Customer Life Cycle - Stages

The customer life cycle starts from the prospect stage and passes through the lead conversion pipeline to end as a customer. This each point in the path is given an obvious name.

In a simple way we understand the whole process by dividing into five phases.

Reach:

Initial phase is the attention seeking time. How to woo prospects to be your customer. How to reach prospect through their mode of communication.

Acquisition:

Capturing the prospect with relevant influence. At this stage your communication should touch on the valid interest point of your customer.

Conversion:

At this stage, you'll be establishing a definite relationship with your customer. It's when customer decides to get into biz relationship with you. Buy news in the air!

Retention:

Retaining existing customers is the most rewarding way to create more revenue for your company. Establish good rapport with your current clients and promote new offers. This cross-selling, up-selling in-turn bring more revenue from your customers.

Loyalty:

Customers voice is ten times more valued than your corporate slogans. Your next plan should focus to get more mileage from your existing clients by turning them to your brand ambassador. In order to foster loyalty from customer banks, you should melt preferential offers/discounts etc., to long term loyal customers.