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, "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." [2]
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.
Ideally, the customer would maintain a relationship post-sale through support or re-engagement campaigns. Conversion marketing affects all phases of the customer life-cycle, and several conversion marketing solutions are utilized to help ease the transition from one phase to the next.
Churn rate (also known as attrition rate, turnover, customer turnover, or customer defection) [1] is a measure of the proportion of individuals or items moving out of a group over a specific period. It is one of two primary factors that determine the steady-state level of customers a business will support.
Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.
Bottom of the funnel (BOFU) corresponding to latter life-cycle stages (i.e. decision, conversion, purchase) Re-engagement paths – strategies and techniques meant to recover lost prospects/leads, usually through retargeting ads or email marketing
Customer contacts. CRM – Contact with customer made through the retail store, phone, and fax. ... As we implement eCRM process, there are three steps life cycle ...
Proactive communication is a strategy for the entire life cycle of customer relations to increase customer loyalty. This includes opt-in notifications and chats, easy accessibility in social media and contact possibilities via multiple communication channels. The strategy is applied in all phases of the customer lifecycle. The goal of proactive ...