Managing Customer Life Cycle: Stop Loosing Customers To Competitors

In doing this, the organization employs customer-centric strategies in order to retain and grow its customer base.  They also try to put the customers at the heart of everything that they are doing.

One thing you should note here is that what keeps the relationship going is the trust that the customer has in the organisation.

Once the organisation is able to retain the trust by giving the customer a consistently positive experience, the customer in return will continue to be Loyal to the organisation.

The organization providing a consistently positive experience may have to break protocols in order to give their customers a wow experience.

 
The organisation is giving its customers a consistent experience try to give their customers the ability to dictate the pace of their relationship.

This is achieved through the provision of touchpoints which allow customers to choose channels through which they want to relate with the organization.

One thing is that organizations should not be oblivious to any minute changes going on in their Life Cycle if they are bound to face attrition.

They must be able to come up with innovative products and services that will meet customers’ demands.

This should be done in order to drive and attract more customers to their Life Cycle and raise the exit barrier.

SUMMARY

• The customer Life Cycle is a process that a customer or a prospect goes through before particular goods or services are purchased.

• It is aimed at making sure that customers are not lost to competitors at any stage of the Customer Life Cycle.
• Customers can be lost at any stage of the Life Cycle.
• It is better to lose a prospect than to lose a customer.
• The loss of a prospect is called “loss” while the loss of hard-earned customers is called “attrition”.

Brainstorming Session

1. Discuss the essential tips that an organisation need to know about a prospect entering their lifecycle.
2. Differentiate between “loss” and “attrition”.
3. What is Customer Lifecycle Management? What are some of its relevance?

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