Lifecycle Management

…is the measurement of multiple customer related¬†metrics, which, when analyzed for a period of time, indicate performance of a business.

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.

Some detailed CLM models further breakdown these phases into acquisition, introduction to products, profiling of customers, growth of customer base, cultivation of loyalty among customers, and termination of customer relationship.

Approaching CLM must be done slowly, as there are a lot of different facets to consider when trying placing the term into its full perspective.

Managing the Customer Lifecycle has many different metrics which need to be taken into account, but the overall theme of CLM properties is time.

Your entire customer lifecycle must be properly measured throughout its duration, and can be examined on an individual customer or against a mean average. This includes things like purchase history, which includes ¬†frequency and quantity; gross amount of money spent on acquiring and retaining the customer through marketing dollars, resources spent generating each sale, as well as post sales service and support; and the duration or longevity of that customer’s relationship with your business.

If all this technical talk has your eyes crossed, let’s parse it down for you. Simply put, Sugar and any CRM worth it’s weight in gold, offers you the ability to get very granular with understanding how your customers interact (or don’t) with you.

The harsh reality is that most businesses don’t have the time or the resources to measure the kind of metrics that need to be measured in order to really manage your CL. Even with the best software, if you don’t exercise it’s muscle, you get very little bang for you buck.

Sugar helps bridge that gap with it’s community and 3rd party developers like CloudViewCRM. In tandem, you’re able to get the support you need to build the proper processes into your CRM solution, pulling your business out of the dark ages of operating on chaos and into the realm of measured success.

If you are interested in gaining insight into how your customers react to your offer, and measuring key metrics that will help target weak points in your model – and areas for improvement – then give us a call. We’ll be happy to help you close the loop, keeping more of your customers… well, customers!

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