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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, marketing processes, and value-added services to a unified decision supporting platform through iterative phases of customer acquisition, retention, cross-and upselling ...
Customer lifetime value: The present value of the future cash flows attributed to the customer during his/her entire relationship with the company. [2] Present value is the discounted sum of future cash flows: each future cash flow is multiplied by a carefully selected number less than one, before being added together.
These analytics help improve customer service by finding small problems which can be solved, perhaps by marketing to different parts of a consumer audience differently. [20] For example, through the analysis of a customer base's buying behavior, a company might see that this customer base has not been buying a lot of products recently.
Lifecycle challenges include driving usage of a product/service, new client acquisition, enabling cross-sell, up-sell, client retention, activation, usage, churn prevention, etc. [3] Segment-based challenges Companies will reach out to each customer in a different way to suit their needs, especially when the company has multiple products ...
Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.
Customer contacts. CRM – Contact with customer made through the retail store, phone, and fax. eCRM – All of the traditional methods are used in addition to Internet, email, wireless, and PDA technologies. System interface. CRM – Implements the use of ERP systems, emphasis is on the back-end.
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These funnel types are part of a marketing strategy, each tailored to facilitate different goals throughout the customer lifecycle. While terms like "full funnel marketing," "sales funnel," and "purchase funnel" are sometimes used interchangeably, they each serve distinct purposes within a broader marketing framework.