post-purchase stages (where customer retention, customer loyalty .

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Customer Lifecycle Management Insights and tools to help companies increase the satisfaction—and value—of their customers. Effective customer lifecycle management (CLM) can enable powerful customer interaction strategies that power significant business growth and profitability. Customer Life Cycle If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the .

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Lucky for you, there are 5 stages of the customer life cycle that will help you understand and improve your customer service. Stages of customer life cycle management: Reach – Your content must be properly marketed in places where people/businesses in your market will find your information. A customer life cycle can also be thought of as the length, arc and nature of a customer's relationship with your brand or company. Much like a "human life cycle" or a relationship between two people, this customer life cycle is marked by ups and downs, different phases and different periods of activity.