Customer lifecycle management or CLM is the measurement of multiple
customer
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for ...
-related
metrics
Metric or metrical may refer to:
* Metric system, an internationally adopted decimal system of measurement
* An adjective indicating relation to measurement in general, or a noun describing a specific type of measurement
Mathematics
In mathema ...
, which, when analyzed for a period of time, indicate
performance of a business. The overall scope of the CLM implementation process encompasses all domains or departments of an organization, which generally brings all sources of static and dynamic
data
In the pursuit of knowledge, data (; ) is a collection of discrete values that convey information, describing quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted ...
,
marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...
processes, and value-added services to a unified decision supporting platform through iterative phases of
customer acquisition
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for ...
,
retention,
cross- and
upselling
Upselling is a sales technique where a seller invites the customer to purchase more expensive items, upgrades, or other add-ons to generate more revenue. While it usually involves marketing more profitable services or products, it can be simply e ...
, and
lapsed customer win-back.
Some detailed CLM models further break down these phases into acquisition, introduction to products,
profiling of customers, growth of customer base, cultivation of loyalty among customers, and termination of
customer relationship
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
CRM systems compile data from a ra ...
.
Any customer lifecycle management program would need to use a
customer relationship management system (CRM).
According to a DM Review
magazine
A magazine is a periodical publication, generally published on a regular schedule (often weekly or monthly), containing a variety of content. They are generally financed by advertising, purchase price, prepaid subscriptions, or by a combinatio ...
article by Claudia Imhoff,
et al., "The purpose of the customer life cycle is to define and communicate the stages through which a customer progresses when considering, purchasing and using products, and the associated business processes a company uses to move the customer through the customer life cycle."
See also
*
Customer relationship management
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
CRM systems compile data from a ra ...
*
ECRM
The eCRM or electronic customer relationship management coined by Oscar Gomes encompasses all standard CRM functions with the use of the net environment i.e., intranet, extranet and internet. Electronic CRM concerns all forms of managing relations ...
*
Purchase funnel
The purchase funnel, or purchasing funnel, is a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service.
In 1898, E. St. Elmo Lewis developed a model that mapped a theoretical ...
References
Lifecycle
Life cycle, life-cycle, or lifecycle may refer to:
Science and academia
* Biological life cycle, the sequence of life stages that an organism undergoes from birth to reproduction ending with the production of the offspring
*Life-cycle hypothesis ...
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