Organizations today invest significantly in digital marketing and customer relationship management. Customer engagement is one of the biggest challenges businesses face. How do you keep them coming back? And how do you make them loyal to the brand?
What is the secret recipe? Customer lifecycle management!
Customer lifecycle management is a crucial aspect of the customer experience of any company.
CLM ensures that customer needs are met at each stage of the customer journey. It includes the delivery of the right content, features, and communications. Customer lifecycle management helps you understand customers and how they interact with a brand. By understanding customers, a company can provide a better customer experience and engagement.
The goal of CLM is to ensure that your customers have a smooth experience and are always satisfied. A good CLM process will allow you to proactively respond to customer feedback, expect future needs, and help to ensure that you're providing the best possible services.
According to the activity of customers for a brand, Customer life cycles can be divided into five phases:
The first stage of CLM is when the customer is aware of a problem and looks for a solution or product. The name of this stage is "reach" because it allows you to contact the consumer while they are considering their options.
Your consumer is comparing items from several companies (including yours), conducting research, and reading customer reviews.
This phase begins when someone first enters contact with your business for a solution to their problem.
It includes everything from how you introduce yourself to them (e.g., CTA, web copy, cold email) to how you encourage them to engage with your brand.
This is also where you come up with the idea for a new product or service that will be your next offering and use it to convert new customers.
During this phase, customers have acquired all the relevant information. After a good customer experience with your brand, the potential customer makes a purchase. Then they have finally converted and become a customer of your brand.
You want to make it plain that your company is adding value at this point. Not only have they made a purchase, but the customer also began a connection with you.
But the job isn't done yet. It's time to keep your customers coming back to your brand again and again.
Finding out how the consumer feels is the first step towards customer retention. Check in with them to see how their new product or service is going. To learn what you can improve, conduct customer service surveys, calculate your Customer Satisfaction Score, and create a voice of the Customer program.
You may make continual changes to your goods and services, as well as the customer service experience, by using information straight from them.
During this stage of client retention, the company will want to provide special benefits that only your customers have access to. 24/7 customer service, product discounts, and referral incentives are all benefits that may turn a customer into a brand advocate.
Customers are becoming loyal followers and advocates of your brand during this phase. Customers are making use of all the benefits they've acquired while being a loyal follower. Also, the customer is ready to start purchasing extra products and services from you. They can even share their positive experience on social media, promoting your business. This is where you can up-sell and cross-sell your product and services and start the cycle again.
But you won't be able to manage the customer lifecycle unless you do a customer lifecycle analysis, which will reveal how your customers are presently going through the funnel.
Gone are those days of data crunching through observations and experience. Today organizations utilize multi-feature yet easy-to-use tools like LMS.
LMS stands for Learning Management System. It's a software platform that allows businesses to create, deliver, and manage training content online. Businesses can deliver traditional training programs or use the system as a platform for digital learning. What they need is to learn LMS.
Here’s how LMS can help in making the customer journey beneficial:
With the help of an LMS, you can make the customer understand your brand value, product, and services. You can make a connection with this training that can lead to conversion. If the consumer found out the solution to their problem. You can include quizzes, online courses, and games in the customer onboarding training program
With the help of a Learning Management System (LMS), businesses can track customer behaviors and know exactly what they want from their customers at any given stage in the buying cycle.
The LMS tracks your customer's behavior from the moment they come into contact with your company until they become long-term, loyal fans. The LMS does this by collecting data about your customers' interactions and using it to send them relevant messages over time. It's just like how Netflix personalizes its recommendations based on previous viewing behavior! Once you have an LMS set up to track your customers' behaviors, you can use it to send them messages at exactly the right moment in their journey to purchase, driving them towards your desired outcome.
LMS integrations with CRM enable companies to keep customer records in one place. This feature can identify problems and take action at appropriate times.
This means that every client gets informed on updates of the product with required training content to take full benefit of the upgrade right away. This makes the most difficult component of client relationship management a little easier. This also guarantees that customers are not forgotten.
LMS has the advantage of being very customizable. This means you may create a quiz or surveys, concern about the customer's experience, the convenience of use, customer happiness, and so on during the training process. All these methods allow you to gather customer input and make changes or reach out as needed.
You can solve problems as they arise, rather than waiting until the client decides to move on to another product. This will reduce disengagement in the brand too.
As customers began to be active on social media platforms, leaving reviews and sharing their experiences with friends.
Social media platforms have become important customer service channels. The need to manage this feedback has prompted companies to buy software that monitors social media conversations. An LMS provides an easy-to-use user interface through which customers can leave reviews. LMS can also help companies manage the content they're creating in response to those reviews.
Customer Lifecycle management is one of the most powerful tools companies utilize to stay on top of their customers' choices. CLM allows you to manage your customers' experiences throughout their relationship with your company. And LMS (or learning management system) is the tech that makes it possible.